How to make the most of your super
For many Australians in their 50s and early 60s, superannuation is no longer just a tax-effective savings vehicle — it’s the cornerstone of their retirement strategy. But while most know they should be doing more with their super, very few feel confident that they’re making the most of it.
This article outlines four key ways to make your super work harder — while there’s still time to make a real difference.
The Challenge: Time is Finite - So Are Your Contribution Opportunities
As retirement approaches, your ability to reshape your financial future begins to narrow. That’s why these final working years are critical — they offer a unique window to:
- Maximise your contributions (while you still can)
- Optimise your investment strategy
- Reduce your future tax liabilities
The good news? A few well-considered decisions today can significantly improve your financial options tomorrow.
1. Understand the Contribution Rules - and Use Them to Your Advantage
The government puts limits on how much you can contribute to super each year, but those limits are often under-utilised. Depending on your circumstances, you may be eligible for:
Concessional contributions (up to $30,000 p.a.): Typically salary sacrifice or personal deductible contributions, these reduce your taxable income.
Catch-up concessional contributions: If you haven’t used your full concessional cap over the past five years and your super is under $500,000, you may be able to contribute more.
Non-concessional contributions (up to $120,000 p.a. or up to $360,000 using the bring-forward rule): These don’t reduce your taxable income, but they grow tax-free inside super.
The key isn’t just knowing the rules — it’s knowing which strategy fits your broader plan.
2. Revisit Your Investment Mix — Especially as Retirement Nears
Many Australians leave their super in default options for decades. But as retirement approaches, your investment mix should evolve.
Ask yourself:
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Are you still accumulating, or will you soon be drawing income?
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Do you need growth, income, or preservation?
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How would your portfolio respond to a market downturn in the next 12–24 months?
Strategic asset allocation matters — not just for performance, but for peace of mind. And generic advice often falls short. Your investment strategy should reflect your risk appetite, timeline, and goals.
3. Consider the Tax Implications of Staying Outside Super
Holding wealth outside of super can have tax consequences that erode your returns over time.
By contrast, superannuation offers:
- 15% tax on earnings while accumulating
- 0% tax in pension phase (with pension account balance limits)
- Estate planning advantages, if structured correctly
For many, shifting surplus capital into super can create a more tax-efficient structure — but timing, caps, and age limits matter.
4. Align Your Super Strategy with Your Retirement Plan
Super is not just a savings account. It’s a tool to fund the lifestyle you want. That means thinking beyond balances and returns:
- When do you want to make work optional?
- What income will you need?
- How do you want to draw that income — lump sums, regular payments, or both?
- Should your super be in an industry fund, retail fund, or do you need a self-managed option?
The answers shape not just your financial strategy — but your future.
Final Thought: It’s Not About Having the Most. It’s About Making the Most of What You Have.
Most Australians don’t need millions to retire well. But you do need a smart, considered plan.
Super is one of the most powerful tools available to Australians — and when used wisely, it can give you flexibility, tax efficiency, and peace of mind for decades to come.
If you’re unsure where to start, we can help
At Bensons Wealth, we specialise in retirement strategies that makes the complex simple — and the future more certain.
Let’s talk about how to make your super work harder, sooner.