A simple guide to looking after your super

Why the time to care about your super is now

Superannuation is one of the most important financial assets Australians have. It is designed to help you save money during your working life so you can support yourself in retirement.

How does super work?

In Australia, employers are required to contribute a percentage of your earnings into your super account. This is known as the Superannuation Guarantee (SG). As of July 2025, the rate is 12%.

These contributions are invested by your super fund in assets such as shares, property, and bonds. Over time, the returns from these investments help your super balance grow. Because super is invested over many years, it can benefit from compound growth, meaning your money earns returns on both the original amount and previous returns.

How to care for your super

1. Check your super regularly

One of the easiest ways to manage your super is to check your account regularly. Logging into your account allows you to review your balance, update personal details, and confirm that your employer contributions are being paid correctly.

2. Consolidate your super

If you have worked multiple jobs, you may have more than one super account. This is common in Australia, but having multiple accounts can mean paying multiple administration fees and insurance premiums.

Combining your super accounts into one fund can help reduce fees and make it easier to keep track of your retirement savings. However, before consolidating, it is important to check if you might lose any benefits or insurance cover from the accounts you close.

Consolidate your super

3. Review your investment options

Super funds usually offer a range of investment options with different levels of risk and return. Choosing an investment strategy that aligns with your goals, age, and risk tolerance can significantly impact how your super grows.

Generally, younger people who are many years away from retirement may choose higher-growth investment options because they have more time to recover from market fluctuations. As retirement approaches, some people prefer lower-risk investments to protect their savings.

Learn more about investments

4. Make extra contributions

While your employer contributes to your super automatically, you can also make additional contributions to increase your retirement savings. Even small, regular contributions can make a significant difference over time due to compound growth.

One option is salary sacrificing, where a portion of your pre-tax salary is contributed directly to your super. Another option is making personal after-tax contributions when you have extra money available.

How to make extra contributions

5. Check your insurance

Many super accounts include default insurance such as life insurance or total and permanent disability (TPD) cover. Reviewing your insurance ensures that you have the right level of protection and are not paying for cover you no longer need.

Check your insurance cover

6. Check your beneficiaries

It is also important to nominate a beneficiary. This tells the super fund who should receive your super and any insurance benefits if you pass away, helping to avoid delays and uncertainty for your family.

Nominate a beneficiary

7. Start early for the best results

One of the most important things to remember about super is that time is your biggest advantage. Starting to pay attention to your super early in your career allows your investments more time to grow. Financial planners often emphasise that even small actions taken early can have a large impact on your final retirement balance.

Looking after your super does not have to be complicated. Small steps taken today can help build a stronger financial future and ensure that your super works for you when you need it most during retirement.