1. How much do you have?
Start by looking at how much you have in your super fund. This might be as simple as checking the last statement from your super fund or if you’re able to access your super account online, setting yourself up with a user name and password
If you have a few different accounts, you might like to consolidate them to save you paying extra fees and insurance premiums. This will likely save you money in the long run, as investment fees are usually calculated as a percentage of your balance.
Remember, before you make a decision to consolidate your super, you should compare the costs, fees, risks and benefits of your other super funds and consider whether you can replace any insurance cover you may lose, potential costs for withdrawing from other super funds, as well as any investment or tax implications.
2. How much do you need?
No matter how far away you are from retirement, it’s worth looking at how much you might need for retirement, so you can boost your super if possible.
The Association of Superannuation Funds of Australia (ASFA) provides a guide for how much the average person and the average couple may need per year of retirement. It is updated four times a year to ensure it stays in line with current costs.
You can also use ASIC MoneySmart’s retirement planner to get an idea of how much super you should or try our retirement calculator to learn how to grow your retirement income.
3. What should you do next?
The next step should be determined by where you are up to in life, so we have guidance on how to manage your super in your 20's, in your 30's and 40's and in your 50's and 60's.
Once you’ve checked those off, you might like to look into boosting your super. Topping up your super could provide a huge benefit in the long run and may have positive tax implications. Make sure you check how much you’re able to top up each year, check the government’s contribution caps.