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Mastering your money game can totally transform your life

Episode 16 – Closing the Vault: Unpacking Australia’s Retirement Savings Divide

Changing Benefits

While Superannuation has been a topic of conversation previously on this podcast, it is the greatest key to living the life you want in retirement.

The gender pay gap lies at the heart of the superannuation pay gap, as it directly influences the compulsory super contributions made by employers. The good news is the gender pay gap is narrowing, now at just 12% as of November 2023.

On average, men earn more than women with the average income for a male at $1,744 per week compared to a women’s $1,276 per week. This disparity can have long-term impacts on retirement security for women.

Women are estimated to have greater life expectancy, with women over 55 becoming the fastest-growing demographic of homelessness in Australia. This highlights the importance of financial independence in retirement.

In today’s episode, we’ll discuss government co-contributions, spouse rebates, and contribution splitting – all valuable strategies for boosting your super savings.

We will also talk about the importance of contributing to your super while you are taking a break from work to raise children, remember fees and charges can eat into your balance if you’re not actively contributing.

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