Tips to increase your Super
Make Your Super Work for Your Future
Understand Your Super
All About Superannuation
Superannuation, or super, helps Australians save and invest for retirement. For Australian Muslims, understanding how super works and how their money is invested can help them plan for the future while considering their Islamic values.
Eligible employers generally contribute 12% of qualifying earnings to employees’ super. From 1 July 2026, Payday Super rules require super contributions to be paid on payday. Your retirement balance depends on contributions, investment performance and fees.
What happens when I retire or reach my preservation age?
You can generally access your super when you meet Australia’s superannuation release rules.
- From age 60: You may access your super if you retire or leave a job, subject to the rules.
- From age 65: You can generally access your super, even if you’re still working.
- While still working: If eligible, you may access some super through a transition-to-retirement income stream.
Can I Access My Super Early?
Early access is permitted only in limited circumstances, such as severe financial hardship, certain compassionate grounds or qualifying medical conditions. Strict eligibility requirements apply.
1. Consolidate Your Super
Combining multiple super accounts may help reduce duplicate fees and make your retirement savings easier to manage. Before consolidating, check any insurance cover, fees and benefits you could lose.
2. Find and Claim Your Lost Super
Have you changed jobs, moved house or lost track of an old super account? Use your myGov account linked to the ATO to check for lost or unclaimed super. Our team can help you understand your options for bringing your super together.
3. Choose the Right Investment Strategy
Choose an investment option that reflects your financial goals, investment timeframe and comfort with risk. As your circumstances change, review whether your strategy remains suitable and aligns with your Islamic values.
4. Boost Your Balance With Additional Contributions
You may be able to grow your super by making extra contributions, including concessional (before-tax) or non-concessional (after-tax) contributions. Contribution caps, eligibility requirements and tax rules apply, so check the current rules before contributing.
5. Consider Switching Super Funds:
Compare your current fund with other options before making a change. Consider:
- Fees and costs over time.
- Long-term investment performance and risk.
- Investment options that suit your goals and Islamic values.
- Insurance cover and other member benefits.
Review the relevant product documents and consider independent financial advice before switching.
SUPERANNUATION
How Much Will You Need?
Work out how much super you may need in retirement and whether your savings could support the lifestyle you want. Your retirement needs will depend on your living costs, housing situation, savings and eligibility for the Age Pension.
The ASFA Retirement Standard provides estimates of the annual costs of a modest and comfortable retirement in Australia. These estimates can help you start planning for your future and making informed decisions about your retirement savings.
ASFA Retirement Standard — June Quarter 2026
Single
Couple
Household Comfortable Lifestyle
$56,166 a year | $1,080 a week
$78,998 a year | $1,519 a week
Modest Lifestyle
$36,548 a year | $703 a week
$52,690 a year | $1,013 a week
How much might you need for a comfortable retirement?
ASFA estimates that a homeowner retiring at age 67 may need around $630,000 for a single person or $730,000 for a couple to support a comfortable retirement, assuming a part Age Pension.
How much might you need for a modest retirement?
ASFA estimates that a homeowner may need around $110,000 for a single person or $120,000 for a couple for a modest retirement, with the Age Pension covering much of their living costs.
Build Up Your Super
Your retirement savings can grow through employer contributions, additional contributions and investment returns. Reviewing your super regularly can help you make informed decisions about your financial future.
Think about:
- Consolidating your super: Combining accounts may reduce duplicate fees and make your savings easier to manage. Check insurance and other benefits before combining accounts.
- Making extra contributions: Additional contributions may help grow your super over time. Contribution caps, tax rules and eligibility requirements apply.
- Reviewing your investment options: Choose an investment approach that reflects your goals, timeframe and comfort with risk, while considering your Islamic values.
It’s never too early or too late to review your super and take steps towards your retirement goals.
If You Need Financial Advice
Planning for retirement can be complex, and everyone’s financial circumstances are different. Speaking with a qualified financial adviser can help you understand your options and make informed decisions about your super and retirement goals.