Check your super
When you start to plan for retirement, you’ll need to check your super:
- where it is
- how much you have
- whether you have lost or unclaimed super
- consider consolidating accounts where relevant
- that your details are up-to-date with the ATO and your super funds.
You can do this in 5 simple steps with our super health check. For most people it only takes a few minutes.
It’s important to know your total super balance and contributions caps, especially if you plan to contribute to your super. When you check your total super balance, take a note of your concessional and non-concessional contributions. These will indicate if you can make extra contributions or are approaching your limit.
Keep your contact details up to date
it's important to keep your contact details up to date with:
- the ATO
- your super fund (or funds).
This applies even:
- after you retire
- if you don't need to lodge a tax return.
If your super fund loses contact with you, it may be required to pay your super to the ATO.
If we don’t have up-to-date details for you, we might not be able to:
- let you know we have your super, or
- pay your super into your bank account.
Lost and unclaimed super
We recommend you:
- regularly review your super using ATO online services, and
- check
- if you have any lost or unclaimed super
- that we hold your current bank account details or active super fund nomination.
If you:
- are 65 or older, we will pay any unclaimed super we hold for you directly to your bank account if we are able to do so
- want any unclaimed super money to remain as super, ensure you have an active fund nomination in place with the ATO.
If we don’t have an active fund nomination from you recorded on our system, we may (by law) be required to pay any unclaimed super directly to you to when we receive it from your fund. This may not align with your financial plans.
Estimate how much income you will need to retire
The Australian Securities and Investment Commission's (ASIC) Moneysmart website has information and tools to help you prepare to retireExternal Link. You can use their:
- Super and pension age calculatorExternal Link to work out when you can access your super and the age pension
- Budget plannerExternal Link to work out your living costs
- Retirement plannerExternal Link to estimate your income from super and the age pension.
Your superfund may also offer a range of calculators to help you. You can access information to help you understand your finances at a free Financial Information Service (FIS) webinarExternal Link run by Services Australia. You can book to attend a live webinar or watch recordings on their website.
How can I increase my super?
You can increase your super by making extra contributions. Before deciding whether to contribute extra, remember to consider your total super balance and contribution caps. Exceeding the caps may lead to extra tax.
If you decide to contribute extra to your super, the Moneysmart super contributions optimiserExternal Link will help you work out which type of contribution will give your super the biggest boost.
The following contribution types may be available as options to increase your super (separate eligibility conditions apply):
- concessional and non-concessional contributions
- carry forward unused contribution cap amounts
- downsizer super contribution for people over 55 who have sold their primary residence
- government co-contributions to match your extra personal contributions (up to $500)
- a low income super tax offset (LISTO) payment (up to $500)
- spouse contributions
- capital gains tax retirement exemption contribution for people under 55 if you are selling a small business.
If you are employed, it's important to remember that your employer's contributions will count towards your concessional contributions cap.
You may have more than one super account. Consider consolidating your super which means combining super into one account to help save on fees.
Visit ASIC's Moneysmart to learn more about how to grow your superExternal Link.
You can also talk to your super fund about the investment options available to help you grow your super.
Considering an SMSF to grow your super?
If you're thinking about a self-managed super fund (SMSF) to grow your super, visit Moneysmart to learn more about what is required and to understand if an SMSFExternal Link is right for you.
Accessing your super to retire
When you reach your preservation age and retire, you can access your super to fund your retirement.
You can also access your super:
- when you turn 65 years old
- if you are aged 60 to 64 years of age, under the transition to retirement rules, while you continue to work.
For more information, see Accessing your super to retire.
You can access your super as a lump sum, income stream or a combination of both. Visit Moneysmart to learn more about your retirement incomeExternal Link.
After you retire, you may decide to return to work, and you may be able to contribute to your super again. However, it’s essential to consider how this might affect your income, including Australian Government payments (such as the age pension) and your superannuation.
You can discuss your options:
- by using the Financial Information Service - Services AustraliaExternal Link
- with your super fund
- by contacting an independent financial advisor to understand any potential impacts.
Each fund has governing rules. It's essential that you talk to your super fund about how you can access your super in retirement and what options are available to you. If you're a member of an SMSF, understand how you can be paid your benefits.
Tax on super benefits
The tax on super benefits depends on factors like your age, payment amount, and whether your super is taxed or untaxed. If you are 60 years old or older, your super payments may be tax free. For personalised advice, consult your super fund or a registered tax practitioner.
If you're considering an income stream, check your transfer balance cap (TBC). Exceeding your TBC may lead to extra tax. TBC also applies to a death benefit income stream.
For more information, see Tax on super benefits.
Consider seeking professional advice
This information is not financial advice. You should consider if you need professional advice from:
- a registered financial adviserExternal Link
- your super fund
- a registered tax practitionerExternal Link.
Their guidance can help you make informed decisions about your super, tax and retirement options.
Learn more about your options at Financial adviceExternal Link on the Moneysmart website.