Many people currently face an under-funded retirement because super hasn’t been around for their entire working lives. And the concern is greater for women, because super is directly linked to time spent in the workforce.
Nearly one dollar in every 10 that you earn will make up part of your super, so it’s important to take an interest in it.
To have a comfortable lifestyle in retirement, a couple needs a super balance upon retirement of around $640,000. A single person needs about $545,0001. Yet in the most recent year on record, the average Australian woman retired with a balance of just $157,0502.
This means there’s a big reliance on the social welfare system. Ask yourself – could you live comfortably on the Age Pension?
1Source: ASFA Retirement Standard, March Qtr 2019
2Source: Superannuation account balances by age and gender, ASFA, October 2017
Why it pays to plan
With all that in mind, it’s no wonder women have less super than men. Rising divorce rates, widowhood, and greater female longevity mean that women need to plan independently for their retirement.
3Source: ABS 3302.0.55.001
The benefits of super
Super can provide women with a range of benefits, including:
Tips to help boost your super
Other info you might be interested in
We're here to help
If you want to learn more or need help with making a decision about your super, you can get simple advice over the phone or face to face. It’s included as a part of your membership so there’s no extra cost.