Make the most of your super in 2024

The holiday season is over and now is a good time to revisit your superannuation and planning for your future.  Below are some easy ways to help you maximise your superannuation savings for your retirement.


Consolidate your super

Consolidating your super into one account means that you are only paying one set of fees.   This will save you money and mean that you have more money in your superannuation account for your retirement.  Before you consolidate your super, be sure to check fees and if you will lose any benefits like insurance.

More information can be found on the government’s moneysmart website at this link.

Finding lost super accounts

Australians have billions of dollars in lost super.  If you have ever changed your address or job this may be you.

If you think you may have lost or unclaimed super it is easy to track down on-line through the ATO portal.  All you need to do is log-onto your myGov account, and link your account to the ATO and then select super.

Alternatively, your super fund may also offer this search functionality via their on-line portal.


Your account balance will be boosted through any contributions that you and/or your employer make.

There are many types of contributions you can make to boost your super balance.

Concessional contributions:

Concessional contributions refer to contributions made to your superannuation account before tax, such as salary sacrifice contributions.  Since 1 July 2021, the concessional contribution cap has been $27,500 per year for all individuals regardless of age.

Non-concessional contributions:

Non-concessional contributions are contributions you make from your after tax income.  Since 1 July 2021, the non-concessional contribution cap has been $110,000 per year for all individuals regardless of age or if you are under 75 from 1 July 2022 you may be eligible to a non-concessional contributions cap of $330,000 under the three-year bring-forward rule, where you can contribute up to three times the annual cap at once or at any time during a three-year period, subject to certain conditions.  More information on the bring-forward arrangement can be found on the ATO website at this link.

Downsizer contributions:

If you have reached the eligible age you may be able to contribute up to $300,000 to your superannuation fund from the proceeds of the sale of your home. As of 1 January 2023, the age requirement to be eligible to make a downsizer contribution has dropped to 55.

Read more about downsizer contributions here.

Re-contributing COVID-19 early release withdrawals

In March 2020, the government allowed early access to superannuation savings for people affected by Coronavirus (COVID-19).   There have now been changes made to super laws to aim to help you re-contribute COVID-19 early release payments back into super and boost your retirement savings.  To learn more, click here.

For further information on the different types of superannuation contributions, you can visit the Moneysmart website or contact your financial adviser.  In addition, more information can be found in our article Easy ways to grow your super.

Make sure you are invested in the right investment option

When choosing an investment option that is right for you, you should consider your:

  • Age
  • What level of investment risk you are comfortable with
  • When you will be able to access your funds
  • How much money you want in retirement


For more information see our article investment risk and return in superannuation and use our retirement planner to figure out how much super you need to retire in comfort.