Newspaper article The Northern Star (Lismore, Australia)

Women Disadvantaged with Retirement Funds

Newspaper article The Northern Star (Lismore, Australia)

Women Disadvantaged with Retirement Funds

Article excerpt

WOMEN generally face more financial hurdles in their retirement than men for a number of reasons.

Broken work patterns to raise children, lower average earnings, and longer life expectancy are the main causes. Therefore, women need to take action so that they are not significantly disadvantaged later on.

The financial gap between men and women opens up over a lifetime.

Over the next 40 years, a 25-year-old male is expected to earn on average $2.5 million while females are expected to earn just $1.5 million.

With the compulsory employer superannuation system entirely based on earnings, it's not hard to see how the gaps in a woman's working life directly impact the amount of super they accumulate during their working lives.

Women also account for the majority of casual and part-time workers, many of whom don't qualify for employer-contributed super in the private sector.

There are some simple strategies that can be employed to help you make the most of your wealth accumulation including:

Start with the basics. …

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