Your super milestone

What is your super milestone?

Birthdays, a new job, getting married, babies, divorce, kids growing up…we know that life is busy. With so much else happening, it can be easy to overlook your super.

Taking a little time now to set your super on the right track can make a big difference to what’s in your pocket at retirement. Read the information below for some tips for you to consider.

Starting out

Ben, 22. "I'm just enjoying each day!"

You’ve just landed that first job in your career and you may just be wanting to enjoy yourself. Although retirement seems a long time away, starting early to set your super on the right track will make a big difference when it comes time for retirement. A good first step when you’re starting out is to register for the member portal and make some choices for your super. Here are three actions young members can take now that could mean more money in the future.
  • You may have had a few part-time jobs before this one, with a handful of small superannuation accounts. That summer at the café and other odd jobs. Those super accounts are still your money and you may be paying multiple sets of fees!

    Consider consolidating all your super into one account. This can save on wasted fees and make it much easier for you to keep track of going forward. Taking 10 minutes now to combine your accounts could save you thousands in the longer term. Before you consolidate, get the full picture. Ask your super provider for information about any fees or charges that may apply, or any other information about the effect this transfer may have on your benefits, such as insurance cover, before deciding.
    If you wish to claim a tax deduction for personal super contributions, you must lodge a notice of intent to claim a tax deduction with your original fund before you consolidate your super into another fund.

  • Your super will be invested for a long time, so you need to have the right mix of assets working for you to get the best returns. When starting out, options with a higher growth assets may be more suitable for you1, as you will have time to recover from the ups and downs of the investment markets.

    A good starting point is to use our Risk profiler. This can help you answer some important questions about when you plan to retire, and how you feel about risk. From there, you can consider which of the Super SA investment choices suit you. If you are still unsure, you could consider talking to a financial adviser.

  • Thanks to the effect of compounding (where you earn investment returns on your investment returns), putting away small amounts over a long time can help you boost your savings. Starting a good regular savings routine when you are young means you won’t need to make as many sacrifices later to try and catch up.
    You may also qualify for matching contributions from the Commonwealth Government’s Co-Contribution Scheme.

Working Years

Emily, 32. "My family time is precious"

It’s hard juggling it all, working, a social life as well as having caring responsibilities. You may have taken some unpaid leave and now feel you have some financial catching up to do. With added expenses like schooling and a mortgage, it’s important to know you are setting yourself up for the future. Here are a few simple checks that Emily and those in a similar situation can do.

  • You’re working hard, so you want to ensure that you are doing everything you can to make your efforts pay off in retirement. With just a few clicks, the Projection Calculator can help you estimate what super you could have at retirement, and let you see how putting in extra contributions can change the outcome.1

    Women also face unique challenges which can make it difficult to build up enough super. Super SA is committed to giving women the tools to take control of their super and gain financial independence. Head to Women and super to start your journey.

  • Unfortunately, the unthinkable can happen. What would it mean for you and your family if you died or got sick and couldn’t earn an income? Your latest Annual Statement (available in the member portal) will show you any insurance cover you might already have as part of your super. Take a look and think about your financial obligations – does the level of cover need adjusting?

  • If you die, your Super SA entitlement will be paid to your surviving spouse. However, if this is not your preference, you can nominate a legal personal representative (estate) so that your death benefit will be paid to your estate and distributed according to your Will. This is particularly important to keep in mind if you’re separating from your partner or in the process of finalising a divorce.

    If you do not have a spouse, the entitlement will be paid to your estate. Either way, it’s important to make sure your Will is up to date.

Nearing or at retirement

Bill, 57. "More time for me"

Finally, the kids have left home and there’s a window for you to think more solidly about your plans for the future. You’ve taken life as it’s come but you realise you need to do a bit more to prepare for life after work. Taking some actions now can help Bill and anyone in a similar situation enjoy the future.
1 You should seek financial advice, and read the relevant PDS, before making any decision about your super or investment objectives.
2 Subject to lifetime contributions cap of $1.78 million applies in 2024/25.
The superannuation schemes administered by Super SA are exempt public sector superannuation schemes and are not regulated by the Australian Securities and Investments Commission (ASIC) or the Australian Prudential Regulation Authority (APRA). Super SA is not required to hold an Australian Financial Services Licence to provide general advice about a Super SA product. The information in this publication is of a general nature only and has been prepared without taking into account your objectives, financial situation, or needs. Super SA recommends that before making any decisions about its products you consider the appropriateness of this information in the context of your own objectives, financial situation, and needs, read the Product Disclosure Statement (PDS), and seek financial advice from a licensed financial adviser in relation to your financial position and requirements.

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