Get your super on track for 2024‑25
19 June 2024
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As the end of the financial year approaches, it’s important to check in on your super and make sure it's in fine shape for the year ahead. Your super isn’t a set-and-forget investment and, while your employer consistently contributes to your retirement savings, there are steps you can take to optimise it for your future.
Update your details
This is especially important if the contact details you have recorded with us are associated with your workplace and you have changed jobs. You can easily check and update your contact details anytime through the member portal or by contacting our Member Services team.
With your details up to date, you will never miss important updates and other news from us.
Check your super balance
It’s easy to do and will help you to see if you’re on track to reaching your super savings goals!
Your annual statement has this information for the year to 30 June 2024. But you can log in and check your super balance anytime via the member portal on our website.
On your home page, you’ll find a handy portfolio summary which, depending on your scheme, may include details like your account balance, the amount and date of the last contribution, insurance coverage and Bpay details (should you wish to make a once-off online contribution of your own).
Go one step further and generate an account summary for a more detailed snapshot of the state of your super and insurance.
Check if you qualify for a government co-contribution
If you earned less than $58,445 in the 2023-24 financial year and have made an after-tax contribution to your super, you could receive a government co-contribution.
By making this contribution, you could qualify for a government co-contribution of up to $500. You don’t need to apply for this – the Australian Taxation Office (ATO) will deposit it directly into your super account if you're eligible when you lodge your tax return.
The amount you receive depends on your income and how much you contribute. For details on eligibility, click here. You can also estimate your potential co-contribution using the ATO’s Super Co-Contribution Calculator.
See if your investment option still suits you
Your super balance grows not only from the contributions made by you and your employer but also from the investment returns. The money in your super is invested in a variety of assets, such as stocks, shares, bonds and property, depending on the investment option you select.
Selecting the best investment option for you comes down to understanding how these options align to your life stage and investment timeframe, as well as other factors like risk tolerance.
By taking the time to assess your investment timeframe (how long you plan to keep your money invested before you need to access it), and asking questions or seeking advice, you can make informed decisions that will set you up for a secure retirement.
The risk profiler tool on our website helps you understand your risk tolerance (how comfortable you are with taking risks with your money). Knowing this can help you choose the right investments for your needs.
Check where all your super is
If you’ve undertaken other employment outside of the SA public sector, chances are you have other super accounts. And, if you’ve changed your name, your job or your address and forgotten to tell your super fund, you could have lost or unclaimed super.
If you think you might have super with another fund, you can look for it online using myGov, phoning ATO’s lost super search line or completing the ATO’s paper form.
Next, consider moving all of your super into one fund. You can save time and energy by having all your super in one account. But before you do, be sure to check how rolling out super may affect any benefits you have, like insurance cover.
Review your super savings goals
How much money you will need in retirement depends on various factors such as your desired lifestyle, expected living expenses, and any additional financial commitments you foresee.
It’s essential to regularly review your super savings goals to ensure they still align to your needs and expectations – especially if retirement is on the horizon.
Look at how much you and your employer are currently contributing to your super. Are you taking full advantage of salary sacrificing or other voluntary contributions? Increasing your contributions, even by a small amount, may boost your super balance over time.
Finally, book in for an education seminar
Super SA webinars and seminars are designed to help you get in the know and set yourself up for a financially savvy future. We cover a range of topics to suit the various stages of your career. So, whether you’re starting out and in the midst of growing your super, or you are in retirement (or starting to think about retiring!), there’s a topic to suit you.
