Push to ensure Retirement Income Review improves women’s retirement outcomes

A HIGH-POWERED GROUP of women and men are mobilising in a push to make sure that the pressing needs of women are not left out of the forthcoming retirement income review.

The group, coordinated by Women in Super, are pushing for the review’s terms of reference to be updated to specifically include women.

Women in Super Chair Cate Wood said it was vital the report take a thorough look at how policy settings combined with the structural, economic, social and demographic drivers are leaving increasing numbers of women without economic security in retirement.

“There is a crisis in women’s retirement happening all around us,” Ms Wood said. “Single retired women are the fastest growing group of people becoming homeless in this country.

“The rate of poverty for retired women also continues to increase, which is unsurprising given women retire on average with just over half the superannuation savings of men.”

Ms Wood said that while the terms of reference are broad, an explicit focus on women’s retirement outcomes was needed to ensure that the review did not miss an important opportunity to address the gender retirement gap.

Treasurer Josh Frydenberg announced the Review of the Retirement Income System in late September.

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