We know that having a family can be expensive. There are clothes and food for those family members who just keep growing. And there are school and excursion fees, housing costs, bills to pay and so much more. Putting money into super for a working family can seem a really low priority.

But even small extra amounts into your super now can make a significant difference for Future You.

Wait! Wait!

Don’t go yet! Let’s have a look at how much of a difference $5 a week or $10 a week might make.

An example

Meet Joe and Sophie. They’re both 40 and have primary school aged kids. Joe earns $95,000 a year and Sophie earns $60,000. Joe has $160,000 in super while Sophie has $80,000. They rent their home.

They have dreams of retiring together at 60. They’d like to live on about $60,000 a year in retirement.

Using the online super projection calculator they see that they could retire with around $690,000 at age 60. Support from the age pension (when they’re eligible at 67) could allow them to live a long life without worrying if they’ll have enough.

Just for fun, Joe and Sophie have a look at what their retirement balance will be at age 60 if they each contribute an extra $5 or $10 a week (through after-tax contributions) to their super between now and retirement.

What does $5 and $10 deliver?

$5 a week each means they could reach age 60 with another $12,000. Or, $10 a week each could deliver them more than $24,000 extra.

family running on beach

They could put that extra $12,000 or $24,000 towards so many things. Like, a very nice holiday at retirement, a new car, use it to boost their weekly spending in retirement or even just save it for a rainy day.

And, of course, Sophie and Joe’s situation will likely change between now and retirement. While $5 or $10 may feel like a lot now, they may choose to contribute more at some point in the future. Things will change over time, with the potential of promotions or raises and their children getting older and more financially independent, and they may be able to put more into their super.

Even just the extra $5 or $10 a week for 20 years, however, will give a good boost to their super balance at retirement.

Get started

Use the Vary Your Contribution form to set up regular contributions with your payroll. You can choose dollar amounts or a percentage of your salary and you can choose to make the contributions either by pre-tax (salary sacrifice) or after-tax. In fact, if you’re a low income earner, you may also be eligible for a co-contribution from the government if you make after-tax contributions. Read more about the different types of contributions or read more about government co-contributions.


The assumptions in these calculations are: an average return on investment of 7.2% a year; insurance costs of $410 each per year; starting balances in super of $160,0000 and $80,000; annual incomes of $95,0000 and $60,000; superannuation guarantee of 11% in 2023/24; 0.65% investment fees; no admin fees on super; 2.5% CPI; 1.5% improvement in living. These calculations are generalisations only and should not be relied on when making decisions about your own financial future. The story is an example and for general information only. It doesn’t take your situation or needs into consideration.

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