Super boom widens wealth gap: ‘I thought this would be a stress-free life’

In the golden years of retirement, many Australians find themselves grappling with the harsh reality of financial instability.

The culprit?

Superannuation—a system designed to secure a comfortable retirement, but which, according to a recent report, is driving wealth inequality in Australia.



Elaine's story is a stark reminder of the growing wealth gap in Australia.

After nearly five decades of dedicated service in sectors like aged care and social services, Elaine retired with $45,000 in superannuation.


bed-news-morning.jpg
Elaine had little to save for her retirement due to superannuation. Stock Image Credit: Freepik



Her retirement dream of a peaceful life on her 25-acre property has been replaced by the harsh reality of a mould-infested social housing flat.

Experts said Elaine’s story is typical of several older women who experienced hard times.

She entered the workforce in the 1970s and made $50 per fortnight.

Despite her wage growth over time, superannuation became compulsory only in 1992.

Elaine then realised that there was little to save for her retirement.

‘I worked from two days after my 16th birthday till I was 63,’ she said.

‘I paid taxes for all those years, and now I see no reward for my efforts.’



After her divorce in the early 2000s, she used her settlement money to buy a transportable home.

However, a diagnosis of Cushing's syndrome, a hormonal disorder, led to financial stress, resulting in her downsizing to a caravan park and eventually moving into social housing.

‘I was making some very poor decisions around about that time because of my illness,’ she said. 

‘I just thought that this would be a stress-free life, and that turned out to be more stressful than anything. I hated it.’

Elaine later found an apartment, but she could no longer afford the weekly rent of $250 as cost-of-living pressures hit two years ago.

‘I knew I was going to come to that pointy end, where I was not going to be able to afford anything other than the Housing Trust or community housing, Elaine said. 

Elaine was grateful for access to social housing and pension. However, she felt left behind.

‘I'm not important in this world. That's how I feel. And I think a lot of other people feel like that,’ she said.



Addressing the Superannuation Gap: What Can Be Done?

A recent Australian Council of Social Service (ACOSS) and the University of New South Wales (UNSW) report revealed that superannuation is the primary driver of wealth inequality in Australia, leading to a gap that has steadily widened over the past 20 years.

The wealthiest Australians retire with at least seven times more in super than those with the smallest balances, a gap that has been widening over the past two decades.

Professor Carla Treloar, the report’s author, said: ‘At the top end of our households [by wealth], they have on average about half-a-million dollars in superannuation wealth.’

‘The bottom 20 per cent households, by wealth, have on average about $66,000 in superannuation assets.’

Treloar also said lower-wealth households relied on superannuation, while the top prospered through their investments, like shares and real estate.

The highest 20 per cent in the country are 90 times wealthier than the lowest 20 per cent.

‘That's a really good pause for thought to see if our policy settings are right to contribute to where we want Australia to be in another two decades,’ Treloar noted. 


i-can-t-believe-what-i-see.jpg
Reports revealed that superannuation is the main factor of wealth inequality. Credit: Freepik



The gap in superannuation disproportionately affects some Australians.

Linda Elkins from KPMG Australia said women had less superannuation than men because they often ‘dominated the non-paid activities’.

‘We have that gap because superannuation is based on salary and wages, and women have periods of not earning salary and wages due to child-bearing and caring responsibilities,’ she said. 

A KPMG report found that women aged 50 to 54 had 32 per cent less super than men on average, while women aged 60 to 64 had 23 per cent less.

This is compounded by the fact that women are more likely to work in lower-paid industries, reducing their super contributions over time.



Elkins suggested that employers should be required to pay the compulsory 11 per cent super contribution during periods of paid parental leave and carer's leave.

She also advocated for tax concessions for women who want to make 'catch-up payments' for their missed superannuation contributions.

The Australian government's inquiry into homelessness two years ago found older women to be among the most vulnerable cohort.

'They might lose their housing, or they have to skip meals, or they have to compromise on looking after their health,' Treloar said.

Despite the challenges, Elaine remained hopeful.

'Honestly, this isn't the end,' she said.

'Something great might happen. You don't know.'



Similar to Elaine, seniors have devoted their lives to fulfilling their responsibilities and striving for a comfortable future in their golden years. However, it is worrisome that there has been a rise in complaints regarding the handling of superannuation claims which has caused unnecessary delays.

In a previous story, the Australian Financial Complaints Authority (AFCA) said that superannuation complaints involving delays in claims handling have jumped alarmingly in the past 12 months. What could be the cause? Read more about it here.
Key Takeaways
  • Wealth inequality in Australia, particularly in relation to superannuation, has widened over the past two decades, with the richest individuals retiring with seven times more in super than the poorest.
  • The report from ACOSS and UNSW highlights that older women, like Elaine, often retire with less superannuation due to lower earnings over their lifetime and periods where they engaged in unpaid care work.
  • Superannuation is a significant contributor to wealth disparities, and while higher-wealth households have diversified investments, those with lower wealth are more reliant on their superannuation funds.
  • Solutions like requiring employers to pay superannuation on paid parental and carer's leave, as well as offering tax concessions for catch-up payments, are being advocated to address the gender superannuation gap.
What are your thoughts on the superannuation system? Have you experienced similar challenges? Share your experiences and thoughts in the comments below.
 
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In the golden years of retirement, many Australians find themselves grappling with the harsh reality of financial instability.

The culprit?

Superannuation—a system designed to secure a comfortable retirement, but which, according to a recent report, is driving wealth inequality in Australia.



Elaine's story is a stark reminder of the growing wealth gap in Australia.

After nearly five decades of dedicated service in sectors like aged care and social services, Elaine retired with $45,000 in superannuation.


View attachment 38547
Elaine had little to save for her retirement due to superannuation. Stock Image Credit: Freepik



Her retirement dream of a peaceful life on her 25-acre property has been replaced by the harsh reality of a mould-infested social housing flat.

Experts said Elaine’s story is typical of several older women who experienced hard times.

She entered the workforce in the 1970s and made $50 per fortnight.

Despite her wage growth over time, superannuation became compulsory only in 1992.

Elaine then realised that there was little to save for her retirement.

‘I worked from two days after my 16th birthday till I was 63,’ she said.

‘I paid taxes for all those years, and now I see no reward for my efforts.’



After her divorce in the early 2000s, she used her settlement money to buy a transportable home.

However, a diagnosis of Cushing's syndrome, a hormonal disorder, led to financial stress, resulting in her downsizing to a caravan park and eventually moving into social housing.

‘I was making some very poor decisions around about that time because of my illness,’ she said. 

‘I just thought that this would be a stress-free life, and that turned out to be more stressful than anything. I hated it.’

Elaine later found an apartment, but she could no longer afford the weekly rent of $250 as cost-of-living pressures hit two years ago.

‘I knew I was going to come to that pointy end, where I was not going to be able to afford anything other than the Housing Trust or community housing, Elaine said. 

Elaine was grateful for access to social housing and pension. However, she felt left behind.

‘I'm not important in this world. That's how I feel. And I think a lot of other people feel like that,’ she said.



Addressing the Superannuation Gap: What Can Be Done?

A recent Australian Council of Social Service (ACOSS) and the University of New South Wales (UNSW) report revealed that superannuation is the primary driver of wealth inequality in Australia, leading to a gap that has steadily widened over the past 20 years.

The wealthiest Australians retire with at least seven times more in super than those with the smallest balances, a gap that has been widening over the past two decades.

Professor Carla Treloar, the report’s author, said: ‘At the top end of our households [by wealth], they have on average about half-a-million dollars in superannuation wealth.’

‘The bottom 20 per cent households, by wealth, have on average about $66,000 in superannuation assets.’

Treloar also said lower-wealth households relied on superannuation, while the top prospered through their investments, like shares and real estate.

The highest 20 per cent in the country are 90 times wealthier than the lowest 20 per cent.

‘That's a really good pause for thought to see if our policy settings are right to contribute to where we want Australia to be in another two decades,’ Treloar noted. 


View attachment 38548
Reports revealed that superannuation is the main factor of wealth inequality. Credit: Freepik



The gap in superannuation disproportionately affects some Australians.

Linda Elkins from KPMG Australia said women had less superannuation than men because they often ‘dominated the non-paid activities’.

‘We have that gap because superannuation is based on salary and wages, and women have periods of not earning salary and wages due to child-bearing and caring responsibilities,’ she said. 

A KPMG report found that women aged 50 to 54 had 32 per cent less super than men on average, while women aged 60 to 64 had 23 per cent less.

This is compounded by the fact that women are more likely to work in lower-paid industries, reducing their super contributions over time.



Elkins suggested that employers should be required to pay the compulsory 11 per cent super contribution during periods of paid parental leave and carer's leave.

She also advocated for tax concessions for women who want to make 'catch-up payments' for their missed superannuation contributions.

The Australian government's inquiry into homelessness two years ago found older women to be among the most vulnerable cohort.

'They might lose their housing, or they have to skip meals, or they have to compromise on looking after their health,' Treloar said.

Despite the challenges, Elaine remained hopeful.

'Honestly, this isn't the end,' she said.

'Something great might happen. You don't know.'



Similar to Elaine, seniors have devoted their lives to fulfilling their responsibilities and striving for a comfortable future in their golden years. However, it is worrisome that there has been a rise in complaints regarding the handling of superannuation claims which has caused unnecessary delays.

In a previous story, the Australian Financial Complaints Authority (AFCA) said that superannuation complaints involving delays in claims handling have jumped alarmingly in the past 12 months. What could be the cause? Read more about it here.
Key Takeaways

  • Wealth inequality in Australia, particularly in relation to superannuation, has widened over the past two decades, with the richest individuals retiring with seven times more in super than the poorest.
  • The report from ACOSS and UNSW highlights that older women, like Elaine, often retire with less superannuation due to lower earnings over their lifetime and periods where they engaged in unpaid care work.
  • Superannuation is a significant contributor to wealth disparities, and while higher-wealth households have diversified investments, those with lower wealth are more reliant on their superannuation funds.
  • Solutions like requiring employers to pay superannuation on paid parental and carer's leave, as well as offering tax concessions for catch-up payments, are being advocated to address the gender superannuation gap.
What are your thoughts on the superannuation system? Have you experienced similar challenges? Share your experiences and thoughts in the comments below.
Now a 68 and 74, in our younger years Superannuation wasn't a thing and then being overseas for many years it also wasn't a thing. Fortunately, otherwise, we've been frugal with our money and at this stage life a modest, mortgage free life together. Elaine's comment of ‘I'm not important in this world. That's how I feel. And I think a lot of other people feel like that,’ resonates with me. The "pointy end" for us, however, is illness in a public health system and death..... and for those who will accuse me of being negative, please realise the difference between negativity and being realistic.
 
I'm not too sure about employers paying superannuation during maternity and caring leave.
That might be OK for big business, but small businesses just couldn't carry these extra expenses
Having been in small business myself many years ago and when superannuation was bought in many businesses folded, including mine. I had about 20 employees and that one more expense, which couldn't be passed on to my customers, spelt the death knell for me, putting 20 workers out of a job .
I honestly believe that workers should contribute 50% themselves to their own superannuation, though zI don't imagine too many people will agree with me, as most people seem to think their bosses are rolling in money, where In truth a very large number are struggling to keep their heads above water.
 
Elaine stated that she made some really poor decisions, clearly she did. One has to wonder what she did with any money she received from her downsizing. I understand that she bought a transportable house, but surely she also sold that!
 
I'm not too sure about employers paying superannuation during maternity and caring leave.
That might be OK for big business, but small businesses just couldn't carry these extra expenses
Having been in small business myself many years ago and when superannuation was bought in many businesses folded, including mine. I had about 20 employees and that one more expense, which couldn't be passed on to my customers, spelt the death knell for me, putting 20 workers out of a job .
I honestly believe that workers should contribute 50% themselves to their own superannuation, though zI don't imagine too many people will agree with me, as most people seem to think their bosses are rolling in money, where In truth a very large number are struggling to keep their heads above water.
Wow, I must admit I didn't think about the business side of things. Thanks for sharing, @mylittletibbies!
 
Wow, I must admit I didn't think about the business side of things. Thanks for sharing, @mylittletibbies!
I do understand that people don't realise how hard it can be for bosses these days.
I worked for wages for a large percentage of my life. Thought it was great when holidays went from 2 weeks to 3 and then 4, even better when you went on holidays and got 17 and a half percent loading, virtually getting paid more for doing nothing than you got paid to work.
Ridiculous, but as the worker I didn't give one minutes thought about how that might affect my boss.
 
Now a 68 and 74, in our younger years Superannuation wasn't a thing and then being overseas for many years it also wasn't a thing. Fortunately, otherwise, we've been frugal with our money and at this stage life a modest, mortgage free life together. Elaine's comment of ‘I'm not important in this world. That's how I feel. And I think a lot of other people feel like that,’ resonates with me. The "pointy end" for us, however, is illness in a public health system and death..... and for those who will accuse me of being negative, please realise the difference between negativity and being
I'm not too sure about employers paying superannuation during maternity and caring leave.
That might be OK for big business, but small businesses just couldn't carry these extra expenses
Having been in small business myself many years ago and when superannuation was bought in many businesses folded, including mine. I had about 20 employees and that one more expense, which couldn't be passed on to my customers, spelt the death knell for me, putting 20 workers out of a job .
I honestly believe that workers should contribute 50% themselves to their own superannuation, though zI don't imagine too many people will agree with me, as most people seem to think their bosses are rolling in money, where In truth a very large number are struggling to keep their heads above water.
I agree with you. Running a business is not easy and can cause a lot of stress, as well as the many extra hours of work owners put in after employees finish their 8 hour shift. I have always added extra to my super.
 
What about those that have paid taxes all their lives and get absolutely no pension? If you have managed to get a good education and did not squander your money you have to take care of yourself even though a higher wage during your working life also made you pay more taxes as well. Circumstances are different for everyone. It is interesting if I went and bought a big house to live in I would be eligible for a pension and all it’s benefits but because I chose to downsize I have no access to government funds.
 
I do understand that people don't realise how hard it can be for bosses these days.
I worked for wages for a large percentage of my life. Thought it was great when holidays went from 2 weeks to 3 and then 4, even better when you went on holidays and got 17 and a half percent loading, virtually getting paid more for doing nothing than you got paid to work.
Ridiculous, but as the worker I didn't give one minutes thought about how that might affect my boss.

I agree with you. Running a business is not easy and can cause a lot of stress, as well as the many extra hours of work owners put in after employees finish their 8 hour shift. I have always added extra to my super.
Yes, I used to work seven days a week, and sometimes up to midnight just to keep my business afloat and my workers in a job, but in the end it was to no avail. It is very hard to compete with the cheap goods coming in from China and more and more expenses being dumped onto business owners by government puts more and more businesses out of business and more and more workers out of work.
 
In the golden years of retirement, many Australians find themselves grappling with the harsh reality of financial instability.

The culprit?

Superannuation—a system designed to secure a comfortable retirement, but which, according to a recent report, is driving wealth inequality in Australia.



Elaine's story is a stark reminder of the growing wealth gap in Australia.

After nearly five decades of dedicated service in sectors like aged care and social services, Elaine retired with $45,000 in superannuation.


View attachment 38547
Elaine had little to save for her retirement due to superannuation. Stock Image Credit: Freepik



Her retirement dream of a peaceful life on her 25-acre property has been replaced by the harsh reality of a mould-infested social housing flat.

Experts said Elaine’s story is typical of several older women who experienced hard times.

She entered the workforce in the 1970s and made $50 per fortnight.

Despite her wage growth over time, superannuation became compulsory only in 1992.

Elaine then realised that there was little to save for her retirement.

‘I worked from two days after my 16th birthday till I was 63,’ she said.

‘I paid taxes for all those years, and now I see no reward for my efforts.’



After her divorce in the early 2000s, she used her settlement money to buy a transportable home.

However, a diagnosis of Cushing's syndrome, a hormonal disorder, led to financial stress, resulting in her downsizing to a caravan park and eventually moving into social housing.

‘I was making some very poor decisions around about that time because of my illness,’ she said. 

‘I just thought that this would be a stress-free life, and that turned out to be more stressful than anything. I hated it.’

Elaine later found an apartment, but she could no longer afford the weekly rent of $250 as cost-of-living pressures hit two years ago.

‘I knew I was going to come to that pointy end, where I was not going to be able to afford anything other than the Housing Trust or community housing, Elaine said. 

Elaine was grateful for access to social housing and pension. However, she felt left behind.

‘I'm not important in this world. That's how I feel. And I think a lot of other people feel like that,’ she said.



Addressing the Superannuation Gap: What Can Be Done?

A recent Australian Council of Social Service (ACOSS) and the University of New South Wales (UNSW) report revealed that superannuation is the primary driver of wealth inequality in Australia, leading to a gap that has steadily widened over the past 20 years.

The wealthiest Australians retire with at least seven times more in super than those with the smallest balances, a gap that has been widening over the past two decades.

Professor Carla Treloar, the report’s author, said: ‘At the top end of our households [by wealth], they have on average about half-a-million dollars in superannuation wealth.’

‘The bottom 20 per cent households, by wealth, have on average about $66,000 in superannuation assets.’

Treloar also said lower-wealth households relied on superannuation, while the top prospered through their investments, like shares and real estate.

The highest 20 per cent in the country are 90 times wealthier than the lowest 20 per cent.

‘That's a really good pause for thought to see if our policy settings are right to contribute to where we want Australia to be in another two decades,’ Treloar noted. 


View attachment 38548
Reports revealed that superannuation is the main factor of wealth inequality. Credit: Freepik



The gap in superannuation disproportionately affects some Australians.

Linda Elkins from KPMG Australia said women had less superannuation than men because they often ‘dominated the non-paid activities’.

‘We have that gap because superannuation is based on salary and wages, and women have periods of not earning salary and wages due to child-bearing and caring responsibilities,’ she said. 

A KPMG report found that women aged 50 to 54 had 32 per cent less super than men on average, while women aged 60 to 64 had 23 per cent less.

This is compounded by the fact that women are more likely to work in lower-paid industries, reducing their super contributions over time.



Elkins suggested that employers should be required to pay the compulsory 11 per cent super contribution during periods of paid parental leave and carer's leave.

She also advocated for tax concessions for women who want to make 'catch-up payments' for their missed superannuation contributions.

The Australian government's inquiry into homelessness two years ago found older women to be among the most vulnerable cohort.

'They might lose their housing, or they have to skip meals, or they have to compromise on looking after their health,' Treloar said.

Despite the challenges, Elaine remained hopeful.

'Honestly, this isn't the end,' she said.

'Something great might happen. You don't know.'



Similar to Elaine, seniors have devoted their lives to fulfilling their responsibilities and striving for a comfortable future in their golden years. However, it is worrisome that there has been a rise in complaints regarding the handling of superannuation claims which has caused unnecessary delays.

In a previous story, the Australian Financial Complaints Authority (AFCA) said that superannuation complaints involving delays in claims handling have jumped alarmingly in the past 12 months. What could be the cause? Read more about it here.
Key Takeaways

  • Wealth inequality in Australia, particularly in relation to superannuation, has widened over the past two decades, with the richest individuals retiring with seven times more in super than the poorest.
  • The report from ACOSS and UNSW highlights that older women, like Elaine, often retire with less superannuation due to lower earnings over their lifetime and periods where they engaged in unpaid care work.
  • Superannuation is a significant contributor to wealth disparities, and while higher-wealth households have diversified investments, those with lower wealth are more reliant on their superannuation funds.
  • Solutions like requiring employers to pay superannuation on paid parental and carer's leave, as well as offering tax concessions for catch-up payments, are being advocated to address the gender superannuation gap.
What are your thoughts on the superannuation system? Have you experienced similar challenges? Share your experiences and thoughts in the comments below.
All I have to say is that superannuation is a scam
 
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Yes, I used to work seven days a week, and sometimes up to midnight just to keep my business afloat and my workers in a job, but in the end it was to no avail. It is very hard to compete with the cheap goods coming in from China and more and more expenses being dumped onto business owners by government puts more and more businesses out of business and more and more workers out of work.
Absolutely. Must people have no idea, then you have governments fanning envy, which is now a favourite pass time with many individuals in this country.
 
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Reactions: IAN3005
In the golden years of retirement, many Australians find themselves grappling with the harsh reality of financial instability.

The culprit?

Superannuation—a system designed to secure a comfortable retirement, but which, according to a recent report, is driving wealth inequality in Australia.



Elaine's story is a stark reminder of the growing wealth gap in Australia.

After nearly five decades of dedicated service in sectors like aged care and social services, Elaine retired with $45,000 in superannuation.


View attachment 38547
Elaine had little to save for her retirement due to superannuation. Stock Image Credit: Freepik



Her retirement dream of a peaceful life on her 25-acre property has been replaced by the harsh reality of a mould-infested social housing flat.

Experts said Elaine’s story is typical of several older women who experienced hard times.

She entered the workforce in the 1970s and made $50 per fortnight.

Despite her wage growth over time, superannuation became compulsory only in 1992.

Elaine then realised that there was little to save for her retirement.

‘I worked from two days after my 16th birthday till I was 63,’ she said.

‘I paid taxes for all those years, and now I see no reward for my efforts.’



After her divorce in the early 2000s, she used her settlement money to buy a transportable home.

However, a diagnosis of Cushing's syndrome, a hormonal disorder, led to financial stress, resulting in her downsizing to a caravan park and eventually moving into social housing.

‘I was making some very poor decisions around about that time because of my illness,’ she said. 

‘I just thought that this would be a stress-free life, and that turned out to be more stressful than anything. I hated it.’

Elaine later found an apartment, but she could no longer afford the weekly rent of $250 as cost-of-living pressures hit two years ago.

‘I knew I was going to come to that pointy end, where I was not going to be able to afford anything other than the Housing Trust or community housing, Elaine said. 

Elaine was grateful for access to social housing and pension. However, she felt left behind.

‘I'm not important in this world. That's how I feel. And I think a lot of other people feel like that,’ she said.



Addressing the Superannuation Gap: What Can Be Done?

A recent Australian Council of Social Service (ACOSS) and the University of New South Wales (UNSW) report revealed that superannuation is the primary driver of wealth inequality in Australia, leading to a gap that has steadily widened over the past 20 years.

The wealthiest Australians retire with at least seven times more in super than those with the smallest balances, a gap that has been widening over the past two decades.

Professor Carla Treloar, the report’s author, said: ‘At the top end of our households [by wealth], they have on average about half-a-million dollars in superannuation wealth.’

‘The bottom 20 per cent households, by wealth, have on average about $66,000 in superannuation assets.’

Treloar also said lower-wealth households relied on superannuation, while the top prospered through their investments, like shares and real estate.

The highest 20 per cent in the country are 90 times wealthier than the lowest 20 per cent.

‘That's a really good pause for thought to see if our policy settings are right to contribute to where we want Australia to be in another two decades,’ Treloar noted. 


View attachment 38548
Reports revealed that superannuation is the main factor of wealth inequality. Credit: Freepik



The gap in superannuation disproportionately affects some Australians.

Linda Elkins from KPMG Australia said women had less superannuation than men because they often ‘dominated the non-paid activities’.

‘We have that gap because superannuation is based on salary and wages, and women have periods of not earning salary and wages due to child-bearing and caring responsibilities,’ she said. 

A KPMG report found that women aged 50 to 54 had 32 per cent less super than men on average, while women aged 60 to 64 had 23 per cent less.

This is compounded by the fact that women are more likely to work in lower-paid industries, reducing their super contributions over time.



Elkins suggested that employers should be required to pay the compulsory 11 per cent super contribution during periods of paid parental leave and carer's leave.

She also advocated for tax concessions for women who want to make 'catch-up payments' for their missed superannuation contributions.

The Australian government's inquiry into homelessness two years ago found older women to be among the most vulnerable cohort.

'They might lose their housing, or they have to skip meals, or they have to compromise on looking after their health,' Treloar said.

Despite the challenges, Elaine remained hopeful.

'Honestly, this isn't the end,' she said.

'Something great might happen. You don't know.'



Similar to Elaine, seniors have devoted their lives to fulfilling their responsibilities and striving for a comfortable future in their golden years. However, it is worrisome that there has been a rise in complaints regarding the handling of superannuation claims which has caused unnecessary delays.

In a previous story, the Australian Financial Complaints Authority (AFCA) said that superannuation complaints involving delays in claims handling have jumped alarmingly in the past 12 months. What could be the cause? Read more about it here.
Key Takeaways

  • Wealth inequality in Australia, particularly in relation to superannuation, has widened over the past two decades, with the richest individuals retiring with seven times more in super than the poorest.
  • The report from ACOSS and UNSW highlights that older women, like Elaine, often retire with less superannuation due to lower earnings over their lifetime and periods where they engaged in unpaid care work.
  • Superannuation is a significant contributor to wealth disparities, and while higher-wealth households have diversified investments, those with lower wealth are more reliant on their superannuation funds.
  • Solutions like requiring employers to pay superannuation on paid parental and carer's leave, as well as offering tax concessions for catch-up payments, are being advocated to address the gender superannuation gap.
What are your thoughts on the superannuation system? Have you experienced similar challenges? Share your experiences and thoughts in the comments below.
Just went back and found out that in the 1980's it was mainly public servants who had to pay into super. I was one of them and many people grumbled about having to do so. Now I realise it was the best thing for me as well as my husband. I think we had to pay in 6% at the time(this is my memory but maybe I am wrong) but prior to retiring we both decided to up our payments to 10%. It proved to be a good decision. I certainly feel for the lady who did not pay into super until much later.
 
Just went back and found out that in the 1980's it was mainly public servants who had to pay into super. I was one of them and many people grumbled about having to do so. Now I realise it was the best thing for me as well as my husband. I think we had to pay in 6% at the time(this is my memory but maybe I am wrong) but prior to retiring we both decided to up our payments to 10%. It proved to be a good decision. I certainly feel for the lady who did not pay into super until much later.
My super commenced in 1988. I agree it is a great way to save for retirement.
 
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My biggest gripe in this country is that if you did the right thing and saved for your old age, the Govt. then denies you an Age Pension and any concessions that go along with that. This despite some of the highest tax rates in the World. Can you imagine what administrating all that My Gov checking up on everything you do with your bank account and belongings costs in wages! Another case of bureaucracy gone mad, just like the Medicare system. 😡 BTW you don’t even need to have a $1million in assets as a couple to lose the pension!
 
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My biggest gripe in this country is that if you did the right thing and saved for your old age, the Govt. then denies you an Age Pension and any concessions that go along with that. This despite some of the highest tax rates in the World. Can you imagine what administrating all that My Gov checking up on everything you do with your bank account and belongings costs in wages! Another case of bureaucracy gone mad, just like the Medicare system. 😡 BTW you don’t even need to have a $1million in assets as a couple to lose the pension!
Amen!!!! and it is going to get WORSE when the 'Biden bucks' take off in Australia.... next, we will be lumbered with 'SOCIAl CREDIT' to keep us in line.
 
There are lots of people like Elaine with her story. Divorces cause a lot of financial angst and instability which affects both women and men which causes heartache as well.
Elaine got a payout property settlement like many other women & did it tough yes!
I actually had to pay my exes (x 2) to keep the roof over my kids heads, but i cant & wouldn't change any of it tho as i worked super hard (20yrs of shiftwork, gruelling 12hr shifts, 36hr wkends & missed most Xmases & other events & milestones with my kids which hurt a lot), but i finally became mortgage & debt free just before my 60th birthday & it might be a dodgey old cheap-arse $250k 4 bedroom house on the edge of town on 1.5 acres (that actually cost me closer to a million $'s, but i totally own it myself now & I'm proud of how hard i worked & what i went without to get whete I am! I even have a bit of super saved so i can cruise a bit now as i get older, life is good but it's doesn't come by being lucky, its bloody extremely hard work!

No more mistakes in relationships, I've learnt the hard way & I'm staying single for the remainder of my life no matter what & I'll certainly NEVER live with anyone ever again (unless of course, it's my kids who'll eventually inherit this old house)!
 
All I have to say is that superannuation is a scam
Totally agree, it's not designed for the Aussie battler to get ahead with, more for politicians to feather their own nest (& I'm betting taxes from our super go tward their massive super payouts when they retire)& also financial advisors & administrators, insurers, shareholders, CEO's etc get wealthy from our super i daresay! Everyone except us!
 
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You remind me of a colleague I worked with, no matter what obstacle got in her way , she jumped over it, no matter how tough it got and boy did it get tough for her. Not once did she whinge or moan and feel sorry for herself, like most people in her situation do. My colleague is an absolute dynamo just like you, she owns her own home and went through two divorces. You are both a very rare breed indeed. I hope good fortune now smiles on you. Enjoy that cruise and your retirement.
 

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