Women – can you retire on the average $112,600 balance you will have on current estimates? If you want a retirement income of $40,000, conservatively you will need at least $800,000 invested at 5% – nearly 8 times the average many women will retire on! An the ATO is trying to raise awareness among women.
Katarina Taurian, at SMSF Adviser reported –
The ATO is encouraging females to take an interest in their superannuation to overcome the “retirement savings shortfall”. Speaking at the Women’s Super Summit this week (6 Feb 2014), ATO assistant commissioner Megan Yong said she wants to encourage female Australians to start thinking about their superannuation. On average, females in Australia currently retire with super account balances of approximately $112,600, Ms Young said. “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,” she said.
“It’s never too late for women to start learning about all sorts of practical things they can do to make a difference to their super over time.
“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,” Ms Young added.
READ it here
We reported last month that super assets are NOT adequate. What is a reasonable amount for a comfortable living? See our article. Typical of many of our clients (and those of advisors we assist) is the comment that they didn’t think there was anything they could do – for ideas, see our Case Studies of Clients.
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