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How to optimise your superannuation

How to optimise your superannuation

Your superannuation is your future, and being proactive can mean the difference between a retirement spent on a luxury yacht and one filled with nothing but bad daytime television.

Here are some tips to boost your superannuation.

Contribute extra

Salary sacrificing or making after-tax contributions can help build your nest egg.

Salary sacrificing is when your employer redirects part of your before-tax salary into super (subject to the concessional contributions cap).

This option can reduce your tax (you get taxed at 15 per cent), while also increasing your superannuation savings.

After-tax contributions are another great way to increase your super if you can spare the money.

The Australian Government is making changes to the super system, effective from July 1, 2017.

Not sure if the changes will affect you? Speak to a superannuation expert at LDB and we’ll explain whether your ability to make extra contributions will be impacted.

Be smart about risk-taking

It’s important to analyse different superannuation investment options, and to keep in mind that higher investment returns means a higher level of risk.

Generally, the amount of risk you can afford to take should correlate to your own appetite for risk and your years to retirement.

The longer you have until retirement, the more time you will have to recover from a setback.

Consider a change

If your current super fund has been underperforming, it may be worth looking at different investment options within the fund or changing to an alternative fund.

When comparing funds, look at their track record, as well as the associated fees and features such as insurance.

Another option is to set up your own self-managed super fund (SMSF). A SMSF gives you greater control over how your super is invested and opens up new investment opportunities, such as being able to buy property through your SMSF.

We recommend having between $200,000 and $250,000 in super savings  before starting your own SMSF.


If you have more than one superannuation account, consolidating them into one fund can save on administration fees and really make a difference to the end result.

The Association of Superannuation Funds of Australia (ASFA) estimates a comfortable retirement nest egg for a couple would start at $640,000, or $545,000 for an individual, assuming you receive a partial Age Pension.

Need help with your super?

LDB’s team of superannuation specialists can provide expert advice about how to work towards a comfortable retirement and maximise your super.

To find out more, please call (03) 9875 2900 or send us information via the contact form below.

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