It’s an unfortunate fact that a typical woman is estimated to save 35% less for her retirement than the average man. This can be because women are more likely to take career breaks or work part-time when they start a family or care for a loved one.
Women also still tend to be paid less than their male counterparts and they generally live longer than men. With increasing divorce rates women are often left without adequate retirement savings if they had been relying on their partner’s super (even with super splitting on relationship breakdowns).
The issue of the retirement gender gap is being addressed by the recent government and industry reviews, with a number of proposals to assist women to save more for their Retirement.
So what can you do?
- It’s especially important for women to get their super set up properly as early as possible
- If taking maternity leave or working part time, you and your partner may wish to contribute to your super to give it an extra boost. You may also be eligible for the government co-contribution
- Be responsible for your future. This applies whether you’re a male or female. Keep track of what your super is doing and where it is
- Learn as much as you can about your investments, including your super
Source | One Path