Industry data has found that a $25,000 difference in annual salary will mean 10 extra years of work when it comes to accumulating a comfortable superannuation balance before retirement.  

According to the Association of Superannuation Funds of Australia, with a 12 per cent super contribution rate, people who earn $90,000 per year will need 35 continuous years of contribution, while those who earn $65,000 will need 45 years. This is evaluated against the ASFA Comfortable Retirement Standard. 

Women also tend to have lower super balances than men, with the gap widening from the age of 30 onwards. At the age of 65, men’s median balance is $215,000 and women’s $191,000.  

ASFA has previously advocated for a ‘Super Baby Bonus’, calling for the Government to deposit $5000 into the superannuation account of women upon the birth of a child.