When it comes to super, women in Australia are likely to have significantly less than men of the same age. On average, women retire with $112,000 in super savings, that’s $92,000 less than men[1].
Women are also more likely to have career breaks to raise children or look after elderly relatives. They’re also more likely to be in part-time or lower-paid employment. Women also have a longer life expectancy, so it’s concerning that 90 per cent of women will retire with inadequate savings to fund a comfortable retirement lifestyle.
Depending on your age, topping up your super through voluntary contributions, can add thousands to your super in retirement. Adding as little as $20 per week will go a long way towards ensuring you can afford the little luxuries in life when you retire such as holidays, eating out and the occasional spa retreat!
AustSafe Super CEO, Craig Stevens said “simple things like consolidating your super or finding any lost super is a great place to start. Making voluntary contributions and checking your investment strategy can really pay off over the medium to long term.”
Mr Stevens continued “life can be a balancing act, but your super doesn’t have to be. Investing some time now can make a real difference to your retirement.”
“Seek personal financial advice about your investment strategy and financial position, to ensure your savings are working hard for you,” said Mr Stevens.
[1] Based on research undertaken by the Association of Superannuation Funds of Australia (ASFA) and the Australian Bureau of Statistics.
AustSafe Super is the only industry super fund dedicated to rural and regional Australia. We have been committed to looking after the retirement savings of members for over 25 years.
Angela Heck
