Can You Take a Career Break & Minimise the Impact on Your Retirement Savings?
This last year has been disruptive for many businesses and workplaces, seeing many workers forced into a break and interrupting their careers, while some saw it as a time to take a step back and reinvent. Whilst you’re taking a career break, make sure your superannuation contributions are not.
Whether you’re thinking about that career break, or currently on one, have a good look at your super savings and start planning now. Are you on track to be able to retire at the age that you want to? Do you know how much super savings you need for a comfortable retirement? Whether your time out of the workforce is forced or unforced, don’t panic. Make a plan and turn your career break into a positive one. It’s easy to take action now, and keep your super savings on a healthy trajectory.
Taking a Career Break?
The number of people taking career breaks is increasing for many reasons: change in career, focus on restoring wellbeing, starting a business, moving interstate, caring for a loved one, or growing a family. These reasons usually come with a drop, or loss, of income, and therefore the super contributions that go with it.
Having a Career Break – What Will it Cost?
It’s good to be prepared and understand the impact a career break could have on your super savings.
Check out Industry Super Australia’s career break calculator; it’ll give you an estimate in a matter of moments.
How Much do I Need to Retire?
Use our retirement income simulator calculator to find out how much income you’re on track to receive when you retire, as well as estimate how long your super may last.
SEE ALSO: Open for Inspection: Your Super
Create a Positive Financial Future!
Taking the opportunity to take time out to refresh and reinvent could be one of the best decisions you’ll ever make. Just don’t forget your super savings also needs some reinvigoration. You’ll appreciate the career break even more!
Head over to our Women and Super page (it’s even relevant for the men out there) for tips on how you can take control of your retirement finances and your future.
It’s easy to get started. We are here to help. Don’t know where to start or finding it overwhelming navigating the world of super? Call our friendly Member Services team on 1300 13 44 33. We are always here to help.
Disclaimer: The information contained in this article does not constitute financial product advice. However, to the extent that the information may be considered to be general financial product advice, REI Super advises that REI Super has not considered any individual person’s objectives, financial situation or particular needs. Individuals need to consider whether the advice is appropriate in light of their goals, objectives and current situation. Members should obtain and read the Product Disclosure Statement for REI Super before making any decisions. REI Superannuation Fund Pty Ltd ABN 68 056 044 770 AFSL 240569. RSE L 0000314 REI Super ABN 76 641 658 449 RSE R1000412 MySuper unique identifier 76641658449129. February 2021.