For Aussie women juggling their 9-to-5 grind and more: when was the last time you did something purely for yourself?
How about ensuring that our golden retirement years are filled with more self-love, adventures, and yes, financial freedom?
This is exactly why you should care about your super. It's not just about throwing funds in there and hoping for the best. After all, Future You wants to do more than just exist and nurture others. They want to travel, dine out — or whatever makes them happy.
Now, this isn't a fluffy aspiration. It all goes down to your super, and more importantly, how you manage it.
So, this time around, we're super excited (yes, we love our puns here) to chat with Trenna Probert. She's the CEO and dynamo behind Super Fierce. It’s a social enterprise that's transforming the way all Aussies, especially women, look at their super.
Super Fierce isn't just another wealth advice platform. Trenna and her team are on a mission to bridge the gender wealth and retirement gap starting in Australia. They’re aiming to help Australians save more on lifetime fees and get the most out of their investment portfolio. In other words, she wants to ensure every Aussie woman is able to enjoy the good life when they hang up their working boots.
This episode gives you a lowdown on cherishing your super, strategies to boost your retirement fund, and switching super funds. And of course, we top it off with some super advice from Trenna herself.
What exactly is Super Fierce?
Super Fierce isn’t a bank, nor is it just another super fund. Imagine a friend who is not paid by any super funds and just wants the best for your retirement years. This is Super Fierce in a nutshell – independent, unbiased, and looking out for you.
Closing the gender retirement gap
Super Fierce is a social enterprise dedicated to bridging the eye-watering $30 trillion gender wealth gap on a global scale. It's a number so immense, it's hard to fathom.
Zoom in a bit, and let's pop over to Australia. Here, women are earning $1M less over a lifetime. As a result, Aussie women retire with 42% less than men because of unpaid caring work and other factors.
If retirement savings were a 100-story building, women would only be on the 58th floor while men are enjoying the view from the top. That's a stark, real, and concerning difference.
But Super Fierce isn't just a woman's best friend. It’s here to uplift every gender and level the playing field for them. Super Fierce is making sure everybody gets fair and equal share of potential wealth from their super.
A super advice platform
Trenna and her team built Super Fierce to become a super advice platform. But what does that mean?
Think of it as a personal financial assistant, tirelessly analysing every investment option and fees in every super fund. It filters through the chaos to build advice that places you in the super that's working for your dreams.
For zero dollars and a few minutes, you're offered jargon-free insights about the budget you need and how you can retire with more in your super.
If you ever feel lost in a sea of investment options, expert advice on the best portfolio is just $50 away. Super Fierce’s finance experts are licensed to give much-needed affordable and customised super advice to all Australians. They analyse all investment options and fees to find the super that can potentially make you wealthier.
And there’s an eye-widening reason why they’re giving super advice. $32 billion—that's what we, the people, pay fund managers at super funds each year. It's more than what Australian schools and teachers are receiving in a year.
What are fund managers doing with all that money? Well, their job is to protect and grow those funds for our future. Are all of them doing a stellar job? That's a story for another day.
Trenna and her team are cutting through the complexity and making sure your money is used wisely. It’s not an easy mission, but the impact is enormous. On average, they are improving the retirement positions of their customers by around $125,000 in mere minutes.
Those numbers might not mean much because they’re so far from the present. Yet, for a lot of us who don’t receive proper advice, it’s hard-earned money just getting poured down the toilet. When you think about it that way, suddenly it's not only about numbers and percentages. It's about your well-being, personal empowerment, and future financial stability at stake.
How do you start caring about your super
How often do you think about your super? It might not be the most thrilling topic to discuss around the dinner table. Yet, super represents an “invisible wealth” for every Australian and our nation as a whole.
Sure, life throws a tonne of curveballs our way—soaring cost of living, gender pay disparities, you name it. Can the power of super help you make a real difference in your life today and in the future?
For Trenna, the answer is a resounding “yes”. Your super is your beacon of hope. But how can something that seems so distant from our everyday lives become exciting?
Giving meaning to your super
It might sound strange, but the secret to unlocking your super’s potential starts with giving it meaning. Since the benefits of super feel so far away, it's common to ignore it. We focus instead on the immediate needs and dreams of today.
Super is not a granny's money box meant only for games of bingo in retirement. Your super is far more than that; it's about designing the life you want to lead.
Think about the feelings, dreams, fears, and desires you had when you were 15, 25, 35, 45. They're not much different, are they? You're still the same person with similar ambitions and fears.
Is it luxurious travels? Do you want to leave something for your children? Do you fear ending up as a part of the alarming statistic of Australian women facing poverty in retirement?
The crux is, it's high time you ask yourself the hard questions about your future. What life do you want to lead? How do you want to feel when you retire? Who will be by your side?
When you ask yourself these questions, you’re transforming a financial concept into a real and powerful tool to shape your future. In the end, it's all about giving your super a purpose that aligns with your goals, values, and happiness.
How to make sure you retire with enough super
Investments, like your super, are much like a seed. You don't need to check on it every day. However, knowing when to nurture it can lead to tremendous growth. So, what are these nurturing moments?
Understanding different types of contributions
We often worry about managing our investments, especially during life-changing events like parental leave or buying a home.
The good news? Australia's superannuation system allows different contributions, whether from an employer, a partner, or even the government. We recorded an episode on superannuation basics to cover more details on contribution types and how you can take advantage of their benefits.
What’s the First Home Super Savers Scheme?
Can you pronounce "supercalifragilisticexpialidocious"? Well, here's a new tongue-twister for you: the First Home Super Savers Scheme (FHSSS).
It took Trenna six months to learn to say it. But if you take the time to learn FHSSS, you might realise this is the optimal path to first-time homeownership.
In a nutshell, the FHSSS is an exciting and tax-effective way to save for your first home deposit within your super. With this scheme, you can save up to $50,000 individually or with somebody else (your sibling or spouse, for example).
There are many more reasons why Trenna is excited about FHSSS. Here’s the triple whammy of benefits you can get:
- Tax-effective environment: it helps you save faster for your first home deposit.
- Outside super benefits: it pulls down your taxable income rate, helping your daily cash flow.
- Compounding growth: you can grow your entire super, even when you take out $50,000.
This isn't just for the young and restless. Anyone who hasn't purchased property in Australia before can access this. If you're thinking of partnering with someone to buy the property, there’s a catch. You need to live with your sibling or partner in that property for the first six months or so.
What to consider when switching super funds
Ever found yourself using a banking app, and thinking of how swiftly you can hop between banks nowadays? It's like magic. Sign up in five minutes, card’s ready! But have you wondered if switching super funds is the same dance?
First, a reality check. Super funds aren't as straightforward as switching banks. For Trenna, the process isn’t just about convenience. It’s also about having the ability to compare super funds and choose one that’s tailored to your unique life stage and preferences.
With various investment options, diverse fees, and individual needs, what works for us may not be the silver bullet for you. Now, the core question becomes: “how do I choose the right super fund for me?”.
Are you paying too much in super fees?
Remember this mantra: fees are persistent; performance is transient.
While we all get caught up chasing high returns, it’s the fees that might sneak up and give us a surprise. As an investor, the one thing you can be certain about is fees. Aim for low, low fees. A general thumb rule? If you're paying over 1%, you might be paying too much.
To put things in perspective, Trenna says women often pay unnecessary fees amounting to $100,000 on their super. It’s a potential loss of an extra $160 every week during retirement. Imagine the holidays you could have taken or the treats you could have splurged on.
So what’s in a good super fund?
It's a blend of reasonable fees, commendable performance, and a mix of investment assets over varied periods.
But you don't need to go sifting through information alone. Tools like the Super Fierce platform simplify this process for you. The platform takes into account your age, gender, earnings, and other factors to calculate your potential retirement lifestyle.
Here’s what Super Fierce can do for you:
- Instant calculations: it runs over 180,000 calculations instantly and compares more than 2,000 investment options from over 350 funds. Personalised for you!
- Lifestyle analysis calculator: if you're eyeing a future with vacations in Santorini and weekly spa sessions, this tool tells you just how much you’d need. With this calculator, you can see your retirement sum and weekly requirements.
- Simplified financial advice: no jargon—just clear and concise advice. It's not just about which super fund, but the ideal investment portfolio suited for you.
Trenna’s super advice: act today
"If there's one thing I want you to remember," Trenna emphasises, "it's to act today."
Every moment you wait, you're letting the potential of your super slip away. But why the urgency? Well, it's simple. Getting informed about your super today means ensuring it's working hard for your future.
After all, isn't the dream to retire comfortably and do what our heart desires after years of hard work?
However, this article just scrapes the surface. We also had deeper discussions on the sobering topic of the global gender gap (it affects all of us). Similarly, we mulled over the changes necessary within the super industry. So, as always, tune into the full episode and head over to our Instagram account to join the conversation.
Happy investing!
Tash & Ana
