Treasuring Mothers

Ep 25.1: Superannuation for Women

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Alison Greenwood is a financial advisor who is keen for everyone to be well-informed about wealth creation. She is a regular guest on Treasuring Mothers.

Superannuation for Women with Alison Greenwood

Alison chats to Jenny about superannuation (again). But this time it’s a talk tailored specifically for women. We need to guard against our disadvantages, because woman almost always retire on less than men!

Listen to the first interview with Alison Greenwood: Superannuation 101 >>>

So, how can women build up their superannuation? Even when they’re working fewer hours, or not working at all?

GUEST: Alison Greenwood

HOST: Jenny Baxter

Please note this advice is given for Australian residents. Also, the figures quoted are relevant for the 2018-2019 financial year. However, the basic principles still hold true.

Show Notes

Superannuation for Women with Alison Greenwood

  • Most women take time off work for lengths of time. This is usually to care for children or elderly parents. Or, they may work part-time for much of their working life. As a result, their employer is not putting as much money into super.
  • In 2017-18, women had an average of $68,000 in their accounts. But men had an average of $112,ooo!
  • Also last year, retiring women had an average of $157,000 in their superannuation accounts. However, this compares with men retiring on an average of $271,000. These are still very low account balances, given that you will probably live for at least 20 years  after retirement.
  • The Australian government has put in place a number of ways to assist women:
    • Spouse contribution – when a partner can put money into his wife’s super.
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      Treasuring MothersBy Jenny Baxter