How To Manage Your Super In Your 30s

In the second installment of our Making Your Super, Super series, we explore how women in their 30s can maximise their super. To make it, well, super.

By Rosemarie Lentini

Superannuation

In the second installment of our Making Your Super, Super series, we explore how women in their 30s can maximise their super. To make it, well, super.

By Rosemarie Lentini

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Whether you’re kicking career goals, starting a family, buying your first home or ‘eat, pray, loving’ your way around Bali, your thirties are all about change. With so much going on, it’s easy to put superannuation in the too-hard basket. But now is the time to plan. A retirement road map can help women, including married mum-of-one Jennifer, navigate these rites of passage.

“I’m worried about the impact of maternity leave on my super,” says the 33-year-old, who has taken leave from her $110,000 a year management job to raise her newborn son. “It seems like any parents on unpaid parental leave are severely disadvantaged in the long run.” Jennifer has more options than she realises and her super needn’t suffer while she’s not working. According to the Association of Super Funds of Australia (ASFA), women aged 30-34 have an average super balance of $33,748, while women aged 35-39 have on average $48,874. If your super is lower than this, here’s how you can get it on track.

Name: Jennifer Age: 33 Job: National industry development manager Location: Sydney Salary: $110,000 + super Status: Married, one child Weekly net pay: $1533 Mortgage: $2600/month Insurance: $180/month Household bills: $800/month Gym: $120/month Beauty: $100/month. “I’m pretty low maintenance.” Mobile phone: $30/month Going out: “Nothing – I have a newborn!” Savings: $0 put aside every month. “It all goes into the mortgage.” Investments: Jen and her husband are paying off three mortgages. What type of superannuation account do you have and what is the investment mix? “I’m in an industry super fund- Hostplus. It’s a legacy from starting my career in tourism. I consolidated my super accounts a few years ago.” Are you thinking about your financial future and your super? “I’m always thinking about my financial future but not be necessarily thinking about my super. I guess I put more of my future financial plans into property at the moment.” Have you had any professional financial advice? “No, none.” What do you most want to know about your superannuation? “I guess if I were to commit to personal contributions how could it change my financial future? I’ve honestly done no research into this. I should also say I’m worried about the impact of maternity leave on my super. If I take year off with this baby and any subsequent children I’ll be making no super contributions during this time. It seems like any parents on unpaid parental leave are severely disadvantaged in the long run.”

Making Your Super, Super is a series helping women of all ages gain confidence and knowledge around their superannuation and financial future.

This report contains general advice. It does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial planner before making a financial decision.