Australians now need a record amount of superannuation to afford a comfortable retirement, and one group is still lagging significantly behind. Women are approaching retirement with tens of thousands of dollars less in superannuation than men, but there are moves that can be made now to help close the gap.

By the age of 40 to 44, men have a median super balance of $108,344, compared to women with $79,445 – a gap of nearly $30,000. This gap peaks in the 55 to 59 age range, where men have $202,584 on average and women $140,662 – a difference of more than $60,000.

AustralianSuper deputy chief executive and chief member officer Rose Kerlin told Yahoo Finance while we’ve seen some improvements over time, the super gender gap is “still very real” and becomes the most obvious as women approached retirement.

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“A big part of the gap comes down to caregiving and disparities in pay. When women take time out of the workforce or move into part-time roles to care for children or family members, their super takes a hit, and that impact compounds year after year,” she said.

This gap is particularly worrying now that a single homeowner aged 67 needs a lump sum of $630,000, up from $595,000, to achieve a comfortable retirement. Couple homeowners need a balance of $730,000 in super, which is up from $690,000.

In contrast, the latest ATO data shows men at or approaching retirement at 60 to 64 have a median balance of $219,73, while women have $163,218.

The government has flagged reforms to help address the gap. Since July last year, superannuation has been paid on government parental leave payments.

From July next year, the Low Income Superannuation Tax Offset (LISTO) income threshold will increase from $37,000 to $45,000 to align with the top of the second income-tax bracket. The maximum LISTO payment will increase from $500 to $810.

While policy reform is important, Kerlin said there were also things women could do now to feel more on top of their super and more confident about where they’re headed.

“Small actions today can help build greater confidence and security for the years ahead,” she said.

One action could be making additional contributions, even small ones, whenever possible, as this could make a big difference over time.

AustralianSuper’s modelling found that someone who made after-tax contributions of $600 annually between the ages of 35 to 39 and met the eligibility criteria for the government’s co-contribution of $300 each year could retire with $9,000 more.

Talking about super with your household is also important, and you could consider spouse contributions.

If your spouse added $250 per month into your super account while you were on a seven-year career break to care for a child, AustralianSuper found you could end up with $44,000 more in retirement. Your spouse would also be eligible for a tax offset of $540 each of the seven years.

Aussies are also encouraged to check their super regularly, consolidate multiple super accounts to avoid duplicate fees, and use tools to plan ahead, see how their super is tracking and what their retirement might look like.

Super can be complex, so it can be worth getting trusted financial advice. Many super funds offer access to financial advice based on your goals, life stage and contribution options.

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Editor’s note: WWNO is licensed to the University of New Orleans but is funded independently and reports on the university like any other school.

The University of New Orleans is making changes to its financial structure and campus as it prepares to transition back to the LSU System on July 1.

UNO, which officials have already started referring to as LSU New Orleans, has hired Jeanette Weiland as its interim chief administrative officer, a reconfigured role the school’s president says will strengthen its finances.

Weiland previously served as chief business officer of Tulane University’s School of Science & Engineering. She started on a contract basis in January and was hired as an employee on March 1.

In an email to staff this week, President Kathy Johnson said Weiland’s position will span more departments than before, making forecasting and budgeting easier.

“For many years, some of our financial challenges have stemmed from the way separate revenue sources have operated in parallel rather than in alignment,” Johnson said.

The university eliminated its vice president for finance and administration as part of the restructuring, Johnson said, and will hire an interim chief financial officer to work under Weiland.

Arlean Wehle had been serving in both roles, on an interim basis, after Edwin Litolff left for the University of Louisiana at Lafayette last summer. Johnson thanked Wehle for her “tireless work ethic, her steady leadership, and her unwavering commitment to our mission.”

UNO has struggled financially in recent years, which officials have attributed to low enrollment and poor management. The school currently enrolls fewer than 6,000 students, down from more than 17,000 at its peak before Hurricane Katrina.

While faculty and staff have specific concerns about the transition, according to a survey conducted by LSU, more than 60% of students, alumni and faculty support the move.

Officials have promised to revive the university by sharing system resources, eliminating some programs, expanding those it says are unique and successful — like UNO’s naval architecture and marine engineering school — and rebranding the campus as part of the LSU family.

In the same email, Johnson said UNO will lease a building to its neighbor, Benjamin Franklin High School, starting in June, and plans to close its oldest academic building at the end of the semester.

Franklin has been looking for room to expand, rather than cap its enrollment. The school plans to take over the Human Performance Center.

Johnson said the lease will strengthen the existing partnership between the two, “while generating revenue” that UNO needs. Franklin will move out of the classrooms it uses in a campus building that’s farther away, freeing those up.

The terms of the lease with Franklin are still being negotiated, Johnson said in an email to WWNO. It will likely go before the University of Louisiana System board in April, which UNO remains part of until July 1.

The Liberal Arts Building, the facility slated to close, houses the following departments: English, foreign languages, philosophy, history and elements of anthropology.

Johnson said the decision was reached based on UNO’s financial standing and a facility analysis by an outside firm.

“This is not a decision made lightly,” she said in the email. “We simply do not have the resources required to restore it to acceptable standards.”

Departments housed in both impacted buildings will be relocated to other parts of the campus.

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The Oklahoma Ethics Commission has launched an interim local campaign reporting portal amid growing concern that a state law change and an aborted Guardian System upgrade left the public without access to municipal, county and school board candidate finances.

Late last year, the Ethics Commission restored its legacy Guardian System for state candidate committees and lobbyists to file their financial disclosures. The commission had been attempting to upgrade to a system known as Guardian 2.0, but the switch floundered and ultimately fell apart, forcing the agency to change providers and revert to its original system.

In anticipation of Guardian 2.0, the Oklahoma Legislature passed a new law last year requiring local candidates for office to file their campaign reports with the Ethics Commission instead of city and county officials. But the legacy Guardian System to which the agency reverted does not accomodate filing information or data for candidates in county and municipal races.

Tuesday’s launch of the interim site covers some of those gaps, but data is still being uploaded to it. As of Friday, March 6, filings from only about a dozen candidates are listed for public review.

“Oklahoma voters deserve transparency at every level of government,” Ethics Commission executive director Lee Anne Bruce Boone said in a statement. “This interim portal ensures the disclosure continues without delay while full electronic integration is finalized.”

Search filings:

LocalCampaignFilings.ok.gov

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The commission’s new responsibilities over local elections have come as a result of SB 890, which took effect Nov. 1. It requires candidates for county and municipal offices to file their campaign finance reports and personal financial information at the state level. In years past, those filings were typically handled by county election boards or city clerk offices.

At a meeting in February, Bruce Boone said it could take up to 15 weeks for Civix, the software company that developed the original Guardian System, to update the current platform.

That has left some local candidates with questions about how to file reports and how the public can see them. Some candidates have been pressed to post their own reports on social media ahead of the April 7 election, while others interested in the information have had to make individual requests by email or phone to the Ethics Commission, which has then requested reports from candidates. More than 3,000 municipal and county filings are expected to be uploaded on the Guardian System eventually.

Aaron Wilder, who manages local campaigns in Oklahoma, said the interim system is a step in the right direction.

“I’m glad that they have provided some kind of option,” Wilder said. “I really thought that the kind of excuse that they were giving — that there was nothing they could do in the interim because of their staff capacity and technology needs — was lacking, and so that was true, because they were able to quickly set this up in the last month.”

Questions remain about filings

According to Bruce Boone’s press release, local candidates can submit finance reports through the interim portal while full system integration remains ongoing. Still, Wilder has concerns.

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‘This is a problem’: Local election campaign finance reports in limbo by Andrea Hancock

“What is missing right now is just clear guidance and communication from the Ethics Commission on what local campaigns should be doing at the moment,” he said. “The only reason I would know that this is now available and something that local campaigns can use, is because I’m subscribed to the Ethics Commission email (list). So I got a notice from their email system that, ‘Hey, this is available.’ And so then going back to that, I mean, I have not seen any kind of effort from them to really communicate about this beyond just pushing out to their email list. And nothing here is required, as far as my reading of it. It’s kind of like, ‘Comply if you would like to.’”

Oklahoma County District 2 Commissioner Brian Maughan is not up for reelection this year, but he is still required to file regular Ethics Commission fundraising reports. He said that who donates to candidates and how much money they raise is of interest to the public. Indeed, some citizens expressed concern leading up to and after February’s municipal elections that they were unable to see candidates’ full financial disclosures.

“It’s not often that we get major press coverage for these local races,” Maughan said. “That’s why I think it’s been important for the citizens to be able to go down there and retrieve our records, because a lot of the time, if the public is going to find out, it’s usually from their own effort to go and review the records. Over the years, I’ve been really surprised at the number of people who go out and do that. Because it’s important to them to know who’s supporting not only the incumbents, but the challengers.”

Maughan said he was told by the Ethics Commission to retain data on fundraising and give it to citizens who ask him for it.

“What they told me was that, for the time being, you file it with yourself, but we have to produce it upon any citizen requests for it,” he said. “I don’t keep those records at the courthouse, but theoretically, anyone should be able to make it available within one business day. It’s relatively similar to how it was when you would show up at the (county) election board or Ethics Commission and ask for it. You would typically get same-day service. ‘We should still be able to provide that to citizens,’ is the instruction that I received. And we were like, ‘Aren’t you sure that we [shouldn’t] let somebody else just have them on file?’ And they said, ‘No, not for now.’ They said they will get back with us and we will have time to upload it to the new system, but for now, if somebody asks you, you’re still supposed to provide it.”

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