05 June, 2023

Under 30? Here’s 5 things you should know about super.

Even though retirement may seem far away, the earlier you can wrap your head around how super can benefit you, the more benefit you'll see.

Here are five key aspects every under 30-year-old should know about their super, including insurance, investment options, understanding the basics, contributing, and keeping track:

WeMoney best super fund for young Australians finalist logo

Disclosures and Important information

Awards and ratings are only one factor when deciding how to invest your super.

WeMoney – Spirit Super has an agreement with WeMoney permitting it to use the WeMoney logos, and for WeMoney to promote Spirit Super’s recognition through the WeMoney Awards. Read about the award methodology at


1. Understand the basics

You may only know about super from your pay slip and have no idea what it actually is, don't panic! You're not alone, and it's easy to get informed. Let’s get started right now:

Superannuation, or 'super', is a long-term savings plan designed to support you during retirement. The best bit about this long-term savings plan? You legally can’t access it until you reach retirement age, so you can’t just get it out to go on a spur-of-the-moment shopping spree.

In Australia, your employer is legally obligated to contribute a percentage of your salary (currently 10.5% as of the 2022-23 financial year) into a super fund. This mandatory contribution is known as the super guarantee (SG). Your super is then invested by your chosen fund, with the earnings reinvested to grow your savings over time.

Want to learn more? Head over to our super section to continue your journey. 

Infographic showing what to consider when choosing your investment option


2. Explore investment options

Super funds typically provide you with a range of options for investing your super, ranging from more conservative to high growth options. As a young worker, you may want to consider a growth-oriented investment strategy, as you have more time left before you retire. High Growth options can have a higher return over a longer period (returns of 8.86% over 10+ years) versus a conservative (4.49% over 10+ years) or balanced (7.7% over 10+ years) investment option. 

Assessing your risk tolerance and aligning your investment choices is essential. Take the time to research and compare investment options to ensure you make informed decisions that suit your unique circumstances. If you're unsure, you can read more about investment risk here or if you’re a member, have a quick chat with one of our Superannuation Advisers.

If you’re with Spirit Super and you don’t make a choice, you’ll automatically be put in the Balanced (MySuper) option, which may mean you’re missing out on some higher long-term returns that you could have made if you were in a Growth option. 

Man holding a mobile phone displaying Spirit Super member online home screen


3. Get to know your insurance options

Once you have over $6000 in your super account, you will most likely be eligible to have insurance through your super. 

Insurance through your super covers you for total and permanent disablement, income protection (in certain circumstances), terminal illnesses and even death. These insurance policies can offer valuable financial support in case of illness, injury, or death. There are certain eligibility criteria for insurance through super so it’s worth checking to see if you have insurance and, if you do, review your insurance options and ensure the coverage is appropriate for your needs. 

If you're a Spirit Super member, it's easy to see your insurance by logging in to Member Online or downloading our app.

Bar graph showing super contribution statistics. Super guarantee makes up twice as much as personal contributions, and ten times as much as salary sacrifice.


4. Boost your super by contributing

Getting the most out of your super starts with understanding the different ways to contribute to it. While your employer's SG contributions (remember, we talked about these earlier) lay the groundwork, you can further build your super by making additional contributions. There are two primary methods: before-tax and after-tax contributions. 

Before-tax contributions (also called Salary Sacrifice, which sounds bad, but it’s actually not) means that you arrange with your employer to pay some of your pre-tax salary into your super. This can be quite a tax-effective way to save. 

After-tax contributions are made from your take-home pay. Both before-tax and after-tax contributions are subject to annual limits. You can read more about this here.

Making extra contributions now can lead to significant growth in your retirement savings due to the power of compounding interest.

Bar graph showing around 80 percent of people 25 years and under have only one super account.


5. Consolidate your super accounts

If you've had multiple jobs, you may have unintentionally ended up with multiple super accounts. This can lead to paying multiple sets of fees, which can seriously impact your super balance in the long run. Consolidate your accounts by rolling over your super into a single account. 

By learning the basics, exploring investment and insurance options, contributing to your super, and keeping your super in the one place, you can secure a comfortable financial future. Embrace these tips and make the most of your super journey!

Of course, if these tips are a little overwhelming (I mean you've got a lot on), you can always ring our friendly contact centre for a pain-free chat about your options and your future.

Ready to get started? You can download the Spirit Super app today. 


Ready to get started?

Download the Spirit Super app and manage your account on the go! Available on the App Store or get it on Google Play.

We're giving you this information in good faith. It comes from sources we think are reliable and helpful. However, we can't guarantee its accuracy and accept no liability for content provided by external websites.


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