If having more money in retirement sounds good to you, you might be interested to know that there are more ways than one to top up your super.

Generally speaking, if you earn over $450 a month, your employer should be putting no less than 9.5% of your before-tax salary into your super under the Superannuation Guarantee scheme. Did you know, contributions made into your super don’t have to stop there? There are more ways than one to boost your super savings, which you could start doing at any time.

How you could grow your super further

Salary sacrifice contributions

Salary sacrifice is where you choose to have some of your before-tax income paid into your super by your employer on top of what they might pay you under the Superannuation Guarantee.

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Personal (after-tax) contributions

Personal (after-tax) contributions are made using after-tax dollars, such as when you transfer funds from your bank account into your super. 

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Tax-deductible contributions

Personal (after-tax) contributions are made using after-tax dollars, such as when you transfer funds from your bank account into your super.

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Government co-contributions

If you’ve made an after-tax contribution to your super, you might be eligible for a co-contribution of up to $500 from the government. The Superannuation Co-Contribution Scheme is an initiative that aims to assist low to middle-income earners save for their retirement.

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Spouse contributions

These are contributions you could make into your spouse’s super account, which you may want to do if they’re a low-income earner or not working at the moment. On top of that, you may be eligible for a tax offset of up to $540 depending on how much you contribute. 

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Downsizer contributions

These are contributions you could make into your super at age 65 or over (up to $300,000) using the proceeds from the sale of your main residence, regardless of super contribution limits and restrictions that otherwise apply. 

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What to keep in mind

You can check your AMP super balance by logging into My AMP or by calling 131 267.

Important information

This information is provided by AMP Life Limited. It is general information only and does not take into account your personal objectives, financial situation or needs. It’s important to consider your particular circumstances and the relevant product disclosure statement or terms and conditions, available by calling 13 30 30, before deciding what’s right for you. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you.

All information on this website is subject to change without notice. Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek professional advice before making any financial decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability for any resulting loss or damage of the reader or any other person.