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3 simple steps to a super health check

Updated on 11 April 2024

5 minute read

Many of our members do vital work looking after our communities. These simple steps to look after your own future can help you retire well with confidence.

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Your dedication doesn’t stop. Neither should your super.

Many of our members dedicate themselves to looking after the community with hard work, compassion, skill and professionalism. But it’s also important to take care of you by:

  • looking after your super so you can retire well with confidence
  • knowing your insurance is in order if life doesn’t go to plan.

Simply log in to Member Online or our app to keep on top of your super.

  1. Check your balance

    How much super you might need depends on the lifestyle you want when you retire. The more you want to do, the more savings you’ll need.

    The Association of Superannuation Funds of Australia (ASFA) says a comfortable retirement allows you to enjoy a good standard of living. A comfortable retirement budget would cover things like:

    • private health insurance, new clothes, and a decent car
    • local holidays, social outings, exercise classes
    • home repairs, air conditioning, streaming services.

    You can check what your super balance should be now to retire comfortably. And see how your super savings compare to the average super balance by age.

    It's easy to see what your super balance should be at your age if you’re aiming for a comfortable retirement using Super Guru's Super Balance Detective Calculator.

    How much super should I have at my age?
    Age (years) Super balance
    25 $18,500
    30 $59,000
    35 $101,500
    40 $156,000
    45 $213,000
    50 $281,000
    55 $361,000
    60 $453,000
    65 $549,000

    Source: Super Guru's Super Balance Detective, accessed March 2024.1

    The Australian Bureau of Statistics (ABS) has worked out the average super balances for each age group, so you can see how you compare. But you should remember that many Australians' super balances are falling behind what they could be for a range of reasons.

    Average super balance by age
    Age Average balance (men) Average balance (women)
    15-24 $6,500 $5,100
    25-34 $42,100 $34,500
    35-44 $107,700 $76,900
    45-54 $219,300 $136,000
    55-64 $326,200 $246,300
    65-74 $435,900 $381,700
    75 and over $370,900 $314,100

    Source: Australian Bureau of Statistics (ABS), Household Income and Wealth, Australia 2019–20, accessed 1 March 2024.2

    calculator icon

    See how much super you’re on track to end up with using our retirement planner and calculator.

  2. Get your super on track

    You can add to your super on top of the contributions from your employer. Here are 3 ways to help grow your super.

    Look for lost super

    If you’ve ever changed jobs, moved house or changed your name, chances are you might have some lost super. If you combine your super into one account, it means you always know where your super is.3

    To search for your lost super, you can go to Member Online. Through Member Online, you can search for a full list of any super accounts you have with other super funds and any ATO-held super that may belong to you. There are no paper forms to sign or mail in.

    Salary sacrifice to super

    Salary sacrificing into your super means putting some of your salary into your super account before you pay tax on it.

    It may benefit you as your super fund will tax these contributions at 15% (although certain, higher incomes are taxed at 30%). For most people this will be lower than your marginal tax rate, which means you pay less tax while boosting your retirement savings. On top of this, the sacrificed component of your total salary package is not counted as assessable income for tax purposes.

    Make voluntary after-tax contributions

    You can add after-tax contributions to your super as a one-off or regular payments. You’ve already paid tax on this money, which means it might be money you have in your bank account, so there’s no more tax to pay when we receive it in your super.

    Caps on your contributions

    Making additional contributions to help grow your super can help you save for your retirement. But you should be aware of superannuation contribution caps set by the government. Contributing too much could mean you pay extra tax.

    laptop icon with lock

    Log in to Member Online to start finding your super and putting it all in the one place.3

  3. Protect yourself and your loved ones with insurance that suits your needs
    Check your cover

    You may automatically have Death cover, Total and Permanent Disability (TPD) cover and, in some cases, Income Protection cover through your super.

    You can easily find how much insurance cover you have with your Accumulation account in Member Online, our app, or your annual statement.

    Everyone’s insurance needs are unique and can change over time, so it’s important to review your cover. Our Insurance Needs Calculator can help you work out how much Death cover, TPD cover and Income Protection cover you may need.

    Choose who gets your super when you die

    You’re in control of what happens to your super, including any insurance, when you die.

    Your super doesn’t automatically form part of your estate. So, it’s important you let us know who to leave your super to.

    There are rules about who you can nominate to receive your super. Generally, a super beneficiary is someone who is dependent on you at the time of your death. You can nominate one or more of your dependents.

    two people full body icon

    Tell us who to leave your super to by nominating your beneficiaries

Seek support

Access online advice or over-the-phone advice about your account with us. You can find out more about financial advice options here.

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1. The Association of Super Funds of Australia (ASFA) Super Guru Super Balance Detective, accessed 26 March 2024.

2. Australian Bureau of Statistics, Household income and wealth 2019-20, Table 12.3 superannuation account balances, released 28 April 2022. Accessed 26 March 2024.

3. Before you consolidate your super, please consider if the timing is right and if you will lose access to benefits such as insurance or pension options, or if there are tax implications.