ATO encouraging women to put more into super

Written on the 1 March 2014

The ATO is encouraging women to take an active interest in their superannuation to help overcome the retirement savings shortfall many are currently experiencing, saying “It’s never too late".

Assistant Commissioner Megan Yong said, “On average, Australian women currently retire with super account balances of just $112,600.“That’s much less than the amount a single woman needs for a $40,000 a year retirement income, which is at the lower end of the ‘what’s adequate’ scale.

“It surprises a lot of people that putting the equivalent cost of one cup of coffee a day into your super can add up to an extra $128,000 when you retire*." (*)   This is based on a 30 year old woman investing $3.80 per day into a moderate fund and assuming 5% growth over a 35 year period.

Ms Yong encourages women to go online to ato.gov.au/5stepsuper and complete the ATO’s 5-step super check.