Being a mum can mean years out of the workforce or reduced work hours. This means your super gets put on the back burner. But there are ways to keep your super growing while you’re not working and things you can do to help secure your family’s financial future.

Ask your partner to boost your super

Although some employers include super payments on paid parental leave, it’s not a legal requirement. This can leave your super languishing while you work part-time or take care of things at home.

With spouse contributions, your spouse puts some money into your super account on your behalf. Not only will this keep your balance growing, but it may also make them eligible for a tax offset if you’re a low-income earner.

As they say, sharing is caring.

Protect your family

There are times in life when you need to review your insurance — starting a family is one of those times. A good place to start is to ask yourself, “Would we be ok financially if I got injured and couldn’t work for six months? What about a year or two years?” Having income protection can provide a replacement income if you’re unable to work at full capacity (or at all) because you’re sick or injured.

You may be eligible for income protection cover with us, depending on your circumstances. You may even be able to increase your level of cover.

Conveniently, the costs of cover can be paid directly out of your account rather than out of your pocket.

For more details, read the Insurance guide on our website or call Spirit Super on 1800 005 166.

Nominating beneficiaries

No one likes to think about passing away, but it’s important to let your super fund know where your super should go if you pass away. To do this, you need to nominate beneficiaries.

Beneficiaries are the people who will get your super (plus any insurance benefit) when you pass away. It’s a great way to make sure your super continues to support your loved ones when you no longer can.

For details, see Nominate who gets your super on the Spirit Super website.

Maintain your financial independence

Being a mother and taking time off work doesn’t mean you have to surrender all financial control. If you’re in a relationship, here are some things you can do to maintain financial independence:

• Keep separate bank accounts and have a joint account for household bills. If you both want credit cards, keep separate ones for personal expenses. This allows you both to keep personal shopping separate from joint expenses.
• Know all the account numbers and PINs for any joint accounts or loans – and make sure you can access them without your partner’s signature.
• Make sure you’re across any insurance you hold as a couple or family. If you don’t have enough to provide for yourself and your family should the worst happen, fix it immediately.

Super fact

Your super is not automatically included in your will. If you don’t nominate beneficiaries, the Spirit

Super trustee decides who gets your super when you pass away (based on relevant laws).

Pregnant pauses add up

For a 30-year-old on an annual salary of $55,000, a five-year career break can cost over $53,000 in lost super accumulation at retirement¹.

¹Example calculations created using the MoneySmart Superannuation calculator found at moneysmart.gov.au/howsuper-works/superannuationcalculator at 15 February 2022.

Advice on Spirit Super is provided by Quadrant First Pty Ltd (ABN 78 102 167 877, AFSL 284443) and issuer is Motor Trades Association of Australia Superannuation Fund Pty Ltd (ABN 14 008 650 628, AFSL 238718), the trustee of Spirit Super (ABN 74 559 365 913). Read the PDS and TMD at spiritsuper.com.au/pds before making a decision.  A copy of the Financial services guide for Spirit Super Advice is available at spiritsuper.com.au/financial-services-guide.file://vpfsv010.it.local/Shared Data$/Marketing/Communications/Outfit information/Template planning/spiritsuper.com.au/financial-services-guide

This article is for general information only and doesn’t take into account your objectives, financial situation or needs. You should assess your financial position, personal objectives and needs before making a decision based on this information.

27 September 2022