GENDER GAP: Women are retiring with significantly less super than men.
GENDER GAP: Women are retiring with significantly less super than men.

Not such super news for women getting ready to retire

FRASER Coast women are among those across the state retiring with significantly less superannuation than their male counterparts.

The retirement income gap in Hervey Bay in 2017 is 31%, meaning men in the area retire with an average 31% more than women. This translates to an average balance of $298,000 for men, while women retire with an average $207,000. The gap has reduced slightly over the past five years, by 0.3%.

An analysis of QSuper's member data showed that on average across the state women retiring between 56 and 70 years had 32% less superannuation than men. While the Fraser Coast's gap has closed slightly, across the state it has increased by 10% in the past five years.

QSuper CEO Michael Pennisi said more needed to be done to reduce the gap.

The analysis shows the gap begins to widen after age 30 and QSuper believes there are a number of strategies women can employ to combat it.

Women are encouraged to better understand their super fund and their investment options and consider strategies such as consolidating funds, finding lost super and contributing extra from a younger age. For women in relationships, keeping super balances equal between partners through processes such as super splitting is also important.

"Superannuation reforms from July 1 that are account balance specific with incentives to maximise retirement pensions will certainly assist the gender divide, but while government policies can contribute, as an industry we also need to fight this on all fronts,” Mr Pennisi said.



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