The Association of Superannuation Funds of Australia, or ASFA, has estimated that retirees would need $545,000 in super to comfortably retire, however actual needs will be different based on lifestyle, financial status and assets.

The report showed that men close to retirement in the Riverina have a median of just $175,300 in super, while similarly aged women have a median of $149,000 in super.

Kate Mantarro, a financial planner with Urquhart Sexton Financial Planning, has said that this disparity is due to the wider gender pay gap, along with differences in working patterns such as taking maternity leave or time off for family reasons.

"Women working full time earn on average 18 per cent less than men - they are over-represented in lower-paying areers and often get paid less for the same work."

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Ms Mantarro also had suggestions on what needs to be done to address the superannuation deficit, however it may be too late for those approaching retirement now as most intervention is long-term.

"... increasing the Superannuation Guarantee as previously promised could have a huge effect on balances over time. The government could also consider superannuation payments included with some Centrelink benefits..." she said.

Ms Mantarro also suggested superannuation contributions for lower income earners, which are currently in a loophole.

"Currently, employers don't need to pay super if you earn less than $450 a month - abolishing this threshold would help a lot of women who are disproportionately affected by that limit."

ISA is currently pushing for an increase in superannuation amounts, aiming to raise contributions from nine to 12 per cent.

Riverina MP Michael McCormack responded to the report earlier this week, saying that proposed increases in superannuation guarantees would be at the cost of wages.

Ultimately, Ms Mantarro suggested that individuals should consult financial planners early to discuss how best to plan for retirement, rather than waiting until it becomes too late.

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