How to grow your retirement savings

Whether you’re starting out or getting close to your retirement, you can take some simple steps today which could make a big difference to your retirement savings.

On this page you can learn more about:

  • The tax benefits that apply to your super
  • How to make extra contributions
  • How to change your investment plan
  • How to combine your super

We’re here to help you grow your super and find the right kind of help and advice.

Tax benefits for growing your super

You could choose to start salary sacrificing. This is a way of making extra contributions to your super account from your before-tax salary. This may reduce your taxable income, which means you pay less tax, while still growing your super. This is a way of making contributions to your super before your income is taxed, which reduces your income tax and can have other benefits.

Learn about tax benefits

Make extra contributions

Your own regular deposits or lump-sum payments can make a big difference to your final super balance over time. There are limits to the amount of contributions you can make to your super - these limits change depending on your account type.

Learn how to add money to your super

Change your investment plan

You might want to look closely at your investment plan as you approach retirement. Think about how long you have until you plan to retire - and how long you’re likely to need your retirement savings to last.

If you live until you’re in your late 80s or 90s, you might have an investment timeframe of up to 30 years. This might mean you could afford to take more risk with your choice of retirement investment plan or super investment plan.

Learn how to change your investment plan

Combine your super

If you have more than one super account, it could be worth combining them into one account. You'll save on fees, and be able to see the performance of your super, and what it is invested in, on one statement.

Then, when you’re ready to retire and access your super, you’ll already have your super together if you want to transfer it into an allocated pension account.

Learn about combining your super

Get help to manage your super

Whether you're starting out in the workforce, nearing retirement or looking for some general advice about your retirement savings, we have a range of services and tools to help you.

Get help managing your super

We can only provide general advice

Please note, our services are limited and general in nature. They don't take your personal financial objectives, situation or needs into account, and we can only help in relation to your super with us.

If you're looking for more specific financial planning advice to suit your situation, we can provide you with a list of questions which could help you when choosing an external adviser.

More information

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Page last updated 04 May 2020