Maximise your balance at retirement

Contribute as much as you can, as early as you can and make the most of tax concessions.

Research has shown that saving for retirement using only compulsory employer (Super Guarantee) contributions will not be enough for most people*.

* Source: Adequacy and the Australian superannuation system, Deloitte Australia, June 2014

Options you may want to consider

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  1.  Contributions

    There is no limit on the amount of super you can receive tax-free in retirement, so it may be worth putting as much money into super as you can (within government contribution limits), to get more tax-free income in retirement. You may even consider the sale of an asset to increase your super with a big post-tax contribution.

    Use our pre-tax vs. post tax contribution calculator to compare these contribution types and show you the impact on your take home pay.


    learn more about the benefits of contributing to your super

  1.  Transition to Retirement income streams

      If you have reached your preservation age and still working, a Transition to Retirement income stream could work for you. With this, you contribute as much as you can to super pre-tax (within government contribution limits) and top up your income from a tax effective retirement income stream.

    find out more about Transition to Retirement.


  2.  Tax savings

    The tax savings of super are not limited to contributing – investment earnings are tax-free in a retirement income stream (like Telstra Super RetireAccess), compared to 15% in an accumulation super account.

    Tax on investment earnings in super or a retirement income stream


     compare the tax savings on investment earnings gained from investing in super versus investing outside of super.

            Tax savings on contributions

    Do you know how much income tax you pay? (If not, see individual income tax rates from the Australian Tax Office.) As you pay only 15% on contributions to super, if your Marginal Tax Rate (MTR) is above 15%, you could contribute to super and pay less tax.

  3.  Use government programs to your advantage

    There is a variety of government initiatives designed to help Australians save for their retirement, such as contributions splitting, government co-contributions and the low income super contribution. Here we explore some.

    Tax break for spouse contributions
    The government offers a tax break (or ‘tax offset’) to reward members for making contributions to their spouse’s (partner’s) super account if the partner is considered to be a ‘low income earner’.

    Use the Spouse tax offset calculator to see if you could benefit.


    Government co-contributions
    The government will make an extra contribution for eligible members who earn under a certain limit per year and top up their super.

    Use our Government co-contribution calculator to work out what you could receive.


    Contributions splitting
    Contributions splitting enables you to share your super with your eligible spouse now, as you save, rather than waiting until you are about to retire.

    learn about contributions splitting.

    Low income super contribution (LISC)
    The LISC is a government superannuation payment of up to $500 to help lower-income earners save for retirement.

    find out more about the LISC from the Australian Tax Office LISC for individuals page.

    Know your pre-tax and post-tax contribution limits
    There are limits to the amount of pre-tax (concessional) and post-tax (non-concessional) contributions you can make to your super each year; monitoring and knowing these limits could help you avoid additional tax.

    read our Contribution limits factsheet for more information.

Plan, plan, plan

Careful planning can help you get the biggest possible balance at retirement. Telstra Super Financial Planning can provide expert advice on maximising your retirement balance, so give them a call when you start your retirement planning.

To discuss your advice needs, call Telstra Super on 1300 033 166 or request an appointment online.

Financial advice for all stages of life
Young professionals Couples and families Planning to retire Retirees