Want to learn about how to grow your super?
Don't know much about this topic? This short video explains the basics of growing your super, so you can set yourself up for a better future today.
Don't know much about this topic? This short video explains the basics of growing your super, so you can set yourself up for a better future today.
When you work, some of your salary goes straight into super, where it can grow while you’re working, and right through your retirement.
Money in super grows because it’s invested in things like the share market and property - and the money you make compounds over time.
That means in super, it’s not just your investments that make money.
The earnings you make on that money also grow.
And the earlier you start, the longer it has to grow- and the bigger your savings can get.
Super funds charge fees to take care of and help you grow your money.
And the more super funds you have, the more fees you pay.
Your super is your money. So if you want to keep more of it and grow it faster, it might be smart to consolidate (or combine) all your super into one account.
There are lots of ways to grow your super even faster, if you can – like salary sacrifice or after-tax contributions.
To learn more about ways to grow your super, visit aware.com.au/grow
An easy way to keep more money in your super is to have one super account. Having more than one account may mean paying multiple fees and insurance premiums. With one account, you’ll save money in fees and grow your super faster.
Adding more money to your super is a great way to increase retirement savings. It can also help reduce your tax. Here are some ways you can contribute to your super:
These contributions include:
Benefits
An after-tax contribution is also know as personal contribution. You can make a payment into your super via BPAY(R) or direct debit from your bank account.
Types of personal contributions include:
Benefits
Make contributions on behalf of your spouse (married, de facto or same sex) and you may receive a tax offset. This can be effective if one person has taken time out of their career to stay at home with children or care for a family member.
If you earn less than $60,400 in the 2024-25 financial year you could be eligible for a government co-contribution of up to $500 when you make a personal after-tax contribution.
Over 55 and selling your home? The downsizer contribution is an after-tax contribution, and can be a great way to add to your super.
You can choose where and how your savings are invested. This decision can make a difference to how much money you’ll have when you retire.
Make a choice from our investment options menu or our MySuper Lifecycle investment approach.
MySuper Lifecycle tailors your investments to your life stage. It's where close to 600,000, or more than 85%, of our super (accumulation) members invest their money.