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Home Enquiring Minds Time to review your super

Time to review your super

legalsuper 19 Mar 2021
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For many Australians, superannuation represents their largest financial investment aside from their home, largely due to the benefits of compounding interest.

Now is a good time to review your super and contributions - so you can plan for the last few months of the 2020/21 financial year.

Acting on your super now

The importance of when you start investing in super can outweigh how much you invest. A little bit earlier on can mean a lot later.

Before-tax contributions

Each financial year, you are entitled to contribute up to $25,000 to your super in the form of concessional (pre-tax) contributions. These contributions usually consist of Super Guarantee (SG) payments from your employer, and any salary sacrifice payments you make. Or, if you’re self-employed, you might be paying your own super.

After-tax contributions

You might also want to consider making additional non-concessional contributions above the $25,000 concessional cap to your super this financial year. The current non-concessional after-tax contribution cap is $100,000 for each financial year. 

You can find more information about contribution limits, including the bring-forward and carry-forward rules here: legalsuper.com.au/contribution-limits.

All contributions to super enjoy the benefit of compounding interest over time. With every contribution, you take one more step towards financial security in retirement.

Planning for your future

It’s easy to put off thinking about retirement planning, especially if thinking about it conjures up feelings of apprehension and anxiety.

A little bit of preparation and a helping hand can go a long way in ensuring you’re emotionally and financially ready for the road ahead.

There are a few steps you can take to kick-start your peace of mind.

  1. Understand your time horizon and retirement needs
  2. Set some goals
  3. See how your tracking
  4. Plan your strategy

Once you have the information you need, you can start to look at any lifestyle or contribution changes required to get where you want to be.

Is it too late?

If you aren’t feeling confident, you’re not alone – it’s good to know it’s never too late. There are various strategies to make the most of any situation.

One approach to consider is a ‘Transition to Retirement’ (TTR) strategy.  A TTR strategy allows you to open an 'account-based pension', from which you can withdraw a regular income, keeping the majority of your superannuation invested and working for you.

It can be effective for those seeking to supplement part-time work income or simply to tax-effectively boost retirement savings.

Hands-on support

legalsuper remains committed to providing personal support through its national team of highly experienced Client Service Managers. There is no consultation fee.

Our team offers one-to-one general advice regarding all things super, including:

  • contributions and investment options;
  • retirement strategies
  • insurance and beneficiaries;
  • tailored workplace events and seminars;
  • SMSF pros and cons
  • streamlining your super admin; and more.

Send us a message for some hands-on assistance reviewing your super ahead of the end of the financial year.

Send us a message


 Legal Super Pty Ltd ABN 37 004 455 789 is the Trustee of legalsuper ABN 60 346 078 879 and holds Australian Financial Services Licence No. 246315 under the Corporations Act 2001.

This is general information only and does not take into account your individual objectives, financial situation or needs. It should not be considered personal advice. Before taking any action, you should consider whether it is appropriate to you, having regard to your objectives, financial situation and needs. You should obtain a copy of legalsuper’s Product Disclosure Statement (PDS) which is available by contacting legalsuper or via legalsuper.com.au before making a decision. Past performance is not a guide to future performance.


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