Delta Smith – Blog

“One of my passions is addressing the financial disadvantage that women in Australia experience.

cute young office worker talking on cell phone in office

The statistics are alarming when it comes to retirement balances of men v women and shortfalls in retirement funding across the board.

Speaking from experience, a career break (for family reasons) of more than 3 years has impacted my ability to grow my super balance. Without employment income and the corresponding super guarantee contributions (SGC) my super has stagnated. This sits in comparison to my husband who has received consistent contributions and wages growth over the same time.

What can be done? Well I’m glad you asked…

Some simple strategies can be put in place to try and rectify this, firstly if you have the capacity make a contribution of up to $1,000 and the government will match part the contribution (it’s not very often you get something for nothing).

If you’re in a relationship and your spouse is working, they can split some of their super contributions to you to equalize your balances or they can make a contribution on your behalf.

(These simple steps can be undertaken for any family situation and are not gender specific, so the same applies for stay at home Dads and same sex couples).

You may have heard about all of these strategies before but have you stopped to think about the difference they could make to your lifestyle in 10 or 20 years.

It might be the difference between a domestic or overseas holiday or might be more significant. Repeat these steps and you’ll be retired in the South of France in no time (disclaimer: you may not achieve your goal of retiring at age 50 in the south of France sipping a glass of champagne overlooking the water, but you’ll be closer to it than you will be if you do nothing).

Any action you take now will make a difference to your future lifestyle. Your future self will thank you!”

This blog contains information that is general in nature. It does not take into account the objectives,
financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.
If you decide to purchase or vary a financial product, your financial adviser, AMP and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/or a percentage of either the premium you pay or the value of your investment. Please contact us if you want more information.’

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