ATO calls on women to take control of their super
Women need more superannuation than men but retire with significantly less savings than men, the Australian Taxation Office (ATO) said in the lead up to International Women's Day on 8 March.
The agency is encouraging women to take a more active role in their superannuation as although life expectancy rates for women are higher than men they earn around 17.5 per cent less in their working life.
Referring to this year's International Women's Day theme of ‘Make It Happen', ATO deputy commissioner for superannuation, Alison Lendon, said that small steps now pay you back many times over when you retire.
"Putting the cost of one cup of coffee a day into your super from the day you start work can add up to $128,000 when you retire," Lendon said.
"Some people are also eligible for a government co-contribution or a low income superannuation contribution. Both can increase the amount going into your superannuation account."
Lendon said other steps to be taken were consolidating super accounts, and finding ‘lost' super.
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