Budget to bolster womenâs super savings
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The Morrison government is exploring options enabling women to bolster their retirement savings, after deciding against trying to cap the superannuation guarantee to stop it from rising to 12 per cent.
With the Prime Minister pledging a female-friendly budget on May 11, the expenditure review committee is looking at ways to enable women to top up their super while stopping couples from exploiting such a scheme.
Women typically retire with lower super balances than men because they earn less on average and take more time off to raise children.
Superannuation Minister Jane Hume says government reforms would lower fees and make people better informed about their retirement savings.Â
The government’s Your Future, Your Super reforms will push super trustees to choose short-term investment strategies over long-term options that generate higher returns for members, new research finds.
Liberal MP Tim Wilson has proposed banning super funds from investing in residential property while people cannot access retirement savings to buy a first home.