My daughter lives in Australia and while she is contributing to her Superannuation plane, I worry for her because of stories like the following: Women in super hurry to catch up published in 2010. The problem is that my daughter and her friends are not in any hurry to play catch up. This is not because they do not know better, I think it is because they are focused as most 30's some do on spending money on everyday survival. The article is interesting, but does not give women any ideas on how they can find the money to boost their Supers
Super WOMEN need to do more to play catch-up with men when it comes to boosting their superannuation balances.
New figures from REST Industry Super found their male members retire with 32 per cent more in their superannuation account than women, despite female members spending 45 per cent more time in retirement.
Australian Institute of Superannuation Trustees chief executive Fiona Reynolds blames several factors for causing women's super balances to fall behind men's.
"Even though women may not spend a lot of time outside the workforce, a lot of women go back into part-time and casual roles," she says.
"Therefore superannuation is linked to how much of an income you earn and that puts women behind.
"The time women have children is usually the wrong time in the superannuation cycle because you miss out on compound interest."
Reynolds also says women do not receive superannuation payments if they receive paid parental leave, and urges them to sit up and take notice of their super sooner rather than later.
"While women are working before they have children, they should try to put a little bit of extra money into their super even if it's just $10 or $20 a week to build it up," she says.
"The best thing you can do is look at topping up your super, but you can also have spouse contributions if you are not working so that you are not missing out."
The Association of Superannuation Funds of Australia's latest estimates on annual funds a couple need for a "comfortable" retirement is $56,236 a year, while those requiring a "modest" retirement require $32,511 a year.
REST chief executive officer Damian Hill says women start to drop off comparatively in super levels compared with men from about the age of 25 and says females need to be more proactive in helping top up the retirement savings.
"To generate the same retirement income at least through life expectancy ... females would need to save a lot more than males," he says.
"The majority of male members retire with more than the average female member and obviously men have a shorter life expectancy."
ABS figures show the life expectancy of men is 79.3 compared to 83.9 for women.
HOW TO GROW YOUR SUPER
* Ask your employer to pay part of your pre-tax wage into your superannuation fund.
* Make super contributions out of your own pocket.
* You may be eligible for a government co-contribution.
* Talk to your partner about making some contributions on your behalf.
Super WOMEN need to do more to play catch-up with men when it comes to boosting their superannuation balances.
New figures from REST Industry Super found their male members retire with 32 per cent more in their superannuation account than women, despite female members spending 45 per cent more time in retirement.
Australian Institute of Superannuation Trustees chief executive Fiona Reynolds blames several factors for causing women's super balances to fall behind men's.
"Even though women may not spend a lot of time outside the workforce, a lot of women go back into part-time and casual roles," she says.
"Therefore superannuation is linked to how much of an income you earn and that puts women behind.
"The time women have children is usually the wrong time in the superannuation cycle because you miss out on compound interest."
Reynolds also says women do not receive superannuation payments if they receive paid parental leave, and urges them to sit up and take notice of their super sooner rather than later.
"While women are working before they have children, they should try to put a little bit of extra money into their super even if it's just $10 or $20 a week to build it up," she says.
"The best thing you can do is look at topping up your super, but you can also have spouse contributions if you are not working so that you are not missing out."
The Association of Superannuation Funds of Australia's latest estimates on annual funds a couple need for a "comfortable" retirement is $56,236 a year, while those requiring a "modest" retirement require $32,511 a year.
REST chief executive officer Damian Hill says women start to drop off comparatively in super levels compared with men from about the age of 25 and says females need to be more proactive in helping top up the retirement savings.
"To generate the same retirement income at least through life expectancy ... females would need to save a lot more than males," he says.
"The majority of male members retire with more than the average female member and obviously men have a shorter life expectancy."
ABS figures show the life expectancy of men is 79.3 compared to 83.9 for women.
HOW TO GROW YOUR SUPER
* Ask your employer to pay part of your pre-tax wage into your superannuation fund.
* Make super contributions out of your own pocket.
* You may be eligible for a government co-contribution.
* Talk to your partner about making some contributions on your behalf.
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