How to grow your super

While you’re working, your employer contributes a minimum of 9.5% of your salary into your super account. This is known as the Superannuation Guarantee (SG).

While these SG contributions help your super to grow, they may not be enough for you to afford a comfortable retirement. A recent study by ASFA1,2 shows that Australians could face a major shortfall in retirement if they only rely on their employer's super contributions.

  • For retirees aged 65 to 851, a single person needs around $850.81 and a couple $1,203.60 a week for a comfortable retirement
  • For retirees aged over 852, a single person needs around $813.61 and a couple $1,128.94 a week for a comfortable retirement

If you want to have enough money to pay for things like private health insurance, internet at home, running your car, going out for dinner and taking holidays, you probably need to take steps towards growing your super.

Find out how much super you’ll need and how to add to your super now and you could help to close the gap in your retirement savings and enjoy a more comfortable retirement.

Take action to grow your super

There are many ways you might be able to grow your super and it could be easier than you might have thought. The earlier you start, the more chance you’ll have to make an impact on your retirement savings. You can:

  • Make extra contributions
    Contribute your own money to super by making regular before-tax or after-tax contributions, one-off lump-sum payments or by contributing to your spouse's super.
  • Take advantage of the Commonwealth Government Super Co-contribution
    If you’re eligible, this initiative could help grow your super by matching up to 50% of your personal after-tax contributions, up to $500.
  • Find out if you’re eligible for the low-income superannuation tax offset (LISTO)
    This is another type of Commonwealth Government super payment to help you save for your retirement if you’re a low income earner.
  • Combine your super
    You can transfer other super funds you have into one account and save on fees.
  • Look for any lost super
    You might have lost track of some of your super from past jobs. We can help you find it so you can combine it with your current super.

If you’d like to find out more about what kind of retirement you might be able to afford, and how much extra you could save each week to grow your super, take a look at our range of online tools and calculators.

Try our calculators

Gold State Super and extra contributions

If you’re a Gold State Super member, you can make extra contributions (above your maximum Average Contribution Rate) into a separate West State Super or GESB Super account.

1 The Association of Superannuation Funds of Australia (ASFA), Retirement Standard, aged around 65, March quarter 2021.
2 The Association of Superannuation Funds of Australia (ASFA), Retirement Standard, aged over 85, March quarter 2021.

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Page last updated 01 May 2020