Boosting your savings

Are you on track to reach your retirement goal? If not, it's never too late to take action and boost your super savings. Find out more about your options and the right strategy to help you increase your retirement savings, even if you're close to retirement.

Boost your savings

Due to Media Super merging with Cbus, Media Super Pension accounts have closed and been moved to a Cbus Super Income Stream.

We appreciate change can bring uncertainty. Please be assured all practical pension product options were scrutinised for benefits and the need to act in the best financial interests of our members.

For members with an existing Media Super Pension account, your benefits have been transferred to a new Cbus Super Income Stream and will continue to provide you with a regular pension payment. You will also enjoy additional benefits, such as:

Fortnightly payments in addition to monthly, quarterly, half-yearly and yearly options

Additional flexibility on how payments are drawn down from investments

Retirement Spending Planner and Cbus Advice Team.

Named Money Magazine’s Best Pension Fund for 2022, you’re in great hands with Cbus.

The information on this web page relates to the Cbus Super Income Stream (SIS)

A critical step in planning for retirement is  knowing how much money you need to live your desired retirement lifestyle. Once you have a goal, you can use the  Retirement Income Calculator to check how you're tracking.

If you're on track, great! If not, it's never too late to take action and boost your super savings.

There are several options to consider depending on your income, circumstances and how long you have until you plan to retire.

Additional contributions

Regular additional contributions are a great way to boost your super balance. These can be made:

  • Before tax, known as salary sacrifice, and
  • After tax, or non-concessional contributions

Salary sacrifice contributions

Salary sacrifice contributions

Salary sacrifice for your super

Salary sacrifice is an easy way to make extra payments into your super.

Your employer agrees to redirect a portion of your before-tax salary into your super account. It’s generally worthwhile considering if your income is over $37,000.

Benefits of salary sacrificing

1. Lower tax rate

If you make super contributions through a salary sacrifice, these contributions are taxed at a maximum of 15%.

When super is paid from your pre-tax salary, your taxable income is lowered. And the higher tax bracket, the less tax you pay on the money that's salary sacrificed to super.

2. Super Growth

Over time, you'll enjoy the benefit of compounding returns in your super fund. And as your super grows over time, you'll see how even little extra contributions now, can mean a lot to your savings at retirement.

To learn more about salary sacrifice, read this form

After-tax contributions

You can pay money that’s already been taxed, straight into your super account. If you have a little extra from your take home pay, additional savings or an inheritance, you can make non-concessional contributions to boost your superannuation.

Benefits of making after-tax contributions:

1. Boost your super

Even a small amount each week can add up and make a big difference at retirement time.

2. Potential tax benefits

You may be able to claim a tax deduction for after-tax contributions. This could also reduce the amount of income tax you have to pay during tax time. .

Be aware, there is a cap on the number of contributions that can be made.

3. Government co-contribution

If you earn less than $56,112 per year, you may be eligible to receive a Government co-contribution of up to $500. There are also other eligibility requirements that must be met.

Any amounts claimed as a tax deduction would not be eligible for co-contribution. Find out more on the ATO website.

Find out more about making additional contributions.

Downsizer contribution

If you’re 65 years or older, and meet the eligibility requirements, you may be able to make a downsizer contribution of up to $300,000 to your super from the proceeds of your home.

Find out more about the downsizer contribution.

Spouse Contribution

If you choose to boost your spouse’s super by making a contribution for them, you may be eligible for a tax offset of up to $540 per financial year. You can claim a tax offset if eligibility requirements are met, this includes your spouse earning less than $37,000 or is not working. The offset gradually reduces for incomes above $37,000 and completely phases out when your spouse’s income reaches $40,000.

Are you eligible?

  • You may be entitled to claim a tax offset if:
  • You did not claim a tax deduction for the contributions
  • Both you and your spouse were Australian residents when the contributions were made
  • You and your spouse were living together on a permanent basis when contributions were made
  • Your assessable income and total reportable fringe benefits was less than $40,000 per year
  • Your spouse has not exceeded their after-tax (non-concessional) contributions cap and their total super balance is less than $1.7 million for the 2021/22 financial year
  • The contribution was made to a complying super fund,

Download our  Spouse contributions form (PDF).

Changing your investment option

Depending on how long you have until you plan to retire, you may want to consider changing your investment option. It's always a good idea to speak to our team before making an investment switch. If you’re nearing retirement, you want to ensure you're choosing the investment option that's right for you.

Find out more about more about your investment options.

Consolidating your super into a single account

If you've changed jobs a few times or worked as a freelancer, you may have multiple super accounts. Each super account will likely have administration and investment fees attached to it, which means you could be paying fees for multiple accounts. Over time, fees and premiums will eat away at your savings. It's worth taking the time to consider consolidating your super into a single account to stop paying extra fees. We can also help you locate any lost or unclaimed super you may have.

Learn more about consolidating your super

We’re here to help

Call and speak with an adviser today. It’s at no additional cost and our advisers can help you understand your options, what you need to consider before making any changes and provide a personal recommendation on topics like which investment option to choose, super contributions or starting a Super Income Stream. Advice Services are ready to take your call from 8:30am to 6pm Monday to Friday (AEDT/AEST), Call us on 1800 640 886 (option 4) to get the ball rolling.