Women retire with 40% less super than men, which means too many women are risking a fundamental lifestyle in retirement.

Additionally, one in four women will have little or no super at retirement age.

MLC spokesperson Lara Bourguignon said this International Women’s Day, MLC is encouraging women to take an active interest in their super to help overcome the retirement savings shortfall.

“While the issue is on the minds of most Australians, people are not doing enough about planning for their retirement, particularly women who have a larger savings shortfall than men,” Ms Bourguignon said.
“International Women’s Day is about empowering women financially and so it’s a great reminder for women to take some small steps today to make sure they have enough superannuation to last through retirement.”

MLC data about women and super shows:

• Australians are living longer – and women live longer than men (a 60-year-old male is
expected to live on average to 85 and a 60-year-old female to 90)
• The average super balance for men in Australia is just under $300,000, but the average super balance for women is just $195,000
• 56% of Australians expect a financial shortfall at retirement, and one third of women (36%) say they’ll have far from enough money at retirement
• Women retire with 40% less super than men as they take time out to care for children and their elderly parents and often work part-time
• Women experience significant economic inequality. A young woman of 25 today will earn almost 50% less over her lifetime than a young man of the same age
• 47% of women are unprepared for retirement
• Almost half (45%) of women think they will struggle to make ends meet or just be able to afford the basic living expenses in retirement
• Just 35% of women have a formal retirement plan in place compared to 43% of men1

Top tips for women to boost super:

• •Awareness is the first step in taking action. Take action today, and don’t wait. Think about the retirement lifestyle you want, how much you might need to retire (use a super online calculator), and check out your super balance.
• Seek financial advice – find out how you can maximise and protect your super and how it complements your other investments, like the family home.
• Consolidate and sacrifice you’re super – your superannuation is real money, and it’s yours, so look at it like any other savings account. Changing simple things today like finding lost super, consolidating your super and sacrificing a couple of extra dollars each week of your salary can make a big difference.
• Co-contribution – low-income earners should consider making the most of the Government’s co-contribution scheme. If you earn under $48,517 and make a personal after-tax superannuation contribution, the Government may contribute up to $500 per year to your super.
• Income – consider investing in a pension product with longevity protection that eliminates the risk of outliving your savings. “It’s never too early to start planning for retirement. It’s significant women take action today to secure the retirement lifestyle they’ve imagined and deserve,” she said.