Let’s face it: women are more likely to be impacted financially by COVID-19. Women are more likely to be in part time or casual jobs – the jobs that have been first on the chopping block as businesses respond to this unprecedented health, economic and financial crisis.
The fallout of the COVID-19 crisis is another serious blow to women who are already financially vulnerable.
Did you know that women retire with about half the superannuation of men? Did you also know that women over 50 are the fastest growing group facing homelessness?
The federal government has taken extraordinary steps to support people as the world navigates COVID-19, and JobKeeper might be a pathway for women to top up their super and help safeguard their financial future.
Phoebe Blamey, author of the (soon to be released) Happy Money Journey and creator of the 12 Week Money Makeover, notes that women are facing a myriad of challenging situations with their financial stability, and
JobKeeper could be the answer to some of those challenges.
While paying super may not be compulsory during these times adding a bit extra to your super while you are on job keeper might very well give you that little bit extra toward building a secure future.
JobKeeper has been a big bonus to many recipients, some of whom may have found themselves receiving more than they did on their ordinary fortnightly income. If this is the case, you could consider putting some of that additional money into your super.
You can contribute up to $25,000 a year into your super at the concessional tax rate so sacrificing this into super means it will not be taxed at your marginal tax rate. This will reduce your tax at the same time as building wealth for retirement.
Obviously, there are a lot of considerations on the table right now, and if you have questions, your first point of call should be your super fund, or a consultation with a qualified financial professional about your options.