Women and super

Women and super

Did you know that almost 80 per cent of women are currently retiring with insufficient superannuation savings to fund a comfortable lifestyle? In fact, the average superannuation account balance for women when they retire is around $85,000 less than the average for men. There are a number of reasons why this is the case. For example, many women take time out of the workforce to have children or care for family members, and they are also more likely to be in part-time or low-paid employment. Women also are less likely on average to receive the benefit of contributions above the compulsory SG rate. No matter what the reason is, there’s no doubt women have a much bigger task when it comes to saving for their retirement. This is why it’s important all women take simple steps to help boost their super savings.

The Government has announced that for births and adoptions on or after 1 July 2025, eligible parents will receive an additional payment on top of any Commonwealth Government-paid parental leave. This payment will be based on the Superannuation Guarantee (mandatory super) rate that will apply at that time – 12% of the PPL payment. The Government will pay this amount as a contribution directly to an eligible parent’s super fund. This announcement is not yet law.

Super Sorter Power Hour

Taking sixty minutes today to sort to your super could add thousands to your retirement savings.

Here are three simple steps you can take:

1. Check your super savings
   Get to know your super better by checking your balance regularly, as well as the insurance and investment options you have to make sure they are the best fit for your circumstances.
2. Simplify your super by rolling all your super accounts into one
   Consolidating your accounts and/or tracking down your lost or unclaimed super could save you thousands of dollars in unnecessary super fund administration fees, which over time can make a massive difference to your retirement savings.
3. Plan to save more
   Even small additional contributions to your super over time can help boost your retirement savings by thousands of dollars. These extra contributions can help you catch up on the savings time you missed, for example when you take time out to have a baby.