The head of Queensland’s largest super fund and current Telstra Australian Business Woman of the Year is on the Gold Coast today with a message for local women – take control and close the gap!
QSuper CEO Rosemary Vilgan said there were still far too many Gold Coast women at risk of not having enough super to live comfortably in retirement.
“We have over 34,000 members here on the Gold Coast, and 62 percent of these members are women,” Ms Vilgan said.
“While we know our members enjoy a higher-than-average balance1, here on the Gold Coast our female members between the ages of 45 and 64 are still lagging behind the super balance of men by 33 percent2, a trend that is seen across the country.
“This significant gap could see too many Gold Coast women living a less than comfortable retirement3 at best, and poverty at worst – but it’s never too late to take control,” she said.
Ms Vilgan said there were a number of simple things women could do to take control and improve their financial position in retirement.
“The first is to take a look at your current situation. Knowing what your super balance is and the level and type of your insurance cover is a great place to start.
“From there, work out how much you might need in retirement. The Association of Superannuation Funds of Australia (ASFA) standard for a comfortable lifestyle in retirement is about $42,000 a year for a single person, or around $58,000 for a couple4.
“Then take action! If there’s a gap between what you need and what you are on track to receive, consider consolidating your accounts to eliminate any double up of fees, or topping up your account with a voluntary contribution, whether it’s a percentage of your next pay rise or the equivalent of your coffee money for the week - even $10 a week can add up to make a difference.
“But most importantly, seek personal and tailored advice about your investment strategy and financial position, to ensure your savings are working hard for you.
“Knowledge is power, and taking control of your financial well-being will make a positive difference to your life in retirement, and today is a great day to start,” she said.
QSuper is Queensland’s largest superannuation fund, with over 530,000 members and more than $70 billion in funds under administration, including the investment management of over $50 billion.
For more information and useful tips on making the most of your super, visit qsuper.qld.gov.au or call QSuper on 1300 360 750.
1. Based on APRA data at 30 June 2013
2. Based on QSuper data of members listing home address as ‘Gold Coast’
3. Based on research undertaken by the Association of Superannuation Funds of Australia (ASFA) and the Australian Bureau of Statistics (ABS)
4. Based on definition of ASFA Retirement Standard of ‘Comfortable Lifestyle’: www.superannuation.asn.au/resources/retirement-standard