Checked your super recently? No? You’re not alone. We all know there’s plenty we can do to boost our retirement savings, but finding the time to take action is often the biggest hurdle. Luckily, just a few simple checks and quick wins can make a big difference without needing any extra contributions, says Rob Bianchi, (B Commerce 90), Professor of Finance and Director of the Griffith Centre for Personal Finance and Superannuation. So take just a few minutes to read his tips now. Your future self will thank you.
Plan your dream retirement
Ask yourself this question: how much superannuation will you need? The lifestyle you want in your later years will affect how much you need to save, says Rob—so it’s crucial to decide this as soon as possible. “A lot of people think the experts will answer this question for them but, unfortunately, there is no cookie-cutter number,” he says. “It depends on what you’re desiring or trying to achieve in retirement.”
If you plan on enjoying the good life, he points out, you’ll need to squirrel away much more than someone content with a more low-key lifestyle. You should also consider whether you’ll need to pay any rent or mortgage come retirement.
So where to start? Rob recommends looking at the Association of Super Funds of Australia Retirement Standard, a set of benchmarks to help you work out the number you need to aim for.
For example, a single person who owns their home and only wants a ‘modest’ lifestyle could aim for a superannuation balance of $110,000. But for a comfortable retirement—which includes good private health insurance, regular leisure activities and annual vacations—you’d be looking at around $630,000 in your super.
Compare funds, not friends
Many factors will influence your superannuation balance. These include your age, when you started your super, how much you earn (your employer usually pays 12% of your before-tax income into your super fund) and if you have a steady job or a more fragmented career.
No two people will be the same. What you should compare, though, is how your fund is performing compared to others.
“You may be in a super fund that is actually falling behind in terms of its returns,” says Rob. “If you are, it may be a good idea for you to review the fund you’re in and perhaps switch out into another.”
One of the quickest actions you can take today is to check how your fund stacks up against others using the Australian Taxation Office's YourSuper comparison tool. In just a few minutes, you can compare returns and fees across funds and identify whether you're getting value for money.
Don’t play it too safe
Super funds offer a range of investment options, including conservative, balanced and growth funds. All comprise a mix of investments. But growth funds allocate the majority to assets such as shares, property and private equity, while conservative funds mostly invest in defensive assets such as cash and fixed interest.
The funds you go for depend on several factors, such as how willing you are to take risks and, crucially, how many years you’ve got to retirement, says Bianchi.
Conservative funds, for example, are less risky, so might be better for those who will be retiring soon, but usually have less growth long-term. “While it’s conservative in terms of the volatility of returns, you’re exposed to a different type of risk, which is that you’re not accumulating at a rate above inflation,” he says.
For those whose retirement is several decades away, growth funds offer the chance to amass a bigger super pot in the long term.
“With more growth assets in your portfolio you’ll be able to accumulate a higher superannuation account balance over a long period of time,” says Bianchi. “You need to ignore the short-term volatility. Time is your greatest advantage. If you’re a young person with superannuation, this single strategy is probably the most important for you.”
Watch out for fees
Every super fund charges a fee for its services, and these can vary widely. “Even small differences in super fees matter,” says Bianchi. “A fraction of a percentage point can translate to a difference of thousands in your final balance. So the lower the fees the better.”
To make sure you’re getting the best deal, use the ATO website to compare the fees of your super fund to its peers. “Again, this is a strategy where we’re not changing cash flows,” says Bianchi. “You’re just seeing if you can get a better deal elsewhere. By investing in high growth assets and investing in a super fund with low fees, you can get a lot of bang for your buck with just those two strategies alone.”
Consolidate your funds
An estimated four million Australians hold multiple superannuation accounts—many without even realising. “It means that you’re paying multiple fees to multiple super funds to achieve the same end outcome,” says Bianchi. “Try to consolidate multiple superannuation accounts into just one single super account.”
He has one word of caution, though. “If you’re consolidating into a new fund, you just have to be careful, because some new funds have a waiting period of six, nine or 12 months to provide insurance. You may need to hold two super funds for a period of nine to 12 months until the fund that you’re interested in makes available the insurance to you.” He advises speaking to a financial advisor if you are unsure.
Think long term
While it’s smart to keep an eye on your super’s performance, you shouldn’t panic each time there’s some volatility.
“A common mistake people managing their own super make is that they see some bad news or a market crash, and they switch their balance out of growth assets into a conservative option,” says Bianchi.
He advises against trying to beat the market. “It’s very hard to be a good market timer, so try to avoid switching in and out of different investment choices in your super fund.”
Economic ups and downs are to be expected and there will inevitably be world events and financial crises that affect your investments. “Super funds are professionally managed through these dramas,” says Bianchi. “You need to remember that superannuation is a long-term investment strategy.” And hopefully one that—once all the hard work is done—allows you to live out your golden years to the full.
Want to learn more about making the most of your superannuation? Watch the full Griffith alumni webinar, where Rob explores retirement planning, investment options, common superannuation mistakes and practical steps you can take to strengthen your financial future.
Watch now
Is Your Super on Track?
Superannuation is likely to be one of your biggest financial assets, but how much attention are you giving it? Whether retirement feels a long way off or is getting closer, understanding your super and the decisions available to you can make a significant difference over time.
Join Professor Robert Bianchi, Professor of Finance at Griffith University and Director of the Griffith Centre for Personal Finance and Superannuation as we explore:
- What to pay attention to in your super at different stages of life
- Contributions, investment options and other factors that can affect your balance
- What matters most as retirement gets closer
You'll leave with clearer understanding of how super works, what matters at different stages, and the areas you may want to take a closer look at in your own circumstances.
Image captions (top to bottom):
- Robert Bianchi
Published 29 October 2026
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