The average South Australia woman is retiring with almost $44,000 less than men – and if the government cuts the super rate women’s retirement savings could go into freefall.
South Australian women median balance lag men in all ages but the gap widens to more than 30% when a woman is in her 50s. Half of South Australian women retire with a super balance less than $161,200, below the male median balance of $204,900.
Both men and women median balances are less than the $545,000 recommended for a comfortable retirement.
These stark figures highlight the need for the government to keep its promise to lift the super rate to 12%. Women on middle to low-income are the most likely to get the legislated super boost, helping to close the gender super gap and may give them the retirement of their choosing not one just scrapping by.