Redefine Success

The gender gap when people near retirement is clear in the data. Men aged 60 to 64 have a median super balance of $219,773, while women have $163,218.

Moreover, in that age bracket, 23% of women have no super at all, compared with 13% of men.

One way to manage this gender gap in retirement savings is through contribution splitting. This allows some concessional contributions made by the working partner to be transferred into the other partner’s super account. It can help both people maintain retirement savings, even if only one is currently earning an income.