Tips to increase your Super
Your super’s in good hands
How well do you know your Super?
All About Superannuation
Superannuation is a compulsory arrangement put in place by the Australian Government to encourage people to accumulate funds to provide them with an income stream when they retire.
In 2026, the Superannuation Guarantee (SG) rate in Australia will be fixed at 12%. Employers are required to pay this percentage of Ordinary Time Earnings (OTE) into the superannuation fund at least quarterly. The introduction of Payday Super mandates that employers remit these funds simultaneously with salary payments, ensuring that the funds start working immediately. The concessional contributions cap for the 2026-27 financial year is $32,500, and the non-concessional contributions cap is $130,000. Employers must also ensure compliance with the new payroll system and reporting requirements to avoid penalties
What happens when I retire or reach my preservation age?
You can access your super, once you retire or reach your preservation age.
- When you reach preservation age and retire
- When you turn 65 (even if you still working)
- Under the transition to retirement rules. while continuing to work
Before reaching the preservation age, still you can access your Super under a very limited circumstances, like severe financial hardship or specific medical conditions.
Access your Super Early
1. Consolidate your super
Consolidating your accounts into one could save thousands of dollars over time and be a strong boost to your retirement savings in the future.
2. Find and claim your lost superannuation.
Our Islamic Choice Super team can help you to check with ATO if you have any lost super sitting there waiting for you to claim it. If your lost super has been transferred to the ATO you can still retrieve it. This needs to be done ASAP to make sure you don’t miss out on any investment returns.
3. Choose the right investment strategy.
Choose your investment strategy based on your risk tolerance. As you move into a different stage in your life, different investment options might be appropriate for your situation and worth considering.
4. Boost your balance with additional contributions:
You can contribute more money into your super account through concessional or non-concessional contributions. Note: Limits apply to how much you can contribute to super in any one financial year.
5. Consider switching funds:
Every superannuation fund has different fees structure and investment strategies, so make sure you choose the right Investment strategy by doing a little bit of research that covers:
- Investment strategy with the lowest possible fees that still provide good performance.
- Investment options that suit your risk tolerance.
- Strong investment rationale including an understanding of your life stages and financial objectives.
SUPERANNUATION
How much will you need?
Work out how much super you’ll have when you retire, and if it will be enough to fund the lifestyle you want.
In 2026, the Superannuation Guarantee (SG) rate in Australia will be fixed at 12%. Employers are required to pay this percentage of Ordinary Time Earnings (OTE) into the superannuation fund at least quarterly. The introduction of Payday Super mandates that employers remit these funds simultaneously with salary payments, ensuring that the funds start working immediately. The concessional contributions cap for the 2026-27 financial year is $32,500, and the non-concessional contributions cap is $130,000. Employers must also ensure compliance with the new payroll system and reporting requirements to avoid penalties
ASFA Retirement Standard
Single
Couple
Comfortable Lifestyle
$44,183 a year | $849 a week
$62,435 a year | $1200 a week
Modest Lifestyle
$28,220 a year | $542 a week
$40,719 a year | $783 a week
ASFA estimates that the lump sum needed at retirement to support a comfortable lifestyle is $640,000 for a couple and $545,000 for a single person. This assumes a partial Age Pension.
ASEA estimates that a modest lifestyle. which covers the basics. is mostly met by the Age Pension. They estimate the lump sum needed to support a modest lifestyle for a single or couple is $70,000.
Build up your super
Many things contribute to your income in retirement. This includes investments outside of super and assets such as your home, especially if you downsize. If you decide it is important to build your super, there are some actions that can make a big difference over time.
Think about:
- Consolidating your super into one account so you pay fewer fees
- Making extra contributions to grow your super
- Changing your super investment options
If you don’t have as much as you’d like, it’s never too late to build up your super to boost your retirement savings.
If you need financial advice
Planning for your retirement is complex, and everyone’s situation is different. Think about getting personalised advice from one of our financial advisers to help you plan ahead.