Rebuild your super after COVID-19

Has your super taken a hit?

If COVID-19 has impacted your finances, you’re not alone.

3.5 million Australians1 accessed their super early to help alleviate financial stress caused by shutdowns and job losses, including more than 10,000 Media Super members.

Around 1 million people lost their jobs in Australia in 2020, meaning they weren’t receiving any super contributions. Many people saw their hours drastically cut and only received lower or irregular contributions. Lots of freelancers and self-employed workers were unable to make their usual super contributions.

Unfortunately, withdrawing some of your super early or having a break in super contributions has impacted your retirement balance. But there are simple steps you can take to help rebuild the super you withdrew and boost your balance, no matter your age.

Consolidate – get all your super together in one account

Consolidating your super into one account is an easy but powerful step to help you boost your retirement savings.2

Combining your super into one account eliminates multiple sets of fees and possibly insurance premiums. Plus, with all your super in one account you’ll maximise the power of compound interest. It’s also easier to keep track of and manage just one account.

Finding and combining your super accounts is easy and only takes a few minutes online. Get started by logging into your account and head to the ‘Find My Super’ page.

Visit the Consolidating your super page for more info.

Make extra contributions – every dollar makes a difference

Whether you’re rebuilding the super you withdrew, or making up for a break in contributions, extra payments is a great way to grow your balance. And it can also potentially reduce your tax.

You can easily change your additional contributions depending on your circumstances now and in the future.

There are two types of super contributions:

  • Before-tax (known as concessional), which includes your employer contributions (Super Guarantee) and salary sacrifice
  • After-tax (known as non-concessional).

Depending on your income, if you make additional after-tax contributions you might be eligible to receive a co-contribution from the Federal Government.

Set up a regular contribution

You’d be surprised how much difference even a small additional contribution per fortnight can make over your working life. The younger you are, the greater the benefit of extra contributions will be by the time you retire, as your balance grows with the power of compounding interest.

Browse our Contribution calculator

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Based on a 30 year old with an annual income of $50,000 before tax, with a starting balance of $25,000, making additional contributions via salary sacrifice, retiring at age 67. (Industry SuperFunds ‘Add extra to your super’ calculator,

Use the ‘Add extra to your super’ calculator to see the impact of different contribution amounts and figure out which contribution type (or combination) will give you the biggest boost.

Make a one-off contribution

One-off after-tax contributions are a great option for freelancers and self-employed members, or if you’re working short-term contracts where you don’t receive employer contributions. You may also want to consider using some of your tax return to boost your super.

Recontribution of COVID-19 early release superannuation amounts

This measure allows you to recontribute to your super up to the amount you withdrew early without it counting towards your annual after-tax contributions cap. These recontributions can be made between 1 July 2021 and 30 June 2030.

You can choose to access the measure by completing and sending us the  ATO’s approved form. If you aren’t approaching your annual after-tax contributions cap, it may not be necessary to complete the form. You should consider whether this is right for your situation and you may want to consult a financial adviser or tax agent.

To learn more about the recontribution measure and eligibility criteria, head to the Recontribution of COVID-19 early release payments page or contact us.

Consider spouse contributions

If you’re part of a couple and earn less than $40,000, you could consider spouse contributions. These can help boost your balance and your partner may also be able to receive a tax offset.

Getting started

Find out more about making contributions, different contribution types, annual contribution caps and tax implications. Then use the calculator or call the Helpline to explore your options.

Depending on your situation, making extra contributions might not be an option right now, and that’s ok. For now, understand your options and when you’re ready we’ll be here to help find the best strategy for you.

Consider your investment options

Your investment choices can have a significant impact on your super balance when you retire. Depending on your age, how long you have until you plan to retire and your tolerance for risk (among other factors), you may want to consider a more growth-oriented investment option, such as the Growth or High Growth options, to maximise your balance by the time you retire.

Get started by reading our helpful  guide to choosing an investment option and taking the risk profile questionnaire.

Then take a look at the Investment Guide for full details about our investment options and which might suit your needs.

Don't feel you have to make these decisions alone. Advice Services can help you work through all the questions you need to consider, before you change how your super's invested.

When you’re ready to switch,  log in to your account and head to the ‘Investment’ page.

Downsizing your home? Put the money into super

If you’re over 55 and downsized your home, you may be able to contribute up to $300,000 to your super from the proceeds of the sale. This is an excellent option for boosting your super balance if you’re close to retirement.

Find out more about how the downsizer contributions works and the eligibility criteria.

Check your insurance cover

If you accessed your super last year and your balance became insufficient to pay your insurance premiums, your cover may have been cancelled. Adequate insurance cover is an important part of your financial wellbeing. However, please consider the potential impact insurance premiums may have on your super balance over time.

You can check your current insurance cover by  logging into your account . If your cover has been cancelled, you can always reapply for cover.

Find out more about your insurance options through Media Super.

1. APRA COVID-19 Early Release Scheme weekly reporting – Issue 36 (

2. Before making a decision to combine your superannuation, you should consider any costs, change to insurance cover or loss of benefits that may apply and, if necessary, consult a qualified financial adviser.

We're here to help

We can help you with any questions you might have about contributions, investment options or your account generally.