8 March 2023


While female participation in the Australian workforce is higher than ever, women are still lagging when it comes to wealth and financial security. 

Women’s participation in paid work has increased considerably over the past five decades with women now making up almost half of Australia’s paid workforce, compared with around 30 percent in 1966.

Yet when it comes to a secure retirement, the odds remain stacked against women, who still retire with 24 percent less super than their male counterparts.  This is in no small part due to the gender pay gap. Based on full-time earnings, Australian women earn 15 percent less than men, according to Women in Super. 

Women are also more likely to take time out from paid employment or work part time to take on caring roles such as looking after children or elderly parents.  In Australia, women are in part-time employment at three times the rate of men.

Despite these challenges, there are some steps that members can take to get their super on track.

Start investing early 

Making voluntary contributions to your super early in your working life may make a difference at retirement thanks to the benefits of compounding interest.  It’s never too late to start making contributions, but the sooner you start putting your hard-earned cash to work, the quicker you might be able to achieve your retirement goals. You should consider the applicable caps when making contributions. An Active Super financial planner can assist you if you need advice.

Super splitting

If you and your spouse would like to make sure you both retire with a similar super balance – even if you are on different incomes – super splitting might be a good option to consider. It allows fund members to split part of their contributions already in super into their partner’s super account. Eligibility conditions apply. Applications can be found here.

Spouse contributions

If you are earning less than your spouse or not earning an income at all, your spouse may be able to claim a tax offset of up to $540 by putting after-tax money into your super account. For further information on spouse contributions and whether they are right for you and your partner, please speak to an Active Super financial planner.

Contribute regularly when earning to make up for breaks

Making regular contributions while working can help compensate for time away from work - whether it be to care for loved ones or other reasons such as job loss. Even small amounts can make a difference when invested over time.

Insurance cover

When personal circumstances change significantly, insurance needs may need to be reassessed. 

Since November 2022, Active Super has simplified the process for members to increase their life insurance cover where they have undergone a ‘life event’ such as buying a home, getting married, having a child or losing a partner. Active Super members can now apply for additional life insurance cover by answering five questions on the application for Life Events cover form*, without undergoing the full underwriting process and the associated applications and medical check-ups sometimes required to obtain insurance cover.

We’re hoping this will give our members who are going through significant life events the opportunity to easily access the level of cover they need – for them and their loved ones. 

You can find out more about Life Events cover, including eligibility, on our website.

Taking these simple steps today can help to provide you with a more comfortable retirement and a more secure financial future. 

Seek Advice 

If you require advice on your retirement needs, please contact one of Active Super’s financial planners on 1300 547 873 or make an appointment to see how we can help.# 

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