International Women's Day (IWD) is celebrated globally on 8 March each year to mark the achievements of women.

But IWD is also an opportunity to highlight the challenges faced by many women around the world.

Economic inequality is one of those challenges, and it's often evident through lower salary levels and superannuation balances.

Current data from the Federal Government's Workplace Gender Equality Agency (WGEA) shows the median superannuation balance for Australian women at retirement is 23.4 per cent lower than those of men.

The WGEA also has noted that more than 55 per cent of the people receiving the Age Pension are women.

The reasons for this economic gap are many, and well documented. They include the national gender pay gap, which currently stands at 13.8 per cent, and the time spent out of the workforce by many women (when wages or superannuation are generally not paid) to raise families.

Eight superannuation top-up opportunities

Although not exclusively aimed at women, there are a range of opportunities for eligible individuals to boost their retirement balance including several more recent changes to superannuation legislation that come into effect midway through this year.

Low-income earners

From 1 July this year around 300,000 Australians (63 per cent of whom are women), who earn less than $450 a month from casual or part-time jobs, will start receiving compulsory Superannuation Guarantee payments. The SG rate will rise from 10 per cent to 10.5 per cent on 1 July this year, and in 0.5 per cent increments each year up to 12 per cent by 1 July 2025.

Downsizing contributions

Another change from 1 July this year will be increased eligibility for individuals to contribute up to $300,000 into their superannuation fund from the proceeds of selling a home. The eligibility age will drop from 65 to 60. Please be aware there are a range of conditions around downsizer contributions, and it's prudent to check these on the Australian Taxation Office website.

Easing the work test requirement

Also from 1 July, individuals aged between 67 and 74 will be able to make or receive personal contributions and salary sacrificed contributions without having to prove they've worked a minimum of 40 hours over a consecutive 30-day period during a financial year. This is a change to the previous work test rules. However, the change will only apply when making after-tax contributions or personal pre-tax contributions from your salary.

Pre-tax contributions

The annual pre-tax contributions limit, including employer and personal contributions, was lifted from $25,000 to $27,500 on 1 July 2021. The easiest way to build your balance over the long term is by making regular small deposits. Most employers offer payroll arrangements to have some of your salary paid directly into superannuation on a pre-tax basis. This is known as salary sacrificing. The advantage is that these contributions are only taxed at 15 per cent instead of your normal tax rate, so your superannuation balance will rise more quickly.

After-tax contributions

A more recent allowance for workers is the ability to make after-tax contributions into your super. These are made from your net income, on which you've already paid full tax, so you're entitled to claim a 15 per cent tax deduction on your next annual tax claim. You will need to check with your super fund to see if it allows after-tax contributions.

Non-concessional contributions

These are also after-tax contributions you can take advantage of if you've come into some extra money where the tax has already been paid, such as from the sale of a home. The government allows non-concessional contributions up to $110,000 each financial year. However, under what's known as the "pull-forward" rule, you can make a $330,000 non-concessional contribution in one financial year. You're then unable to make further non-concessional contributions for the next three financial years.

Super catch-ups

The government recently introduced new rules allowing you to carry over your unused pre-tax contributions if you don't reach your annual $27,500 limit. Your annual unused balance can be rolled over for up to five financial years. The caveat is that your total super balance must be below $500,000.

The Low Income Superannuation Tax Offset

The Low Income Superannuation Tax Offset, or LISTO, assists those earning $37,000 a year or less. It can be worth up to $500 per year and is paid automatically by the Tax Office into your super fund account.

The government co-contribution scheme

You may also be eligible for a matching contribution from the federal government of up to $500. The lower income threshold (for full entitlement) is $41,112 and the higher income threshold (cut-off for eligibility) is $56,112.

Consider an adviser

If you're unsure about your options, and need some advice on building your retirement nest egg, consider consulting a licensed financial adviser.