Closing retirement income gap “critical”

The Federal Government will today release its inaugural Women’s Economic Security Statement, which should form part of what Dixon Advisory has labelled a “critical” effort to close the financial gap at retirement for Australian men and women.

The statement would focus on highlighting the need to close the gender pay gap and identifying areas for improvement in achieving this, following the establishment of a new organisation, ecstra, aimed at enhancing women’s financial capability.

Dixon Advisory’s head of advice, Nerida Cole, said movement on closing the retirement gap was crucial in managing Australia’s ageing and growing population, pointing to key measures such as extending the Super Guarantee on paid parental leave and removing gender discrimination on annuity pricing as helpful.

“We need more flexible retirement planning policy settings that help women keep their superannuation balances growing, but that also recognise that access to affordable housing and employment opportunities are critical planks to achieving financial security in retirement,” Cole said.

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"These are complex policy issues, incorporating the gender pay gap and the predominance of women as the primary caregiver in families – but with increasing life expectancies and more and more baby boomer women facing retirement decisions every day – it is vital that we implement policies today that will help women across the generations.”