Women still lagging on retirement adequacy
Women are still behind the eight ball when it comes to retirement incomes adequacy, according to new research released by Rice Warner.
The research, conducted on behalf of the Financial Services Council, has revealed that despite efforts made over the past seven years the retirement adequacy of women remains well below that of their male counterparts.
The Rice Warner analysis claimed that while measures such as increasing the superannuation guarantee and rebating the tax on concessional contributions for low-income earners would help, other measures were also advisable.
It said that these measures included the removal of the $450 monthly threshold for payment of superannuation guarantee contributions allowing employers to voluntarily supplement the rate of the superannuation guarantee, and payment by the Government of a non-concessional contribution of $1,000 as a baby bonus to the superannuation fund of new mothers.
The Rice Warner analysis also suggested paying superannuation on Government-sponsored maternity, and separating superannuation from employment by allowing couples to make contributions into the account of a non-working spouse.
AUTHOR
Mike Taylor
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