Your browser version is no longer supported, so you may experience issues while using this site.
Please upgrade to a current browser to enjoy the best experience.

Money habits

Got big plans for when you retire? Sort your retirement strategy now

29 May 2016

Whether you dream of hitting the road or living out your retirement dreams closer to home, here are four retirement strategies you could consider to help you get the most out of your super.

1. Put more money in yourself*

There are different ways you can put money into your super account, including:

Salary sacrifice

While this sounds painful, it’s probably one of the easiest ways to grow your super. It’s simple – ask your employer to divert some of your pre-tax salary into your super account every time you get paid. It’s an effective, ongoing means of drip feeding more money into your super account. A 35-year-old earning $60,000 a year with a super balance of $30,000 could be around $100,000 better off at retirement – just by salary sacrificing $20 a week.†

Making one-off contributions from your take-home pay.

After-tax contributions, also known as ‘personal contributions’ can be made on a regular or one-off basis. 

Learn more about growing your super

2. Combine multiple super accounts into one

If you’ve got several super accounts, you could be throwing money down the drain by paying more fees than you need to. These fees may not seem like much now, but over time they can really add up. Also, it might be easier to keep track of your superannuation if you’ve only got one account.

Learn more about how to consolidate your super

3. Find lost superannuation

If you’ve had more than one job, moved to a new house or changed your name, you could have lost or unclaimed superannuation. There is around $18** billion worth of lost superannuation in Australia – so it’s well worth finding out if some of it is yours. To do so, you can log into your Suncorp super online portal and use the SuperMatch tool to locate lost super accounts. Alternatively, visit the Australian Tax Office website or speak to your super fund.

Learn more about finding lost super

4. Consider a transition to retirement strategy

If you've reached your 'preservation age', you may be able to withdraw your super balance as an income stream, even if you're still working. This is known as a transition to retirement strategy, and offers the following benefits:

  • It lets you boost your super balance while you’re still working full time, but without reducing your take home pay; or
  • It lets you reduce your working hours without reducing your take home pay.

Setting up a transition to retirement strategy may not be right for everyone, and requires expert help – so it’s important that you consult your financial adviser before making any decisions.

A transition to retirement strategy is offered through Suncorp Brighter Super and Suncorp Everyday Super. To learn more about our super accounts, call our experts for a free chat on 1800 207 754, Mon-Fri 8am – 6pm.

* There are limits (sometimes called ‘contribution caps’) on the amounts you can contribute to superannuation in any financial year without penalty. These caps depend on your age – visit the ATO website for more information.

†Assumes the superannuation fund is invested in a balanced option and earns a rate of return (before earnings tax) of 6.30% per year. Earnings are calculated at the end of the financial year. Retirement is at age 65. The figure is in future dollars. Salary, superannuation guarantee and salary sacrifice are indexed annually at 3%. Top up is annualised and contributed at the beginning of the year. This projection is an estimate only. Actual result would be subject to changes in salary, tax treatment, and fluctuations in investment returns.

^Before moving your superannuation you should consider: any fees payable (e.g. for exit or withdrawal), where future employer contributions will be paid; whether current insurance entitlements will be retained or equivalent cover made available; and any other possible impact, e.g. to your investments and tax position.

**As at 30 June 2017

Read more:

Suncorp Super products and this information are issued by SPSL Limited ABN 61 063 427 958 AFSL 237905 RSE licence number L0002059 (the Trustee), trustee for the SPSL Master Trust ABN 98 350 952 022, RSE Fund Registration No. R1056655 (the Fund). The Trustee is wholly owned by LGIAsuper Trustee as trustee for LGIAsuper (LGIAsuper) and is not part of the Suncorp Group. The Trustee uses the ‘Suncorp’ brand under licence. Suncorp Super products are not bank deposits or bank liabilities and are subject to investment risk, including loss of the interest and principal invested.  The obligations of the Trustee aren't guaranteed by any company within the Suncorp Group or the LGIAsuper Group, nor do either Group guarantee the performance of Suncorp Super products.

This is general advice only and doesn’t take into account your personal objectives, financial situation or needs. Before acting on any advice in this document, you should consider the appropriateness of the advice to your personal objectives, financial situation and needs. Before making any decision to acquire a Suncorp Super product, you should consider whether this information is appropriate for you and read the relevant disclosure documents, including the PDS, available at, or speak to your financial adviser.

SuperRatings Pty Ltd (ABN 95 100 192 283, AFSL 311800) (SuperRatings) does not issue, sell, guarantee or underwrite Suncorp Everyday Super. Go to for details of its ratings criteria. 

Before moving your superannuation, you should consider: any fees payable (e.g., for exit or withdrawal); where future employer contributions will be paid; whether current insurance entitlements will be retained or equivalent cover made available; and any other possible impact, e.g., to your investments or tax position.