1Source: APRA quarterly statistics (table 7), September 2024. For the most recent quarter's statistics please visit: Quarterly Superannuation Industry publication | APRA
The average super balance by age bracket is:
Keep in mind it's important to recognise that your individual circumstances, such as income levels and retirement expectations, may vary.
1Source: APRA quarterly statistics (table 7), September 2024. For the most recent quarter's statistics please visit: Quarterly Superannuation Industry publication | APRA
Making small changes now can make a big difference to your super balance in the future. Whether you can add $5 or $500, every bit counts to building a better retirement.
Concessional contributions
Jacob is 42, earns $117,000 per year and has $145,000 in super. He adds $100 per fortnight through salary sacrificing until he’s 67. With these extra contributions, Jacob retires with $77,000 more in super and saves $442 in tax in the first year.
Non-concessional contributions
45-year-old Mary earns $92,000 a year. By topping her super up by an extra $3,000, she saves $510 on tax now. Plus, she’ll have an extra $4,000 in her super account at retirement.
It’s never too early or too late to boost your super balance. Even a small contribution now, can make a big difference for your tomorrow.*
There are two types of voluntary contributions you can make to boost your balance.
A concessional contribution is a before tax contribution that goes direct to your super account, like the super you get paid by your employer, or if you salary sacrifice.
These contributions are capped at $30,000 per year and you only pay 15% tax on investment earnings, instead of up to 47%, depending on your salary. ^
To set up salary sacrifice, simply send your employer an email, or complete and hand them a salary sacrifice form.
Make a concessional contribution
To make a before tax contribution:
Non-concessional contributions are contributions you can make from your take-home pay. This is an after-tax contribution, because your employer has already taken out the tax you need to pay on your income. This type of contribution is capped at $120,000 a year. You can also claim a tax deduction on these contributions.*
If you’d like some support on this, our team can answer questions about your account at no extra cost[AD2] over the phone or on a video call.
Make a non-concessional contribution
To make an after-tax contribution, you can use:
Add to your super:
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More than just a calculator, My Retirement Planner can make a real difference to your future. Whether retirement’s 2 or 20 years away, keep your super on track and get you where you want to be:
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