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Why Retirement Affects Men and Women Differently

on the Thursday, February 16, 2023

Retirement affects men and women differently in Australia due to a variety of factors, including differences in life expectancy, income, and superannuation savings.

  1. Life expectancy: On average, women in Australia have a longer life expectancy than men, which means that they may need to support themselves financially for longer in retirement.
  2. Income: Women in Australia tend to earn less than men on average, which can affect their ability to save for retirement.
  3. Superannuation savings: Women are also more likely to take time off work for caring responsibilities, which can affect their ability to accumulate superannuation savings. Additionally, the gender pay gap means that women's super balances are generally lower than men's.
  4. Retirement age: The retirement age for men and women in Australia is currently 65, but women may retire earlier due to caring responsibilities or discrimination in the workforce.
  5. Social security: The Age Pension, which is the primary source of income support for retirees in Australia, is based on a means test that takes into account both income and assets. As women tend to have lower income and assets than men, they are more likely to be eligible for the Age Pension.
  6. Elder care: Women are more likely to be primary carers for elderly relatives, which can affect their ability to save for their own retirement.

All these factors can lead to significant disparities in retirement outcomes for men and women in Australia.

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