Taking Time Off? How to Close the Gap

"I see my role if needed as a financial mentor but one who can show warmth, practicality and empathy."
-Katherine Hann
June 15, 2017

Taking Time Off? How to Close the Gap

By Katherine Hann

Taking Time Off? How to Close the Gap

Whether taking a break from the workforce to start a family or to care for a loved one, one of the disadvantages you face is a lack of superannuation contributions.

But exactly how can you achieve this if you aren’t earning an income?

The following article by nestegg gives 3 great tips to boost your superannuation. 

1) Catch-up contributions after you return to work

2) Spouse contribution tax-offset 

3) Spousal splitting 

Have a read of the article here for more details, keeping in mind that a spouse isn’t just a person you are married to,
a spouse is a domestic partner that you live with (for more details check the government legislation for your state). 
Many people don’t think about super until right before they retire- and by then there are limited options. It is important to take action now if you wish to have a financially secure retirement.