Supercharge your retirement savings

If you’re looking to build your nest egg without compromising your lifestyle, there are several tools and strategies available that may help you achieve your key financial objectives ahead of retirement. 

Whether you’re playing catch up or hoping to get an early start on your dream future, here are a few strategies that may help.

Build your balance

There are characteristics unique to you that will determine the best way to optimise your savings. These include your age, how much you earn, how much super your employer pays, whether you have a spouse and how much money you can spare for super. Simply plugging these details into the MoneySmart Super Contributions Optimiser will give you an indication of which strategies may offer the biggest boost to your savings. 

July 2024 changes

From 1 July, 2024, a few changes are coming to rates and thresholds that will potentially allow Australians to build their super balance more rapidly. First, the Super Guarantee rate is increasing from 11 percent to 11.5 percent which means employees will receive slightly higher compulsory contributions from their employer. 

Second, the amount Australians are allowed to contribute to super, both before and after tax, is also increasing. The concessional (before-tax) contribution cap is increasing from $27,500 per year to $30,000 per year. Meanwhile, the non-concessional (after-tax) contribution cap is rising from $110,000 per year to $120,000. In other words, savers will be able to put more into the tax-friendly super vehicle. 

Under the bring forward non-concessional contribution cap rule, if a member has a super balance less than $1.66 million as of 30 June, 2024, they can contribute $120,000 per year (up from $110,000 previously). Alternatively, under the three-year bring -forward period, they can contribute a maximum of $360,000 (up from $330,000).

Boost your super

Most of us hit the shops or shop online at least once a week, but did you know you could be adding to your super by earning rewards on those everyday purchases? Active Super Booster is a service for Active Super Accumulation Scheme members that allows them to earn rewards on everyday shopping. As an Active Super member, you have the opportunity to build your balance while shopping at your favourite retailers through Active Super Booster. With Active Super Booster, whenever you shop with one of our partner retailers,* a proportion goes back into your super.**

Health check

Active Super can help you to see if you’re on track for a comfortable retirement by completing a quick retirement health check with one of our financial planners. ^  Request a financial planning appointment here

Pre-Retirement Seminars

Pre-retirement seminars are held for members who are nearing retirement and want to understand how to set up their super for retirement. We will outline when members can access their super and tips on budget planning, including cost of living and different ways to contribute to grow your super ahead of retirement. Find out more here.

Other strategies

Of course, there are other ways to increase your super savings, including through salary sacrifice or taking advantage of government contributions. It’s about what works for you, your family and your future. 

To lean about more ways to build wealth for your retirement, read our Wealth in Retirement blog here.


Seek advice

If you require advice on your retirement needs, you can contact one of Active Super’s financial planners. Feel free to contact us on 1300 547 873 or make an appointment to see how we can help.^ 

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