Four ways to grow your super without breaking the bank
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Four ways to grow your super without breaking the bank

Superannuation is one of the most important assets you’ll have in retirement. The more savings you can put towards it now, the better your lifestyle will be. If you want to grow your balance, there are different ways you can do it to suit you.

Why add to your super balance?

The reason we have compulsory super in general is to give us a better chance of enjoying a comfortable retirement, and to reduce our reliance on the Government’s Age Pension. The Age Pension is a great help, but on its own supports only a very basic standard of living.By boosting your super now, you’re giving yourself the chance to live a more comfortable life once you’ve retired.  

You may have needed to access your super to help with your daily living expenses during the COVID-19 pandemic. By accessing some now, you’ll likely have less when you retire. For example, if you’re 25 and you withdrew the full $20,000, then the estimated reduction to your super balance at retirement age (67) could be as much as $95,696.2

It’s never too late to add more to your super. In fact, the average super balance increases steadily well into retirement.So there’s often plenty of time for your extra contributions to benefit from the magic of compounding interest, no matter how close to retirement you are.

How to build your super

There are several ways you can top up your super to build up your retirement savings. The great news is that you don’t need to add a big amount at once; you can add small amounts over time. Your current age and the age you want to retire helps determine how much you should add to reach your goals.

1. Salary sacrifice

If you’re working, you can ask your employer to pay an extra part of your wages into your super account, known as salary sacrifice.

Sacrificing $20 of your before-tax pay per week, could add an extra $49,000 to your super balance at retirement.4  You could grow your super faster while paying less tax.

Try our salary sacrifice calculator to work out what might suit your circumstances.

How much should I contribute?

This table shows how much extra super you could have at retirement if you make extra contributions now

before-tax contributions to grow your super balance by age 675
ageweeklyfortnightlymonthlyextra at retirement

Learn how salary sacrifice works, the benefits, limits and other considerations here.

To set up a salary sacrifice arrangement, complete this Payroll Deduction Form and hand it to your payroll office at work.

2. Personal contributions

You can make extra contributions into your super direct from your bank account. This helps you move your other savings into your super where we’ll invest it for you. You could also pay less tax on investment returns inside super. 

Learn about how personal contributions work including rules, limits and risks.

Set up regular or one-off payments into your super from your bank account using BPAY. Your BPAY details are available in Members Online and our mobile app.

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3. Government co-contributions

If you’ll earn less than $54,837 in the 2020/21 financial year and make up to $1,000 of personal (after-tax) contributions from your bank account into your super, the government may also contribute up to $500.

Learn about how government co-contributions work including rules, limits and eligibility.

You can use BPAY to make a one-off or ongoing contribution. Log in to Members Online or our mobile app for your personal BPAY details.

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4. Spouse contributions

If you’re working but your partner isn’t (or your partner is a low-income earner), you can choose to make extra contributions into their super from your bank account. If your partner earns less than $40,000 per year, you could receive a tax rebate of up to $540 at tax-time if you contribute $3,000 or more.

If your partner is a member of another super fund, ask them to provide you with the details for making Spouse contributions into their super account.

If your partner is also a LUCRF Super member, you can complete the personal contribution form.

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Low income super tax offset

If you’ll earn less than $37,000 in the 2020/21 financial year you could receive up to $500 back into your super, automatically!

This is because you might be eligible for the Government's low- income superannuation tax offset (LISTO). 

Learn more

Get more from your super

If you’re not in a financial position to contribute extra to your super now, there are a couple of other things you can do. Find out what type of investor you are and which investment options could be suitable for you. Or use our insurance calculator to check if you have the right amount of cover for you. 

Find your lost super

If you’ve ever changed jobs, or even just your address, you might have inactive or lost super accounts out there. Multiple accounts can lead to paying fees to multiple super funds which might eat into your savings. Find out more about finding and combining your super.

Learn more


Do you have questions about growing your super?

Speak to one of our experienced financial advisers at no extra cost to you.

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1 The benefits of Australia’s compulsory superannuation system, ASFA June 2020, viewed 22 August 2020

Using Industry SuperFund’s modelling and assumptions and based on a starting balance of $20,000 and accessing $20,000, factoring in inflation and investment returns of 7.5% and fees. See more scenarios here.

3 Better Retirement Outcomes: a snapshot of account balances in Australia, ASFA July 2019, viewed 22 August 2020 

4 Based on a 25-year-old earning, $50,000 per year and retiring at age 67. For a full list of assumptions see the tax calculator.

5 Based on each age earning $50,000 per year and retiring at age 67. For a full list of assumptions see the tax calculator.

Advice about your super is included in your membership fee.

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