GESB - Add to your super

Add to your super

To enjoy a comfortable retirement lifestyle, you'll need to accumulate as much super as possible. In fact, you should plan for your retirement income to be about 70% of your pre-retirement income. Your employer contributions are not likely to result in this much superannuation, so the best way to grow your super is to make your own voluntary contributions.

The benefits of adding to your super

With changes to the super industry, the Commonwealth Government now offers even more incentive to save for your retirement, including more flexibility, tax benefits and the Super Co-contribution. Other benefits of adding to your super include:

You can top up your super when you have extra money (e.g. a bonus).
You may be eligible for Commonwealth Government Super Co-contribution.
You may be able to make a salary sacrifice arrangement with your employer and pay less income tax.
GESB charges no fees to make your own contributions.
Making even a small contribution now can add up to a lot by the time you retire.

How to add to your super

Adding to your super is easy and can make a big difference to the amount of money you have when you retire. To add to your super, you can:

Make regular personal after-tax contributions - these are also known as non-concessional contributions and can be arranged through your employer by completing a +Some form.
Make lump sum contributions - if you're making a contribution of $20 or more, you can pay by online or over the phone using BPAY®. Credit cards are not accepted, but you can also make a lump sump contribution by cheque or money order.
Make salary sacrifice contributions - these are arranged through your employer and can lead to savings on your personal income tax.
Roll over any other previous super funds you have into one account.
Accept contributions from your spouse.

Please note that there are limits on the level of contributions that can be made to superannuation funds.

Before you decide on the best way to add to your super, it is a good idea to seek qualified financial advice.

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Why should you add to your super?

Making additional contributions to your super can make a big difference to the amount of money you have when you retire.

For illustrative purposes the table below shows you how much better off John would be at age 60 if he made regular contributions to his GESB Super (a taxed fund) from age 30, instead of relying solely on his employer contributions.

Relying on employer SG only	$139,500
Plus an additional $20 per week	$207,250
Plus an additional $50 per week	$282,900
Plus an additional $100 per week	$409,000

Based on certain assumptions, if these assumptions change results may differ.

Co-contributions explained

In this GESB tutorial Katrina Sephton, Account Manager, explains what the Commonwealth Government Co-contribution initiative is, and who can qualify to receive a boost from the Government. We also look at a case study to illustrate how taxable income determines the amount the Government will contribute to super and how you can calculate how much you'll be eligible for.

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