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Women and Super
[Start of recorded material]
Narrator: Did you know that women need to have more money for retirement than men?
Female 1: Why would women need more money than men? I mean, everyone’s retirement
is the same, right?
Female 2: More money than men? No, never really thought about it like that.
Female 3: No, I really didn’t know that, so yeah, I’m not sure why.
Narrator: That’s because women live longer, but the reality is that men tend to have more
in their superannuation savings than women. There are a few reasons for this gap.
According to the Australian Bureau of Statistics, women tend to take less risks with their investments,
which makes them less aggressive investors. This means they are likely to earn lower returns
on their investments over the long term and on average, women still earn less than men.
If you put that together with career breaks women may take to have children, it can mean
women miss out on thousands of dollars going into their super. So, how do women close the
gap?
Female 1: Well I guess I could look at and I may, if I get another pay rise soon, I could
look at maybe putting that into super, rather than taking it in my salary.
Female 4: I think that’s a difficult question, how we close the gap, because circumstances
in lives, particularly for women, you can’t really do much about that.
Narrator: There are strategies to help, like salary sacrificing a little extra into super.
For example, if a 31 year old woman working full time, starts using salary sacrifice to
contribute just $50 a week into her super, she could save an extra $125,862 by the time
she retires at 67.
If you’re fast approaching retirement and have not done anything to minimise the gap,
don’t panic. It is never too late to start. Perhaps you have the mortgage paid off and
the children have left home. You may have a higher disposable income to help you make
higher salary sacrifice contributions to your super. You may even be in a position to benefit,
from a transition to retirement strategy, to help you boost your retirement savings,
while earning a tax free income stream.
No matter what age you are, there are strategies to help you make the most of your super.
For more information, visit our website, talk to a financial advisor, or give us a call.
[End of recorded material] Transcript Divas
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