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Grow your super

Education HUB article

8 minute read

Grow your super with these five tips

It may seem like forever before you can get your hands on your super. But that doesn’t mean you should ignore it. Here are our top tips on how to grow your super.
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Intro to super
Intro to super

Super matters. Superannuation. What is it?

Super is a way of saving for your retirement.

Its money put aside now, that’s invested over time, and returned to you when you retire.

Everyone’s retirement goals are different.

Your retirement goal may be simple or extravagant.

As long as you feel secure and comfortable when you’re no longer working.

If you’re over 18, super guarantee contributions are compulsory, which means your employer must pay a percentage of your earnings into your super account. For most of us, this is 10.5 percent on top of your salary.

Despite the fact you generally can’t access your super until you retire,

It is still your money, and you have control over how it’s invested.

So, get to know your super, and ask about your options

Because the choices you make today can do great things for your future.

Visit for everything super.

1. Know where your super is being paid 

Most of us have a super account. But not everyone knows where their super is being paid. If you’re unsure, it’s easy to find out. Just ask your employer or check your payslip.

Once you find out, call your super fund, and register for online access. That way you can track how much super you have. You’ll also be able to see how you are progressing towards your retirement goals.

There are a number of ways to figure out how much income you’ll need when you finish working. Check out the MoneySmart superannuation calculator and start planning.

2. Check if you have multiple super accounts

If you have had more than one job, you could have more than one super account.

Consolidating your funds into the one super account can help to grow your super by minimising the fees you are paying. Over time, this adds up! Just make sure that before you consolidate, you check how the transfer may impact your current benefits such as insurance cover. 

If you’re unsure how many accounts you have or need help combining them, our article on consolidating your super can help you.

3. Keep the one super fund when you change jobs

When you change jobs, it’s tempting to join your new employer’s default super fund. If you’d like to stay with the same fund, you can. It’s as easy as asking your new employer to pay your super into an account you already have.

All you need do is complete a choice form with your fund member details and hand it to your employer.

Changing employment doesn’t have to mean changing your super. And keeping the same super account is one of the simplest and easiest ways to grow your super.

4. Assess your fees

It’s important to know what fees you’re paying. With super, every dollar counts.
So, if your super fund is charging you high fees, it may be time to consider changing funds.

Minimising fees will help to grow your super. Just think about what you can spend that money on when you retire instead!

To find out how much you are paying – look at your latest super statement. Need some help working out if you are paying too much? A Wealth Specialist can help.

5. Understand how your super is invested

With super, you’re in it for the long-haul. How your super is invested today, can significantly impact how much income you will have to live on during retirement.

Typically, super funds offer a mix of options for you to invest your money in. These options range from higher risk (growth) options, to more conservative (defensive) options. Your statement or online account will show you how your super is invested.

Generally, the further you are from retirement, the more risk you can take on. And with higher risk, may come higher rewards.

You can read more about investment strategies and what may suit you by visiting our Education HUB.

A Wealth specialist can help guide you. Make an enquiry today. 

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Things you should know

Bendigo Superannuation

Bendigo Superannuation Pty Ltd ABN 23 644 620 128 AFSL 534006 (Bendigo Super) is the trustee and issuer of Bendigo SmartStart Super and Bendigo SmartStart Pension (products). Bendigo Super is a wholly owned subsidiary of Bendigo and Adelaide Bank Limited ABN 11 068 049 178 AFSL 237879 (Bank). Each of these companies receives remuneration on the issue of the products or services they provide, full details of which are contained in the relevant Product Disclosure Statement (PDS). Bendigo Super, the Bank and its related entities do not guarantee the repayment of capital invested, the payment of income or products’ investment performance. An investment in these products does not represent a deposit with, or liability of Bendigo Super, the Bank or its related entities. The Bank does not stand behind or guarantee the performance of Bendigo Super in its capacity as trustee and issuer of the products. Bendigo Super is not an authorised deposit-taking institution within the meaning of the Banking Act 1959.

Information on the website is subject to change without notice. Any advice in relation to superannuation is provided by Bendigo Super. The information contains general advice only and does not take into account your personal objectives, situation or needs. Before making an investment decision in relation to these products you should consider your situation and read the relevant PDS accessible through this site.

Bendigo and Adelaide Bank acknowledges Aboriginal and Torres Strait Islander peoples as the First Peoples of this nation and the Traditional Custodians of the land where we live, learn and work. We pay our respects to Elders past and present as it is their knowledge and experience that holds the key to the success of future generations.

Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable Disclosure Documents before acquiring any product described on this website. Please also review our Financial Services Guide (FSG) before accessing information on this website. Information on this page can change without notice to you.

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