The scary statistics from the Association of Superannuation Funds of Australia indicate that the average Australian woman retires with approximately half the amount of the average man. And with many Australians retiring in their 60s, that leaves 20 or so years without an income.
Women are more likely to work in part-time roles (46 per cent versus 16 per cent of men), they often take time away from work to have children, they earn less than their male counterparts and if they find themselves divorced and without a partner, David Knox, a super expert and Mercer senior partner, says women can be at a disadvantage come retirement as a result.
"About two-thirds of people when they retire are in a couple's situation," Knox said, according to News Ltd. "But for single women, and for those who have had children, it's a big concern because they don't have a partner's support and there is no easy fix or silver bullet."
A report by the Human Rights Commission says the area of female retirement is so under-scrutinised that it has left a significant portion of women "living their final years in poverty".
It's never too late to plan for the future, though, and of course the sooner we shift our focus to our future finances, the more likely we will be prepared for retirement. There are many ways women, regardless of their relationship status or personal situation, can prepare for retirement. Here are a few tips to give your super a kick-start before retirement.
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