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Simple but powerful life hacks to get the most out of your super at any age

Published 11 August 2022

Actively managing your superannuation throughout your life is one of the keys to a 'super' retirement.

Super tips throughout your life

If you've been neglecting your super or aren't aware of its many 'super-powers', it probably needs a bit of a makeover. And there are plenty of easy ways to get started. Here are a few simple but powerful life stage tips to help you get the most out of your super.

 

  • Make sure you're getting paid super. From 1 July 2022, employers will be required to make super guarantee contributions to your superannuation fund if you're over 18, regardless of how much you are paid. If you're under 18, you are eligible to receive super if you work more than 30 hours a week.

  • Find any lost super from part-time or casual jobs you've had by logging into your myGov account linked to the ATO and clicking on Manage my super, or by phoning the automated super search line on 13 28 65.

  • Consider consolidating all of the super accounts you have into one super fund. This may make it easier to manage and will cut out multiple sets of fees. Note, when you're consolidating, make sure you look through each of your accounts and compare them to ensure you're choosing the best account for you, considering things such as fees and insurance(s).

  • Set up online access to your account so you can keep track of your super savings.

  • Consider your super investment option, taking into account the long-term nature of super.
  • Is your income less than $42,016 per year? If so you could qualify for a maximum government co-contribution payment and gain an automatic 50% return on a $1,000 voluntary super contribution. You can still qualify for a part government co-contribution payment if your income is less than $57,016 per year. See how much you could receive here.

  • Want to buy a home and know you could afford the mortgage repayments, but can't seem to get the deposit together? The First Home Super Saver (FHSS) scheme may be just what you need to get you on the property ladder as it could help you accelerate your first home savings by up to 30%disclaimer.
  • Set up online access to your account –  to keep an eye on your super and to help you with the rest of these tips
  • Consider finding any lost super and consolidating all of the super accounts you have into one super fund. This may make it easier to manage and will cut out multiple sets of fees. Note, when you're consolidating your super, make sure you look through each of your accounts and compare them to ensure you're choosing the best account for you, considering things such as fees and insurance(s).
  • Consider a super salary-sacrifice arrangementdisclaimer with your employer to boost your super and lower your taxable income.
  • Consider increasing the life insurance included in your super, especially if you have a mortgage and/or dependants.
  • Check that you've nominated a beneficiary for your superannuation/insurance benefits.
  • Consider your super investment option, taking into account the long-term nature of super. If you're not working but your partner is, see if you're eligible for spouse contributions and consider whether this is appropriate for you.
  • Is your income less than $42,016 per year? If so you could qualify for a maximum government co-contribution payment and gain an automatic 50% return on a $1,000 voluntary super contribution. You can still qualify for a part government co-contribution payment if your income is less than $57,016 per year. See how much you could receive here
  • Want to buy a home and know you could afford the mortgage repayments, but can't seem to get the deposit together? The First Home Super Saver (FHSS) scheme may be just what you need to get you on the property ladder as it could help you accelerate your first home savings by up to 30%disclaimer.
  • Set up online access to your account – to keep an eye on your super and to help you with the rest of these tips
  • Consider a super salary-sacrifice arrangementdisclaimer with your employer to boost your super and lower your taxable income.
  • Review your life insurance(s) to ensure you have enough to cover your mortgage and anyone who depends on your income.
  • Check that details for the beneficiary you've nominated in your superannuation and insurance are up to date.
  • Consider your super investment option, taking into account the long-term nature of super. If you're not working but your partner is, see if you're eligible for spouse contributions and consider whether this is appropriate for you.
  • Is your income less than $42,016 per year? If so you could qualify for a maximum government co-contribution payment and gain an automatic 50% return on a $1,000 voluntary super contribution. You can still qualify for a part government co-contribution payment if your income is less than $57,016 per year. See how much you could receive here
  • Want to buy a home and know you could afford the mortgage repayments, but can't seem to get the deposit together? The First Home Super Saver (FHSS) scheme may be just what you need to get you on the property ladder as it could help you accelerate your first home savings by up to 30%disclaimer.
  • Set up online access to your account –  to keep an eye on your super and to help you with the rest of these tips
  • Consider a super salary-sacrifice arrangementdisclaimer with your employer to boost your super and lower your taxable income.
  • If you're aged 55 or over, you could consider a transition-to-retirement (TTR) strategy that may help maximise the tax effectiveness of your income. A TTR strategy allows you to cut back your working hours without reducing your income and could also be used to help boost your super balance due to the concessional tax benefits of super. Learn more here
  • Check that details for the beneficiary you've nominated on your superannuation and insurance are up to date.
  • Consider your super investment option, taking into account the long-term nature of super. If you're not working but your partner is, see if you're eligible for spouse contributions and consider whether this is appropriate for you.
  • Review your life insurance(s) to ensure it reflects your financial responsibilities, which may be decreasing if your children are older or your mortgage is smaller.
  • Review your investment option to ensure it's appropriate for your retirement time frame.
  • Is your income less than $42,016 per year? If so you could qualify for a maximum government co-contribution payment and gain an automatic 50% return on a $1,000 voluntary super contribution. You can still qualify for a part government co-contribution payment if your income is less than $57,016 per year. See how much you could receive here
  • Set up online access to your account –  to keep an eye on your super and to help you with the rest of these tips
  • If you're over 65, you could consider turning your superannuation account into a pension account to take advantage of the additional tax free cashflow. If you're under 65, you'll have to have reached your preservation age and be retired to start a pension account with a tax free cashflow.
  • Consider reducing your working hours while using income from your super to maintain your lifestyle.
  • If you're working less and earning less than $57,016, you could still qualify for the government co-contribution and earn an automatic boost to your super balance of up to $500. If you're eligible, the government will automatically pay the co-contribution into your super account. See how much you could receive here.
  • Review your life insurance(s) to ensure it reflects your financial responsibilities, which may be decreasing if your children are older or your mortgage is smaller.
  • Review your investment option to make sure you're comfortable with the level of risk you're taking leading into retirement.

A super account for any life stage

If you're looking for an award-winning super solution that’s easy to take care of, has savvy investments and below average feesdisclaimer to keep more of your super in your fund, consider ANZ Smart Choice Super. You could benefit in the following ways:

Smart investments that adjust with your age

Choose your investment mix, or invest in Lifestage optionsdisclaimer that select a mix of investments based on your age and adjusts them as you get older, reducing the stress of managing your super throughout your lifetime.

Low fees and no hidden charges

High fees can eat away at your super balance. But with ANZ Smart Choice Super's below average feesdisclaimer and no hidden fees, you keep more of your super in your super account.

Watch your super grow

With visibility of your super account through ANZ Internet Banking or the ANZ App, you can stay in control and watch your super grow alongside your other ANZ bank accounts.

Insurance cover to suit

You can have peace of mind with a range of insurance options to help you plan for the 'unexpected'.

Strong performance

ANZ Smart Choice Super is also a strong long-term performer. Find out how ANZ Smart Choice Super has performed.

Apply online in five minutes

Before applying for ANZ Smart Choice Super, we recommend you read the PDS (PDF 416kB) and Target Market Determination (PDF 464 kB) and consider if it's right for you.

After submitting an application form online, the account should be opened within 3 business days. 

If you need support, call Customer Services on 13 12 87.

Apply now

Explore how ANZ Smart Choice Super can work for you

ANZ Smart Choice Super

Learn more

   

Open an ANZ Smart Choice Super account

Read the PDS (PDF 416kB) and Target Market Determination (PDF 464 kB) and consider if it's right for you. Apply in around 5 minutes.

Apply online

   

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Information for members

   

Find out more about your superannuation

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“ANZ Smart Choice Super” is a suite of products consisting of ANZ Smart Choice Super and Pension (PDF 416kB)ANZ Smart Choice Super for employers and their employees (PDF 594kb) and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees (PDF 441kb). The ANZ Smart Choice Super and Pension product is distributed by Australia and New Zealand Banking Group Limited (ANZ) (ABN 11 005 357 522).  We recommend that you read the ANZ Financial Services Guide (PDF 479kB), before deciding whether to acquire or continue to hold this product. View the ANZ Smart Choice Super and Pension Target Market Determination (PDF 252kB). ANZ Smart Choice Super for employers and their employees and ANZ Smart Choice Super for QBE Management Services Pty Ltd and their employees are MySuper compliant products issued pursuant to the latest PDS available at anz.com/smartchoicesuper. View the ANZ Smart Choice Super for employer and their employees Target Market Determination (PDF 464 kB). ANZ Smart Choice Super is part of the Retirement Portfolio Service (the Fund) (ABN 61 808 189 263) and is issued by OnePath Custodians Pty Limited (ABN 12 008 508 496, AFSL 238346, RSE L0000673) (OPC), the trustee of the Fund. OPC is a member of the Insignia Financial Group of companies, comprising Insignia Financial Ltd (formerly IOOF Holdings Ltd) ABN 49 100 103 722 and its related bodies corporate (Insignia Financial Group). The Australia and New Zealand Banking Group Limited (ANZ) (ABN 11 005 357 522) brand is a trademark of ANZ and is used by OPC under licence from ANZ. ANZ and the Insignia Financial Group of companies (including OPC) are not related bodies corporate. ANZ does not stand behind or guarantee these products.

Before re-directing your super or moving your money into ANZ Smart Choice Super, you will need to consider whether there are any adverse consequences for you, including loss of benefits (e.g. insurance cover), investment options and performance, functionality, increase in investment risks and where your future employer contributions will be paid. 

This information is of a general nature and has been prepared without taking account of your personal needs, financial situation or objectives. Before acting on this information, you should consider whether the information is appropriate for you having regard to your personal needs, financial circumstances or objectives.

All fees are subject to change. Other key features are relevant when choosing a super fund, including performance.

Taxation law is complex and this information has been prepared as a guide only and does not represent taxation advice. Please see your tax adviser for independent taxation advice. The information on insurance cover is a summary only of the terms and conditions applying to the insurance cover. To the extent there is any inconsistency with the terms of the insurance cover provided by the insurer, the terms of the insurance policy will prevail.

ANZ does not represent or guarantee that access to ANZ Internet Banking or the ANZ App will be uninterrupted. Temporary service disruptions may occur. ANZ recommends that you read the ANZ App Terms and Conditions available at www.anz.com and consider if this service is appropriate to you prior to making a decision to acquire or use the ANZ App.

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First Home Super Saver Fact Sheet, The Treasury, Australian Government. March 2019.

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If you are setting up a salary-sacrifice arrangement it is important to remember there are limits on the amount you can contribute. Most people can contribute up to $27,500 within each tax year (July – June), including their employer's 10.5 per cent super guarantee contribution. This is called the concessional contributions cap.  For those closer to retirement the cap is higher. Check the ATO superannuation rates and thresholds for more information.

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Fee Analysis: Research conducted by SuperRatings Pty Ltd, holder of Australian Financial Services Licence No. 311880 at the request of OPC. For a copy of the latest SuperRatings research, click here (PDF 146kB) or call 13 12 87.

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The investment mix is selected based on the member’s decade of birth.

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