A career break can hit retirement savings but there are ways to get back on track
Having kids can be an expensive business. As well as the obvious costs such as feeding, clothing and educating your children, you need to consider the impact it may have on your long-term wealth, especially if you or your partner take parental leave from work for an extended period.
Your super can really suffer. Research by Rest Industry Super found that women are taking a $159,590 hit to their retirement savings due to career breaks.
Rest predicts women who have taken a break will retire with an average superannuation balance of $283,141 less than their male counterparts because they don’t add to the super while on leave and because they have lower average earnings.
This story is from the October 2018 edition of Money Magazine Australia.
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This story is from the October 2018 edition of Money Magazine Australia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
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