Australia’s superannuation system relies on employees maintaining a steady and secure income over the course of their lifetime. On average, women are retiring with roughly half of the superannuation of men due largely to more fragmented work histories and lower paid work. Retired women are also more likely to live in poverty than men.
For many of us, economic security in our old age still seems like a distant concern. However, the cumulative nature of the Australian retirement system means that the decisions you make now have an impact later down the road. It is important to be vigilant and track your superannuation gap.
- Check your superannuation balance
- Consolidate your accounts
- Build your financial literacy
- Check whether your employer pays superannuation during absences like parental leave.