The power bill arrives and you flinch. Groceries seem pricier every week. The car rego’s due again. And in the middle of all that, a question nags at you: Should I still be putting money into super when everything costs so much right now?

You’re close to retirement – maybe a few years away, maybe already easing back at work. You’ve spent decades building your super, but now you're managing two competing pressures: the rising cost of living today and the need to set yourself up well for tomorrow.

It’s not easy. Unlike people already retired, it’s like you’re juggling two worlds.

The squeeze you're feeling 

Cost of living pressure hits differently when retirement is approaching.

You can’t simply decide to work another five or ten years to catch up – your timeline is fairly set, and physically or mentally you may be ready to slow down.

But unlike someone already retired, you’re not out of options. You’re still earning income. You can still contribute to super. And you still have control over how and when you transition into retirement.

The challenge is balancing both: the rising costs you’re facing now, and the retirement you want to protect.

What you can actually do

Be realistic about what retirement will cost

If your everyday expenses are going up now, they’ll likely be higher in retirement too. That means the lifestyle you planned for may cost more than you expected.  

Use our retirement calculator and factor in higher costs for things like energy, insurance, healthcare and groceries. Knowing the real number helps you make informed decisions about when to retire and how much to contribute.

Make your final contributions count – if you can

You may genuinely not be able to add extra to super right now. But if you can manage even small additional contributions, these final years can make a meaningful difference.

If you earn over $90,000, salary sacrificing can be tax-effective. Contributions are taxed at 15% instead of 37% or 45%, so putting in $5,000 could save you $1,000–$1,500 in tax¹ while boosting your balance.

Get clear on your timeline

Cost of living stress might be pushing you to retire early – or making you feel you need to work longer than you hoped.

Run the numbers on different scenarios:

• What does retiring at 60 look like compared with 62, 65 or 67?
• How much difference does one extra year make?

For some people, working an extra year meaningfully improves retirement security. For others, it doesn’t move the dial enough to justify the stress. Seeing real projections helps you choose confidently.

Use our retirement calculator to compare timelines based on your current balance and contribution level.

Review what you're paying for

If you still have insurance through your super, those fees can increase over time, reducing your balance when you need it most.

If you’re nearing retirement, you might no longer need the same level of insurance, so it could be worth reviewing your income protection, as well as your Death or Total and Permanent Disablement (TPD) cover, to make sure they still suit your needs.

Log in to Member Online to check your cover and costs. A few small adjustments may reduce your insurance costs and keep more money in your super.

Check your investment strategy

When money feels tight, choosing ‘safe’ investment options can feel reassuring. But if you’re retiring in the next three to five years and will rely on your super for 20 to 30 years, some growth is still important.

Being too conservative may mean your balance doesn’t keep pace over the long term. But being too aggressive may expose you to volatility you don’t have time to recover from.

There’s no one right answer – it depends on your retirement date, how you plan to use your super and your comfort with risk. It’s worth reviewing your current mix rather than reacting purely to market conditions.

Balancing now and later

You’re navigating a tough balance: rising costs today, and the retirement you’ve spent years preparing for. There’s no perfect solution, but being strategic with the time you have left can make a real difference.

We can help you work through it

• Our retirement calculator shows how different retirement dates and contribution levels change your projected income.
• Our super experts can talk through your options and explain your trade-offs at no extra cost – call 1800 005 166.
• For personalised, comprehensive advice on transitioning to retirement, our financial planners can help. Fees apply.²

You’ve been working toward this for decades. These final years are about finishing as strong as you can, based on the reality you’re dealing with today.