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We all know that super’s important for our future, so let us give you the knowledge, tools and resources to help you take control.

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Women are at a significant disadvantage when it comes to super

The super system is directly linked to paid work, and yet the way men and women experience the workforce is very different. Women generally earn less money than men and we take more time out of the workforce to care for family.

On average, the super balance of a man at retirement is double the size of a woman’s.

This means that women, and in particular single women, are at a far greater risk of experiencing poverty, housing stress and homelessness in retirement.

It’s time to take control.

Australian Government 2015, ‘Women’s economic security in retirement – Insight Paper‘, Average superannuation balances by age 2013-14, page 5.

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Remember, this is your money and it should be working for you right from the start.

When you’re busy living your life, it’s easy to forget to check-in with your super to make sure it’s growing as you grow and that it’s on track to provide you with the comfortable future lifestyle you deserve.

Avoid the traps

The four biggest super savings leaks are also easy to avoid:

  • having more than one super account
  • paying too much in fees
  • ignoring the tax benefits built into super
  • choosing the wrong investment option.

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Know where you're at

It’s up to you to check-in with your super as you move through different life stages.

  • How much do you have?
    Log in to your account regularly to see how your super is growing and make sure your employer is contributing.
  • How does your balance compare?
    Check out how your balance stacks up against men and women your age and take action where you can.
  • Do you know how much you need?
    How can you achieve a goal you’re not even aiming for?

According to the ASFA Retirement Standard (2018), these are the lump sums you’d need to have a comfortable retirement lifestyle:

ASFA Retirement Standard, 2018. All figures in today’s dollars using 2.75% AWE as a deflator and an assumed investment earning rate of 6 per cent. They’re based on the means test for the Age Pension in effect from 1 January 2017.

Review your account details

It’s important to log in to Tasplan Online regularly and keep your account details up-to-date so your fund doesn’t lose contact with you.

  • Tax file number
    If your tax file number isn’t registered, you’ll pay additional tax.
  • Email address and mobile number
    If your fund loses contact with you, your money could end up at the Australian Tax Office.

Combine your super

If you’ve tried your hand at a few different jobs, you’ve probably ended up with multiple super accounts. A disadvantage of having more than one super account is that you’ll be paying more than one set of fees.

We can help you find and combine all your super.

Top-up your contributions

Even the smallest contributions can make a huge difference over the long-term. As you can see, the earlier you begin making additional contributions, the more your invested money will accumulate over time.

This example has been created using Tasplan’s Retirement $ projector. The results are for illustrative purposes only, provide an estimate only and actual amounts may be higher or lower and movements in interest rates can’t be predicted. Results are shown in today’s dollars.

Assumptions: Inflation rate 3% each year. Salary increase 3% each year. Investment returns 7% each year. Investments returns in retirement 5% each year. Employer contributions 9.5% each year incrementally increasing to 12% in line with government legislation. Insurance premiums for Tasplan Super Tasplan Protect 1 each year. This calculator isn’t intended to be your sole source of information when making a financial decision. You should consider whether you should get advice from a licensed financial adviser.

® BPAY is registered to BPAY Pty Ltd ABN 69 079 137 518.

Optimise your investment option

Choosing a suitable investment option will have a major impact on how your super performs. The difference between investment options is mainly how much investment risk you’re willing to take on. You can choose from a range of investment options with Tasplan including our MySuper option called Tasplan OnTrack® which changes with you over your life. In this option, your investment strategy shifts in four stages from long-term growth when you’re younger to a safer approach as you get older.

® Tasplan OnTrack is registered to Tasplan Pty Ltd ABN 13 009 563 062.

Secure your income

Most people insure their car, their home and their contents, but forget their most valuable asset – their ability to earn an income. Income protection provides monthly payments if you’re unable to work due to temporary illness or injury.

Get financial advice

If you’re just starting out, growing your family, experiencing separation or looking to transition to retirement – seeking help and advice is a good idea.

  • Advice about your account
    If you need general advice about your account, there’s no extra charge for this – just get in touch.
  • Advice about your personal situation
    If you need more personal financial advice, our planners can provide comprehensive advice about all of your finances. You can even pay for advice out of your Tasplan account so it won’t impact your take-home pay.

Women and super

Hear from women like you as they discuss why they think women have less super than men, what made them take action to improve their financial future and what advice they’d offer you.