With prizes on offer for Australians investing in their super and so many women suffering lower balances than their male counterparts, it makes sense for women to not only invest more into super but try for a Super Booster Day prize to help bump up their balance.
Association of Superannuation Funds of Australia (ASFA) CEO Dr Martin Fahy said women should continue to get their entries in to the Super Booster Day competition to win $1,000 for their super funds.
The annual Super Booster Day this year offers five, $1,000 incentives to encourage pledges into super. Pledge some extra money for your super before 15 September 2017 and describe your dream retirement in 25 words or less for a chance to win.
So far, the majority of pledges have been made by women.
Dream retirement descriptions include recreational aspirations like campervans and overseas and round Australia trips.
Some want a hobby farm and others just want to pursue their hobbies.
Also on the agenda for aspiring retirees: more exercise, massages, sports, boating and playing golf.
Spending time with family and grandchildren and helping them financially, as well as lunching with friends are familiar themes.
Volunteering at school and in general also appeals as a future post work life pursuit.
Financial future comfort is paramount for many – fully paid mortgages, not needing handouts and being debt free.
Some hanker for what is simple and free – sea breezes, smelling roses, reading, beaches, no alarm clocks, hammock lounging.
Alcohol features – wine and beer in particular.
Even bingo is called out.
Winners will be announced after the close of the competition on 15 September.
Paying yourself forward for a more comfortable life in retirement makes sense.
For many Australians, fearful of a future without enough finances to lead a dignified life, super boosting is a great solution.
Entering the Super Booster Day competition puts you in the running for an injection of funds for a super boosted balance thanks to the magic of compound interest.
To enter go to: http://www.superguru.com.au/
Tips for women:
ASFA advises women to keep on top of their super. If they are working part-time they still need to build super for their futures.
Make sure you have enough for the kind of retirement you want and talk to your fund about options for building your super balance. Finding all your super, consolidating, checking fees and costs and insurance settings are all important.
For lower-income women, the ATO pays the Low Income Super Tax Offset, which is a refund of contributions tax into an individual’s super account. If you earn less than $37,000 and concessional contributions are paid into your super account, either by your employer or yourself, you can expect a refund of up to $500 a year for the contributions tax deducted from the super contributions.
ASFA encourages women to consider making use of the spouse superannuation tax offset that allows their spouse to claim an 18 per cent offset worth up to $540 for contributions made to their superannuation account.
Since 1 July 2017, the income threshold for the spouse superannuation tax offset has increased from $10,800 to $37,000 and then phases out at $40,000. This measure is designed to help women lift their super balances.
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