The super gap we’re not noticing
Disclaimer: This post is sponsored by CareSuper and contains both factual info and my own opinion about super in general. It doesn’t take into account your situation and I am not personally recommending CareSuper. Plus, it’s always good to get your own advice about financial matters. More information about superannuation can be obtained from CareSuper’s website.
I have no idea how much is in my superannuation, have no idea how much goes in with each pay cheque I receive and have no idea how many years of work it will take me before I’ll be able to retire.
Actually, let’s be honest, I’ll probably never be able to retire… No, at this rate I’ll be writing until I cark it, hunched over my laptop, trying to remember how to spell ‘convenience’ – because for a full time writer, I can’t spell to save myself.
But I’m not alone. Most people my age have no idea what kind of super contributions they’re making and if they’re even enough, they don’t know if the super fund they’re with is the most suitable for their needs, if they should be self-managing their super or if they should seriously consider making salary sacrifices or voluntary contributions on top of the automatic payments if they plan to retire at whatever age they’ve got in mind.
This, unfortunately, applies double for women. Yes, ladies, the gender pay gap even affects our superannuation and considering we have a longer life expectancy than men, it means that if we retire at the same average age as men, we are more likely to end up in poverty. Great, that’s just what you want to be at 80 years old: a geriatric cheapskate, instead of off enjoying your retirement on all-you-can-eat cruise ships in the Caribbean or speeding up and down nursing home halls on your motorised wheelchair, purple rinse curls flying out behind you.
But that doesn’t mean men can get slack either. After all, with the Abbott Government wanting to raise the retirement age to 70, we all need to be thinking about our futures.
Look, we all know I’m no financial expert and I certainly don’t know each and every one of my readers personal financial situations, but I do know how important it is to know how much you are contributing to your super over a year and to track that every time your salary changes. And if you’re not sure about whether or not you’re contributing enough, now is the time to talk to someone, because you certainly don’t want to hit 65 and realise that you’ll be stuck behind that desk until your last breath. (Morbid, right?)
So here’s my pledge: I’m going to delve into the dark, dank recesses of my super fund and find out what the hell is going on in there and I honestly and absolutely think you should too – because while retirement might seem an age away now, it’s right now that we can make the difference between a champagne retirement and living in your future children’s garage.