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Too many women still fall victim to the superannuation gender trap. But no matter your age, there are simple steps you can take to secure your financial future.
The numbers say that the average Australian woman retires with barely half (53 per cent)1 the super of the average man. As statistics go, it’s a shocking one.
That gap starts to open early in working life, with women aged 25 to 34 having an average super balance of $31,600, compared to an average balance of $41,700 for men of the same age, according to the Association of Superannuation Funds of Australia (ASFA). For many women, this gap only widens as they age.
There are many reasons for this. Most notably, women on average continue to earn less than men and are more likely to be employed in casual or part-time work. However, if you’re in the workforce there are always opportunities to turn things around. These tips point to some of the strategies that could help.
Your 40s is the time the super gap can start to yawn – usually because women have taken time out of the workforce then chosen to work part-time to care for young children.
1. Time's up and the super gap, Women in Super, https://www.womeninsuper.com.au/content/times-up-and-the-super-gap/gjktn8
2. Note: if the ATO‘s SuperMatch service is not available, we will not be able to search for your other super account(s).
Important information: This document has been prepared by IOOF Investment Management Limited (IIML) ABN 53 006 695 021 AFSL 230524 as trustee of the IOOF Portfolio Service Superannuation Fund (Fund) ABN 70 815 369 818. It contains general advice only and does not take into account your financial circumstances, needs and objectives. Before making any decision based on this information, you should consider whether the information is appropriate for you having regard to your personal needs, financial circumstances or objectives.
You should obtain and consider a copy of the relevant Product Disclosure Statement (PDS) before you acquire, dispose of, or continue to hold an account in the Fund. Target Market Determinations (TMD) for relevant products in the Fund are also required to be made. You can obtain a copy of the TMD and PDS from our website.
Before consolidating your super or contributing to the Fund, you will need to consider whether there are any adverse consequences for you, including loss of benefits (e.g. insurance cover or loyalty benefits), investment options and performance, functionality, increase in investment risks and where your future employer contributions will be paid.
Information is current at the date of issue and may change. IIML is part of the Insignia Financial Group of companies, consisting of Insignia Financial Limited ABN 49 100 103 722 and its related bodies corporate.