Women need to get interested in super: ATO

Women should take a keen interest in their superannuation to prevent falling short on their retirement savings, the Australian Taxation Office (ATO) said. 

Assistant commissioner Megan Yong told the Women’s Super Summit she wanted to push women to start thinking about their super, as many are experiencing a shortfall. 

On average, Australian women currently retire with super account balances of just $112, 600, she 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.  

“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,” she said. 

Yong encouraged women to jump on to the ATO website and check what steps should be taken to boost retirement incomes in the long term. 

Steps include checking their statements to ensure they are getting everything to which they are entitled, that their super fund has a tax file number so they do not pay too much tax, and seeing whether they are entitled to a government super contribution. 

“Most importantly, put whatever extra you can afford into your account. As the cup of coffee example demonstrates, it can pay you back many times over.”