Growing your super balance, while you’re still earning your regular income, will help you achieve your retirement goals. And it’s never too early, or too late, to add more to your super.

Here are some ways you can give your super a boost before you start your retirement journey (and even reduce your tax bill while you’re at it).

Before-tax contributions

Adding to your super from your before- tax salary reduces your taxable income – helping you grow your super balance faster through extra contributions and investment returns. 

Salary sacrifice
Reduce your taxable income and potentially save on tax by arranging for your employer to pay part of your before-tax salary into your super.
Contribution splitting
Give your partner’s super balance a boost by moving a portion of your employer super contributions (before-tax) to your partner’s super account.

After-tax contributions

Growing your super through personal contributions from your take-home pay (after tax) is another way to give your super a boost.

Personal contributions
If you have extra cash, making a super contribution from your take-home pay, a tax refund, or even an inheritance, is a great way to grow you super.
Spouse contributions
Making contributions on behalf of your spouse (married, de facto or same sex), can be an effective way to boost retirement savings if one person has taken time out to care for children or a family member.
Government co-contributions
If you’re a lower or middle-income earner, it can be tough to build your super. That’s where the Government’s co-contribution scheme could come in handy.
Downsizer contributions
Eligible people aged 55 years or older can choose to make a downsizer contribution into their super of up to $300,000 per person ($600,000 per couple) from the proceeds of selling their home.
First Home Super Saver Scheme
Saving a deposit for your first home can be hard work, but the First Home Super Saver (FHSS) scheme could give you a helping hand.
Government super contribution caps
The Government limits the amount you can contribute into super and the tax benefits available. Make sure you know the various contribution caps before you launch your growth strategy.
Let us help you
A financial planner can provide you with an estimate of how much super you’ll have when you retire and the income that will provide. If you want more comprehensive retirement income advice you can book in to see one of our experienced financial planners for a competitive fee.