Confronting the Superannuation Gender Gap
Advocates say more needs to be done to address the issue, as tweaks to superannuation tax offsets for low-income earners will barely help the quarter of women who retire in poverty.
Rosemary, a 60-year-old mid-level manager at an aged-care home in Victoria, is worried about her own old age. She has minimal superannuation saved and faces financial uncertainty.
"I'll have to work for as long as I can," she says. "However long an employer will keep me."
Rosemary's situation is not unique, as many Australian women approaching retirement age have limited superannuation savings. She took a 10-year break from the workforce to raise her children, and then their father left.
- Rosemary's story highlights the challenges faced by women in retirement.
- Minimal superannuation savings and financial uncertainty are common issues.
Author's summary: Women face retirement poverty due to limited superannuation savings.