The importance of super for educators
When you’re self-employed, it’s easy to overlook your own superannuation. Unlike employees, it is not something that is automatically set up for you when you start a new job. But as a self-employed educator there are compelling reasons to make setting up your own superannuation fund a priority.
According to research by the Association of Super Funds Australia (ASFA), 22 per cent of self-employed people do not have any superannuation.
Unfortunately, self-employed women fare worse. It’s well-known that upon retirement, women’s super balances are much lower than men’s. But ASFA also found that women who are self-employed have balances that are one-third lower than female employees.
Business assets can and do serve as de-facto superannuation. However, many educators do not have a business asset to sell nearing retirement.
Contributing to super is a sound business decision. It is an asset that will bring financial rewards at the end of your career. Establishing a superannuation account can help maintain a comfortable standard of living in retirement. It’s worth thinking about – now.
It’s easy to set up and maintain a superannuation fund. Catholic Super is a fund designed to be simple to manage, while offering low fees and high returns. Join us easily online or call 1300 695 433 for more information.