ASFA, the Association of Superannuation Funds of Australia, is encouraging women to take steps to boost their retirement savings, as part of the ‘Super Sorter Power Hour’.
Reproduced with permission, ASFA, www.superguru.com.au
ASFA says that, on average, women retire with $93,000 less in superannuation than the average for men. Approximately 90% of women “will retire with inadequate savings to fund a comfortable lifestyle in retirement,” and one in three women will retire without any superannuation.
“This is why on International Women’s Day, the Association of Superannuation Funds of Australia (ASFA) is once again urging all women to take one hour of their day to sort their superannuation in the Super Sorter Power Hour,” said ASFA.
The ‘Super Sorter Power Hour’ will run from this week until International Women’s day on Sunday the 8th of March, during which ASFA encourages women to:
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.
ASFA recommends several reforms to boost the retirement savings of women, including:
- removing the $450 monthly minimum threshold for superannuation guarantee
- applying super guarantee to income replacement payments, such as paid parental leave
- amending the Anti-Discrimination Act so employers can contribute more to super for female employees
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