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How to help your super grow faster

Super is money from your employer and your own savings you can use when you retire. As you earn an income it keeps growing a little at a time. But if you want to set yourself up for more choice for your life in retirement, there are two ways to help your super savings grow faster.

Super booster #1: save more

When you earn income, your super gets paid by your employer as a percentage of your salary. That’s something they are legally required to do and that’s why it’s called the superannuation guarantee. But your super savings don’t have to be limited by what you earn. You can make personal payments into super and there are a few different ways to do this.

Super booster #2: invest smart

Choosing how to invest your super is another step towards helping your savings grow. When you join a super fund, if you don’t choose how to invest your super, any savings you already have, and any new payments into your account, will be invested in a standardised investment option, known as MySuper. This might be ideal for your life stage and the type of investments you feel comfortable with. But most super funds offer a whole range of investment options and there might be one that is a more appropriate choice for getting the most from your super savings or if you want to play a more active role in your investment decisions.

Get motivated to save

Saving a little extra in your super now can make a big difference to your future income. But this can be hard to get your head around when it’s money you won’t get to spend until you retire. Here are four things to think about when it comes to saving as a way to grow your super:

  • Super is your money

It’s important to think of super as part of your net worth, just like any other savings account or the $50 note in your hand. Finding out how much super you actually have is a good way to remind yourself that it has real value, even though you usually need to wait until retirement to access your super.

  • Even small savings count

Another way to get motivated to save is to look at the difference your extra savings can make in 30, 20 or even 10 years’ time. See how a head start can help you reach your super goal and find out more about the big changes small savings can make for your super.

  • Super isn’t everything

Choosing to save more super can be hard if you feel like you’re struggling to make ends meet or you’re saving for something that’s really important, here and now. So you need to think about your other money priorities before choosing to make extra payments into your super.

  • Extra super can save on your tax

Making extra payments into super up to a certain amount each year could actually see you pay less in tax. So you get to put more money into retirement savings.

Get educated to invest

When it comes to investing super, knowing how to choose between all the options is a major hurdle to get over. And there are a lot of different things to consider when you’re investing your super, from the time it will be invested to the amount of risk you’re comfortable with or what is suitable for your life stage.

Take a closer look

Cass starts saving an extra $100 each month from age 25. Her friend Sunita starts her extra savings into super from 45. If the two friends earn the same throughout their career and keep saving at the same rate, Cass will have a super balance of $560,488 and Sunita will have a super balance of $521,198. Cass will have a super balance that’s $39,290 higher when they both retire at age 65.

Choosing to save a little more into super now will see your money grow much more over time. And thanks to the magical multiplying effect of compounding interest, every extra dollar added to your super savings is another dollar that can earn even more towards your final balance.

The interest or investment returns your super is earning are also going to be reinvested and earn more for your super. As this example shows, a 20 year head start on saving extra into super has earned Cass an additional $15,290 in investment earnings form her super savings up to age 65. Around 60% of her extra balance at retirement comes from her savings and around 40% comes from the earnings on those savings.

Source: MLC

Hardik Gupta

Senior Paraplanner

Education: Master of Business Administration (Finance & marketing) & Bachelor of technology (B.tech)

Hardik is a financial professional with an MBA in Finance and extensive expertise in financial planning. As a Senior Paraplanner, he brings a wealth of knowledge and a deep commitment to helping clients achieve their financial goals.

With significant experience in the financial industry, Hardik excels in creating detailed financial plans, performing comprehensive financial analyses, and supporting financial advisors with client portfolio management. His strong background in finance provides him with a robust understanding of market dynamics, investment strategies, and risk management, enabling him to deliver tailored solutions that align with each client’s unique needs.

In his free time, Hardik enjoys spending quality time with his family, biking, playing snooker, and exploring new culinary delights through cooking.

Mayank Manta

Team Leader

Master’s of Commerce & Bachelor of Commerce

Mayank has 8 years experience in the Financial Services industry, with extensive understanding and in-depth knowledge of Financial Planning.

Mayank enjoys systems and numbers, ensuring that every step that needs to be followed gets done and every step that is unnecessary be removed from the process. Being an open, honest and naturally empathetic person, Mayank goes out of his way to ensure that clients, family and friends are happy and content. In his free time, Mayank enjoys spending quality time with my family, creating lasting memories with the people who matter most to him.

Another activity he enjoys is travelling – exploring new places and experiencing different cultures is something that excites him.

Jack Wyer.

Financial Adviser

Bachelor of Business – Major, Financial Planning

Jack Wyer is a Financial Planning Graduate who has recently commenced his Professional Year with Verity Wealth Solutions. With a Bachelor’s Degree in Business, Majoring in Financial Planning, Jack has demonstrated high achievement, receiving merit awards in both 2021 and 2022. Jack’s passion for helping others and his desire to see others succeed financially have been the driving forces behind his chosen career pathway.

Driven by his passion for financial well-being and his innate ability to connect with others, Jack is dedicated on making an impact on the lives of others. Through his expertise, empathy, and commitment, he strives to empower people to achieve their financial goals.

Alongside his financial planning endeavours, Jack finds joy in spending quality time with friends and family and wants to slowly visit new countries along the way. Jack is also an avid Soccer player, actively playing for a local team. When it comes to supporting a team, Jack goes for Tottenham in the English Premier League.

Jack Wyer’s Adviser Profile