Think super is something you can ignore until you’re 60? Missing payments, unnecessary fees, insurance and forgotten accounts could all affect you much sooner.
Your superannuation might feel like money for a much older version of you – but it can matter well before retirement.
Missing employer payments, unnecessary fees and forgotten accounts can eat into your balance. Your super may also include insurance that could help if you become seriously ill or injured, and in limited circumstances you may even be able to access some of it early.
Yet super is easy to ignore when retirement feels forever away. More than a third of young Australians rarely check their super or only look once a year, while 28 per cent can’t name their own fund.
Tom Cobban is a lawyer and superannuation expert who provides pro bono advice for the South Australian Financial Counsellors Association.
“When you’re dealing with rent, groceries and bills now, it’s understandable for super to sit at the bottom of the list,” Tom says.
“But it’s worth knowing what you have, what you’re paying for and what protections might already be there if something goes wrong and, importantly, what happens to your super if you die.”
Super explained in 60 seconds
Superannuation is money being saved for you while you work.
If you’re 18 or older (or under 18 and working more than 30 hours for an employer), your employer generally has to pay super into an account for you. The current super guarantee is 12 per cent of your qualifying earnings, and your fund invests that money with the aim of growing it over time.
You can usually choose your fund. If you don’t, your employer generally checks whether you already have an account and pays into that. That’s your “stapled” super fund – an account designed to follow you between jobs.
After recent changes, your employer is now required to pay super to your account when they pay your salary or wages.
And for most of us, it stays locked away until we’re at least 60.
When you can access super earlier
There are exceptions to that rule.
You may be able to access super early if you’re experiencing severe financial hardship, need to cover certain compassionate or medical expenses, can’t work because of illness or injury, or if you become terminally ill. But simply being out of work doesn’t automatically qualify you.
If you’re under 60 and experiencing severe financial hardship, you generally need to have received eligible income support continuously for at least 26 weeks and have no other way to meet immediate living costs. If you qualify, you may be able to withdraw up to $10,000, generally once in 12 months.
Separate rules cover compassionate grounds, incapacity and terminal illness. If you think you may qualify, speak to your super fund or a financial counsellor before withdrawing anything.
Check that you’re actually getting paid
Another reason to pay attention now is to make sure the super you’re earning is actually reaching your account.
That’s become easier to keep track of this year. Since 1 July 2026, most employers have to pay super at the same time as your wages, with the money reaching your fund within seven business days.
Check your fund’s app or website and compare the contributions with your payslip or super statement.
Not sure what fund you’re with? Log into myGov, link it to the ATO and go to the super section.
If something doesn’t look right, ask your employer when the contribution was paid, how much was paid and which fund it went to.
“The earlier you pick up a problem, the easier it is to start asking questions about what’s happened,” advises Tom.
If it can’t be resolved with your employer, you can report unpaid super to the ATO.
Make sure you’ve got the right account
If you picked up a few casual or part-time jobs before super stapling started in late 2021, you may still have more than one super account.
That can mean paying multiple sets of fees and insurance premiums, so it may be worth looking at whether consolidating your super into one account makes sense for you.
But don’t automatically move everything into whichever account has the biggest balance.
Compare fees, long-term investment performance, insurance and services to work out which account is best to keep. The ATO’s YourSuper comparison tool lets you compare MySuper products. It’s also important that you get tax and financial advice before making any changes.
Fees are particularly worth checking because small differences can add up over decades.
Super Members Council modelling found that paying 0.1 percentage points more in fees could leave someone about $14,000 worse off by retirement, while a one percentage point difference could amount to $128,000.
Once you’ve decided which account you want to keep, you can combine the others through myGov.
There’s also almost $19 billion in lost and unclaimed super across Australia, so check for forgotten accounts while you’re there.
Check what insurance you have
Before closing or changing a super account, check what insurance is attached to it.
Super funds can include life, total and permanent disability and income protection insurance. That cover may pay you if illness or injury stops you working, or provide a benefit to your loved ones if you die. Closing an account can mean losing insurance you wanted to keep. This can be a particular issue for you if you already have a medical condition, which can impact on your ability to get disability and death insurance cover in the future.
It’s also worth checking who you’ve nominated to receive your super, and making sure those details are up to date.
If you are under 25, you probably won’t automatically have insurance cover for death and disability but you can opt in for it. Otherwise, when you turn 25, insurance cover should be switched on for you as a matter of course – but it’s worth double-checking.
Be wary of anyone trying to move your super
Unexpected calls or ads encouraging you to move your super or promising unusually high returns should set off alarm bells.
High-pressure sales tactics can be used to push people into risky super investments.
If someone contacts you unexpectedly, don’t make a decision on the spot. Check their claims independently with your super fund or the ATO first.
And if you do have a spare $20…
You don’t have to contribute extra money to start taking better care of your super.
But if your bills are covered, you’ve got some emergency savings and there genuinely is money left over, you can choose to make extra contributions.
Super Members Council modelling found an average 30-year-old who had $20 a week from their pre-tax pay put into super through salary sacrifice could have about $67,000 more in super by retirement.
And if you’re saving for your first home, the First Home Super Saver Scheme lets eligible first-home buyers make voluntary contributions into super and later withdraw eligible contributions to help buy their first home.
“The important thing is that extra contributions are optional,” says Tom.
“But if you do have a small amount you can comfortably spare, time means even small contributions can add up over the years.”
It’s worth knowing what happens to your super if you die
It’s not the cheeriest topic, but Tom says it’s also worth checking who could receive your super if you die – and getting advice if you’re unsure.
Under super law, your super will generally be paid to your “dependants”, which has a specific legal meaning. This usually includes a spouse or partner and your children, but other relationships can also qualify.
That means a partner you’ve only lived with for a short time could potentially have a stronger claim to your super than your parents or siblings, depending on your circumstances.
You can nominate who you want your super paid to, but binding and non-binding nominations work differently and can be complicated. A nomination can also fail if the person you nominate isn’t eligible under super law.
Tom says if you’re unsure who would receive your super – or want to make sure it goes where you intend – it’s worth getting professional advice.
This article contains general information only. For advice about your individual circumstances, speak to a licensed financial adviser.
In debt or struggling to get back on track? Free, confidential financial counselling is available through the SA Government’s Affordable SA website, or the National Debt Helpline on 1800 007 007. Aboriginal and Torres Strait Islander people can also call the Mob Strong Debt Helpline on 1800 808 488. See other cost-of-living options for South Australians here.
