10 Essential Retirement Planning Strategies to Boost Your Super

Most Australians head into their final working years wondering, "Have I actually done enough?"

The truth is, many people leave money on the table simply because they aren't aware of the rules. The difference between a standard super fund and an optimized one can mean tens of thousands of dollars in tax savings and a retirement nest egg that lasts years longer. If you're new to super, start with our Getting Started with Superannuation guide.

In this guide, we break down the 10 most effective retirement planning strategies used by financial advisers to help clients retire with confidence.

1. Salary Sacrifice

This is the "bread and butter" of boosting super. You ask your employer to redirect a portion of your pre-tax salary into super instead of paying it to you as wages. Learn more about salary sacrifice on the ATO website ↗.

• Why do it? You likely pay between 32.5% and 47% tax on your wages. Inside super, that money is generally taxed at just 15%.
• The Catch: You can't access the money until you reach preservation age ↗ (usually 60) and retire. It also reduces your take-home pay today, so you need to budget carefully.

2. Personal Concessional Contributions

Similar to salary sacrifice, but you manage the cash flow. You transfer a lump sum from your bank account into super and then claim a tax deduction ↗ for it at tax time.

• Who is this for? Employees who don't want to adjust payroll, or self-employed people.
• Critical Step: You must submit a "Notice of Intent to Claim" form to your fund and get an acknowledgement before you do your tax return or move the money.

3. Unused Concessional Contributions (Carry Forward)

This is often the most underutilized strategy. If your super balance was under $500,000 (at June 30 of the previous year), you can "carry forward" unused cap amounts ↗ from the previous five years.

4. Non-Concessional Contributions

These are contributions made from after-tax money (savings). You don't claim a tax deduction, so you don't pay the 15% entry tax.

• Why do it? Once the money is in super, investment earnings are taxed at a maximum of 15% (or 0% in pension phase), which is usually much lower than investing in your own name.
• The Cap: Generally $120,000 per year ↗.

5. The Bring Forward Rule

Need to move a large lump sum quickly? The "Bring Forward" rule allows you to trigger three years' worth of non-concessional caps at once.

• The Limit: You can contribute up to $360,000 in a single year (provided you meet eligibility criteria).
• Best For: People who have just sold a property or received an inheritance.

6. Transition to Retirement (TTR) Pension

This strategy allows you to access your super while you are still working (once you've reached preservation age). Learn more about TTR pensions on Moneysmart ↗. Also see our guide on Accessing Super at 60 for more details on conditions of release.

• How it works: You swap a portion of your highly-taxed salary for tax-effective income from your super.
• The Benefit: It can help you pay off debt, boost super via salary sacrifice, or simply afford to work fewer days a week without a pay cut.

7. Account-Based Pension

The "Holy Grail" of retirement. Once you retire (or turn 65), you convert your super into this pension phase ↗.

Read our detailed guide on Accumulation vs Pension Phase to learn more.

8. Recontribution Strategy

This is an advanced strategy to reduce "Death Taxes." Adult children paying tax on your super inheritance can lose up to 17% + Medicare levy on the taxable component.

9. Spouse Contribution Tax Offset

If your partner earns less than $40,000 p.a., you can contribute up to $3,000 to their super fund and receive a tax offset ↗.

10. Downsizer Contribution

Sold your family home? If you are aged 55+ and have owned the home for 10+ years, you can contribute up to $300,000 (per person) into super via the Downsizer contribution ↗.

Summary

Retirement planning isn't just about saving; it's about structuring. Whether it's using the Bring Forward Rule to invest an inheritance or using a TTR Pension to ease into retirement, the right strategy can significantly change your financial future. Use our Super Growth Calculator to see how your super could grow.

However, rules around caps, ages, and tax are complex. One wrong move (like triggering a cap too early) can cost you. Don't fall into the "Do Nothing" trap — take action to ensure your super is working for you.