Independent News For The Australian Public Service
Edition Number 396. Updated Tuesday, 11 February 2014

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Summit targets super women

The Australian Taxation Office (ATO) is encouraging women to think more about their superannuation.
 Speaking at the Women’s Super Summit, Assistant Commissioner at the ATO, Megan Yong said many women were experiencing a retirement savings shortfall.
 “It’s never too late for women to start learning about all sorts of practical things they can do to make a difference to their super over time,” Ms Yong said.
 “It’s something we do need to look at. On average, Australian women currently retire with super account balances of just $112,600.”

ATO offers answers
 She said this was much less than the amount a single woman needed for a $40,000 a year retirement income - even this was at lower end of the ‘what’s adequate’ scale.”
 “If a 30-year-old woman puts the equivalent cost of one cup of coffee a day into her super, that can add up to an extra $128,000 when she retires,” Ms Yong said.
 She encouraged women to go online to and do the ATO’s five-step super check.
  “This walks you through what you need to do, including checking your statements to make sure you are getting everything to which you’re entitled, that your super fund has your tax file number so you don’t pay too much tax, and determining if you are entitled to a Government super contribution,” she said.
 The Women’s Super Summit, held earlier this month targeted the importance of superannuation to women. The Summit was hosted by the Australian Institute of Superannuation Trustees and the Women in Super advocacy group.
 Participants in the summit discussed ideas to close the gender gap in super savings, focusing on tangible solutions that would assist women to build their retirement savings.

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