Budget changes could benefit women

While the Federal Budget contained few changes to superannuation, what was there could lead to significantly fairer outcomes for Australian women in retirement.

NGS Super chief executive, Laura Wright, said Treasurer Josh Frydenberg’s changes to allow 65 and 66-year-olds to make voluntary super contribution without meeting work test requirements could be “particularly relevant” to older women who have had career breaks.

Wright also pointed to changes to increase the age limit for spouse contributions from 69 to 74 years as beneficial to women’s retirement savings.

“This is a great outcome and aligns the window that Australians can continue to contribute to their super savings with the Aged Pension age … [these] are measures that will assist in bridging the gender gap in superannuation balances, and ensuring the reliance on the aged pension lessens as our population ages,” she said.

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