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?
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.