Can I afford to make extra contributions? 


If your budget allows, consider adding extra money to your super. This could help boost your savings in the long term. When you leave the workforce, you may be in a good position to enjoy a more comfortable retirement.


There are different ways you can achieve this, for example:

  • You can ask your employer to contribute a portion of your salary, before tax; which is called 'salary sacrifice'.
  • You can make personal contributions using your after-tax pay. You may even be able to claim a tax deduction for the contribution, if you meet all the rules. 

Certain government caps apply to your contributions, whether before or after tax.


A financial adviser can help you decide which approach is best for you. If you don't have one, we can help you find a financial adviser.


Also, depending on your overall financial picture, you might take advantage of one of the following:


Government co-contribution for low to middle-income earners.


Find out more on spouse contributions.


'Downsizer' contribution when selling your primary residence.

Do I have other super accounts?


If you've ever changed jobs over the years, this can easily happen. If so, you’ll be paying more than one set of fees.


You might consider combining your multiple super accounts into one.


However, there are important things to think about first, including whether you have insurance cover through your super fund.


Once you change funds, any insurance cover will be cancelled – so it’s important to review this before making changes.


Consolidate your super into a single account.

Do I have the right insurance cover?


When you originally opened your super account, insurance  might have been added automatically. Or perhaps you opted for cover at a later stage; or arranged it outside of your super.


Typically this could be Death cover; or Death & Total and Permanent Disablement (TPD) cover. There’s also Income Protection, also known as 'Salary Continuance' Insurance (SCI).


As the years pass, it’s important to review whether you still have the right kind (and level) of cover – because your circumstances might change. For example, you might get married or divorced; or form other relationships. Keeping your insurance updated could make a big difference to your loved ones.


Discover how you can review the insurance in your super.

Have I nominated my beneficiaries?


To ensure your money goes to those you love in the event of your death, you can make a nomination. This will let us know who you'd like to receive your super. such as a spouse or partner; or your children.


However, there are various conditions which apply, as well as tax implications. So it’s important to find out more, to help you make an informed decision.


For example, you can nominate your loved ones to get your super if you die. 


Nominate your loved ones as your beneficiaries.

How do I want to access my super?


Once you retire, are you planning to withdraw all your super as a lump sum – or will you set up an income stream? Or a bit of both?


And as you approach retirement – do you want to reduce your working hours, and gradually start accessing the money from your super?


It depends on your personal circumstances, and there are various options available to you.


Know your options with using your super before you retire.

Can I reduce my debts?


You can usually benefit by paying off any debts while you’re still in the workforce. Once you’re retired, repayments could be difficult to manage – along with the interest they carry.


Consider looking for ways you can minimise your debts.

Will I qualify for the Age Pension?


Once you reach the qualifying age, you may be able to access the Age Pension; although this will depend on your income and assets.


Visit Services Australia for more information on the Age Pension.


The questions on this page are just some of our suggestions. There may be others you should be asking yourself.


It’s a good idea to make a list and discuss these with your financial adviser.


If you don't have one, we can help you find a financial adviser.

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Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL) is the trustee of the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557 and issuer of FirstChoice range of super and pension products. Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) is the responsible entity and issuer of products made available under FirstChoice Investments and FirstChoice Wholesale Investments. 


Information on this webpage is provided by AIL and CFSIL. It may include general advice but does not consider your individual objectives, financial situation, needs or tax circumstances. You can find the target market determinations (TMD) for our financial products at which include a description of who a financial product might suit. You should read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at or by calling us on 13 13 36.