Man and woman on the couch using a laptop
The end of financial year (EOFY) isn't just about tax and contribution deadlines. It's also a good moment to check whether your super is set up for retirement. The decisions you make in the years leading up to retirement have a real impact on what you'll have when you get there. You don't need to have everything figured out. But understanding how your super is invested, why returns matter, and what support is available can make a meaningful difference to how confident you feel about where you're headed.
Worth doing before 30 June
- Making a personal deductible contribution
- Reviewing before‑tax contributions if you haven’t exceeded your cap
- Checking eligibility for the government co‑contribution
- Reviewing carry‑forward amounts if your total super balance is under $500,0001
How is your super invested?
Most members approaching retirement have never changed their investment option, and for most of them, that's not a problem. Over 80% of Aware Super members are in MySuper Lifecycle, our default investment approach that automatically adjusts your investment mix based on your age. It’s designed to help maximise returns when you’re younger and reduce the impact of any market falls as you get closer to retirement – all with the aim of helping you retire with more.
The end of financial year is a good prompt to take stock – particularly if your financial situation, goals or timeline have shifted over the past 12 months. Not necessarily to make changes, but just to make sure your super is working as hard as it should be for where you are in life right now.
Here's how MySuper Lifecycle works across its three phases:
Your balance and contributions are invested in High Growth. It aims for stronger long-term returns and can accommodate more market movement because you have time on your side.
Your investment mix gradually shifts each year, moving from High Growth through to Balanced, then Conservative Balanced. You don't need to do anything. Your super adjusts automatically, reducing investment risk as you get closer to retirement.
Your balance moves into Conservative Balanced, a more stable approach that still includes some growth assets but with less exposure to short-term market swings. This helps protect you from a significant market fall at a time when you can least afford it.
Why do super investment returns matter?
IInvestment returns make up a substantial portion of your final super balance — for some members, a significant portion, though this varies depending on contribution history, investment choice, and how long the money has been invested. Being in the right investment option for your stage of life matters, and the longer your money stays invested, the more your returns can build on themselves. Learn more about MySuper Lifecycle and your investment options.
What is My Retirement Planner™?
My Retirement Planner™ helps you make the most of your super for your future. More than just a planner, it shows how you can make your savings go the distance and plan for the lifestyle you want to enjoy. Simply enter a few details to explore different scenarios. See the impact that salary sacrificing and making extra contributions can have on your super balance. You can also model part-time work could affect your income in retirement. You can also include your partner’s details for a more complete picture of how your finances might look in retirement. If you find a gap between where you are and where you want to be, simply adjust your numbers to improve your potential position. Plus, you’ll get an action plan to help you get there.
How can couples get more out of their super before EOFY?
EOFY is a useful moment for couples to review their super together, not just individually. If one partner has a significantly higher balance, contribution splitting or a spouse contribution before 30 June could help rebalance your super. A more balanced asset split may improve Age Pension eligibility, if there is a younger spouse has not yet reached Age Pension age (67). In that case, assets held in the younger spouse's name are excluded from the couples assets test. Where both members of a couple are already over 67, the ownership split has no impact on Age Pension eligibility. Visit the retirement planning as a couple article to learn more.
How does the Age Pension affect my super?
Many of members assume that having super means they won't get the Age Pension. That's not always the case. With the end of financial year approaching, now is a good time to check where your super balance sits, because it directly affects how Services Australia assesses your eligibility through the income and assets tests. For many Australians, super and the Age Pension work together in retirement, not as alternatives but as a combination. The rules can vary depending on your financial situation, and for many members approaching retirement, understanding how the two interact can meaningfully affect planning. Visit the Aware Super Age Pension Hub for guides, tools, and videos to help you understand your entitlements.
We're here to help
Retirement can feel like a lot to navigate — but you don't have to work it out alone.
Visit our Learn hub for a wide range of educational resources to help you better understand your super.
Super Helpful Check-in A 45-minute video call with a qualified financial adviser to help you understand your options. This check-in is at no extra cost for members.
Retire Ready Check-in For members within two years of retirement, with a dedicated adviser to help you get set up. This check-in is at no extra cost for members.
My Retirement Planner™ Explore different retirement income scenarios.
Age Pension hub Guides, checklists, and videos to help you understand your entitlements.
- Call Aware Super 1300 650 873 to talk through your options.
FAQ
The years between 60 and 65 can still be an effective window for boosting your super. You may be able to make before-tax or after-tax contributions, use carry-forward amounts if you haven't maximised your cap in recent years, and take advantage of the tax benefits super offers while you're still earning income. Small, consistent actions in this period can make a meaningful difference to what you retire with.
This depends on your individual financial situation. The Age Pension is means-tested, which means both your income and your assets, including super, are assessed. Having a higher super balance may reduce your Age Pension entitlement but it doesn't necessarily eliminate it. Many members receive a part pension alongside their super income. The rules are detailed and change periodically. Visit our Age Pension Hub for more information.
A Retire Ready Check-in is a conversation with an Aware Super specialist about your super account the cost is already covered by your membership. It can be a good starting point, helping you understand your options and work out whether you need to do anything before EOFY. Comprehensive financial advice goes further. It looks at your broader financial situation including income, assets, retirement income strategy, the Age Pension, and more, and results in a formal financial plan. Fees apply and these will be explained to you before you commit to anything.
You can change your investment option at any time. There is no deadline and no need to wait until EOFY. If you're thinking about a change, it's worth considering when you are planning to retire and your comfort with investment risk. Log in to Member Online at aware.com.au to see your current option and explore alternatives. You can also visit our MySuper Lifecycle explainer page to learn more.
Recommended resources
1 Your total super balance includes the value of all your super accounts across every fund, including any pension accounts you hold. You can check your total balance ato.gov.au.
Before contributing, consider the relevant superannuation thresholds including the current annual limit for all before-tax contributions and after-tax contributions. Exceeding any of these thresholds, may reduce any tax benefits you could receive. Visit aware.com.au/grow.
Check your eligibility for the government's super co-contribution before acting on this information.
General advice only. Consider if this is right for you having regard to your objectives, financial situation, or needs, which have not been accounted for in this information and read the PDS and TMD at aware.com.au/pds before deciding about Aware Super. You should read the Financial Services Guide, before deciding about our financial planning services. Call us or visit our website for a copy. Aware Financial Services Australia Limited is wholly owned by Aware Super (ABN 53 226 460 365). Issued by Aware Financial Services Australia Limited (ABN 86 003 742 756, AFSL 238430).
Advice provided by Aware Financial Services Australia Limited (ABN 86 003 742 756, AFSL 238430), wholly owned by Aware Super. Members can get advice about their Aware Super accounts at no extra cost, or advice on their broader needs for a fee.
Fees are payable for comprehensive advice, including about your financial situation outside super. If you decide to move forward with comprehensive financial planning, we’ll explain our fees before you begin.
This example is for illustrative purposes only. It relies on various assumptions. If actual circumstances differ from these assumptions, actual results will be different.
The information contained in Is your super retirement ready this EOFY is given in good faith and has been derived from sources believed to be reliable and accurate. No warranty as to the accuracy or completeness of this information is given and no responsibility is accepted by Aware Super Pty Ltd or its employees for any loss or damage arising from reliance on the information provided.
Members can ask simple questions and get general information only about the Age Pension, at no extra cost.