Taking calculated risks and making small extra contributions can boost your balance by $800,000.
One cold Sunday morning in September last year, Carmen Williams was lying in bed scrolling through TikTok when she found an opportunity with the potential to transform her wealth.
“The following week, I flew to Vanuatu and we bought the property. We’re now halfway through building on beachside land on a small island in a foreign country. Taking on more risk as a woman is one important way to close the gap between the genders when it comes to retirement savings. According to industry super fund AustralianSuper, on average, women aged 60-64 have a super balance of $246,885, while the figure for men of the same age is $322,184 – about 30 per cent higher.
These calculations are modelled on a 30-year-old woman who earns a $90,000 salary and whose super balance is $50,000. It’s assumed her employer is making superannuation guarantee contributions of 11 per cent annually and that she will retire at 67. “It’s easy to assume it’s a bad idea to put more money into super when the markets are down,” adds Goodwin. “But it means your investment will enjoy the market recovery, as well as the advantage of compound returns. It can be a double win.”
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