The superannuation gender gap: women struggling to put enough aside for retirement

Retirement is supposed to be a time to relax and enjoy life, but for more and more Australian women that is not going to be possible. 

On average, Australian women retire with about half as much superannuation as men.

The growing crisis is the subject of a Senate inquiry, which is due to table its report next week.

Sandra Bell has worked hard all her life, and at 68, she is still going.

"My plan was that once I retired probably at 65, I would have done some travelling, I would have been able to spend more time with my grandchildren, I would have been able to help them financially, and that's nowhere near what the situation is," she told 7.30.

Ms Bell is among a growing number of Australian women who will not have the funds to retire comfortably, and will be forced to work well beyond retirement age.

Key points

  • 70 per cent of all retired single women live on the pension
  • 40 per cent of retired single women live below the poverty line
  • Women earning less than $18,200 per year have, on average, less than $80,000 in superannuation

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Source: ABC News

Authorised by Carolyn Smith, Perth WA.

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