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Growing your super after early release. Three steps to take now.

February 5th, 2021

Around three million Australians like you withdrew super last year to the tune of more than $36 billion.

Worried about how this might impact your savings at retirement? Want to understand ways to grow your super balance again? Let’s get things back on track.  

Step 1. Know what you’re working with. 

It’s better to know than to wonder. Check your current super balance and any insurance benefits by logging into your firstonline account or contacting us. 

Whatever you find, it’s okay. You took super early because you needed it for the present. Now we can work on building it back up for the future. 

Step 2. Hold on to your super. 

If your account has $6,000 or less, and there’s no activity for 16 months, it could be closed and your balance transferred to the ATO. Stop this from happening by 

  • using one of the options on our Hold onto your super webpage or 
  • contacting us on 1300 360 988 for help. 

Step 3. Contribute extra to super.  

Consider contributing to super yourself on top of any employer-paid super. You could transfer money from your bank account, or even sacrifice some of your salary. You’ll be surprised at how much your balance can grow by making additional contributions. 

Use the Super Contributions Optimiser to see how extra contributions could boost your super. Or visit the Grow my super section of our website for ideas on how to start contributing more now. 

Make it count 

Remember, super isn’t the only source of income in retirement. It works in combination with the Age Pension and other entitlements to support you. For this reason, even a modest super balance can make a big difference – so make it count.