Women's super balances fall short
WHILE women had many things to celebrate on International Women's Day yesterday, superannuation wasn't one of them, according to a financial expert.
The AMP Retirement Adequacy Index showed women's super balances were an average 45% lower than men's.
AMP financial planner Wendy Scarlett believed it was simple for women to reverse this trend.
“Many women reach retirement age and suddenly realise they do not have enough super to live comfortably,” Ms Scarlett said.
“There are some simple tips to help women boost their super.”
Ms Scarlett said there were various reasons for women's plunging super balances, including lower incomes, family commitments and divorce.
Starting retirement planning early, salary sacrificing, consolidating additional super funds and spouse contributions could all help women catch up with their male counterparts.
“While it is important for women to start building their nest egg early on, remember it is never too late to get your retirement planning on the right track,” Ms Scarlett said. “By using simple strategies, women can work towards a stress-free and comfortable retirement.”