Government Reveals Women More Vulnerable to Poverty in Retirement - How Corporate Superannuation Lowers Risk

QUEENSLAND, Australia May, 2012 – Australian women are more vulnerable to poverty in retirement and are way behind men in terms of pay and corporate board posts, the Australian federal government reveals. Minister for Women Julie Collins says women in the private sector are far from gaining equal pay or holding the same positions as their male counterparts*.

While approximately 70 per cent of aged pensioners are female, Australian women have an average superannuation balance of 40 per cent below that of men in retirement, leaving women “more vulnerable to poverty in retirement,” Ms. Collins says. www.arrowinsurance.com.au/

So how does Corporate Superannuation lower the risk of poverty in retirement? Expert Arrow Insurance Consultant Services Financial Adviser, Steve Culpitt, weighs in on the debate:

“Women earning less and having less money to fund retirement is obviously a gender issue that needs policy change to provide a real solution for working women. In the meantime, those women who don’t want to be stuck waiting for the rest of the world to ‘get it’ can take their own steps towards increasing their retirement fund now.”

“Superannuation is about helping you achieve the type of lifestyle you want in retirement. Employers make regular contributions to the employees’ superannuation with employees themselves able to make additional voluntary personal contributions where possible. Your financial adviser should help you to select the appropriate super fund and suggest additional contributions to ensure your financial security in retirement,” says Steve.

“Super can help with long-term savings; ensure a financially comfortable and secure retirement; provide access to favourable tax treatment and give access to insurance and benefits offered by the super provider,”  Steve explains.

Arrow Insurance Consultant Services works with both employees and employers to identify a workplace solution or plan that provides greater financial security and a range of benefits to employees; while attracting a motivated workforce team for employers. www.arrowinsurance.com.au/

* Source: http://www.news.com.au/money/superannuation/australian-women-lagging-in-super-pay-board-spots/story-e6frfmdi-1226333999444

Contact Information

Steve Culpitt

Financial Adviser

Arrow Insurance Consultant Services

(61) 1800 731 328

Contact via E-mail