Women and Retirement: Addressing the Super Gap Later in Life

It is well understood that women tend to retire with less superannuation than men. The gap can build over decades through lower average earnings, time out of paid work for caring responsibilities and more years spent working part-time.

By the time retirement is genuinely close, that difference may have had thirty or forty years to compound, which can make it feel like a difficult problem to address.

But later does not mean too late. There may still be meaningful steps available during your final working years.

Start by understanding where you stand

The first step is seeing the size and shape of your retirement position rather than carrying a vague sense that things could be better.

Looking at your super, other savings and investments, expected retirement income and potential Age Pension entitlement can turn a general worry into something more concrete.

A clearer picture can help you understand whether there is a gap, how significant it may be and which areas deserve closer attention.

Make the most of your final working years

If you are still earning, your final working years may provide opportunities to direct more towards super.

Salary sacrifice and personal concessional contributions can allow you to contribute more within the relevant caps, while eligible people may also be able to use unused concessional cap amounts from earlier financial years.

For couples, spouse contributions or contribution splitting may also be worth exploring depending on your circumstances.

These strategies are not suitable for everyone, and contribution caps, eligibility requirements and tax consequences need to be considered. The important point is that reaching your fifties or early sixties does not automatically mean the opportunity to strengthen your retirement position has passed.

Use the years you still have

Closing a retirement gap is not about trying to undo decades of different earnings and caring responsibilities in a few years.

It is about making deliberate use of the time and financial capacity you have now.

A well-considered retirement strategy looks at your actual circumstances, including your super balance, timeframe, other assets, expected income and potential government entitlements, rather than relying on a generic rule of thumb.

Addressing the gap does not mean starting again. It means using the years you have left before retirement as deliberately as you can.

A Retirement Check-Up can help you understand your broader retirement position and identify areas that may deserve more attention. It provides a practical starting point for considering your retirement income, super and next steps. The button below takes you to the moneyGPS Portal, where you can log in or register and begin your Retirement Check-Up.