Superannuation is the largest financial asset most Australians will ever accumulate - yet it's also the most widely neglected. Most people set it up when they start work, pick a fund without much research, and largely ignore it for decades. Small improvements made early have a compounding effect that can add tens of thousands of dollars to your retirement balance. Here's what's worth doing in 2026.
Step 1: Find and Consolidate Lost Super
The ATO estimates billions of dollars sit in lost and unclaimed super accounts across Australia. If you've had multiple jobs, you may have multiple super accounts - each with its own fees quietly eroding your balance. Consolidating into one account eliminates duplicate fees and simplifies management.
The easiest way to find lost super: log into your myGov account, link it to the ATO, and use the 'Super' section to see all accounts held in your name. You can consolidate from there directly. The whole process takes 15–20 minutes and can recover accounts you've completely forgotten about.
Step 2: Check Your Fund's Performance and Fees
Not all super funds perform equally. The Australian Prudential Regulation Authority (APRA) publishes an annual performance test for MySuper products - funds that underperform consistently are required to notify their members. If your fund has received an underperformance notice, it's a clear signal to compare alternatives.
Fees matter enormously over long time horizons. A 1% difference in annual fees on a $100,000 balance costs approximately $10,000 over 10 years in foregone compounding. Use the government's YourSuper comparison tool (ato.gov.au/super/yoursuper) to compare funds by fees, performance, and insurance.
The YourSuper Comparison Tool
The ATO's YourSuper comparison tool ranks all MySuper products by net return after fees over a 7-year period. It's government-run, independent, and updated regularly. Before switching funds, use this tool to compare your current fund against alternatives - it takes 5 minutes and gives you the most reliable comparable data available.
Step 3: Consider Voluntary Contributions
Adding extra to super has tax advantages worth understanding:
- Concessional (before-tax) contributions - salary sacrifice or personal deductible contributions are taxed at 15% going in, which is lower than most people's marginal tax rate. The concessional cap for 2025–26 is $30,000/year (including employer contributions).
- Non-concessional (after-tax) contributions - contributions from take-home pay, no tax on entry. The cap is $120,000/year. Useful for people who want to boost super without the tax complexity.
- Government co-contribution - if you earn under the income threshold and make after-tax contributions, the government adds up to $500/year. Check current thresholds on ato.gov.au.
- Spouse contributions - making contributions to a lower-income spouse's super attracts a tax offset of up to $540/year under current rules.
Even small voluntary contributions made consistently add significantly to retirement balances through compounding. $50/week in additional contributions from age 35 can add over $100,000 to a retirement balance by 65.
Step 4: Review Your Investment Option
Most Australians are in their fund's default investment option, which is typically a 'balanced' or 'growth' option. For younger members (under 50) with decades until retirement, a higher-growth option often produces better long-term outcomes - the additional short-term volatility is largely irrelevant when you won't access the money for 20–30 years.
As retirement approaches (within 10 years), reviewing the investment mix to reduce volatility risk becomes more relevant. Most funds offer lifecycle options that automatically adjust allocation as you age, which removes the need for active management.
Step 5: Check Your Insurance Cover
Most super funds automatically provide life insurance, total and permanent disability (TPD) insurance, and sometimes income protection insurance. This insurance is generally cheaper through super than buying it directly - but the default cover levels are often either too low or higher than needed, and premiums are deducted from your super balance.
Review your current cover levels against your actual needs: outstanding debt, dependants, income replacement requirement. Adjusting to the right level can reduce unnecessary premium deductions without leaving you underinsured.
Super and Short-Term Financial Goals
Super is a long-term vehicle - you generally can't access it until preservation age (currently 60). For shorter-term financial goals, it's not the right tool. Australians who are focused on both long-term retirement saving and short-term financial resilience benefit from running both in parallel: super for retirement, and separate savings and income strategies for nearer-term goals.
Roopon is an Australian subscription rewards club starting from $19.99/month. It's not a financial product - but for members focused on both saving and building income upside, the combination of partner discounts, the Payday Allocator (which helps allocate income between super contributions, savings, and spending on payday), and FREE included prize-draw entries (per your plan and published campaign terms) adds a practical layer alongside a well-structured super strategy.
Super Health Check: What to Do This Month
Five actions worth taking now:
- Log into myGov and check for lost super accounts - consolidate if you find more than one
- Look up your fund on the ATO's YourSuper comparison tool - check performance and fees
- Review your investment option - are you in the right growth/balance mix for your age?
- Check your insurance cover levels - adjust if clearly over or under your actual needs
- Consider one voluntary contribution this financial year - even a small amount to understand the process
Frequently asked questions
How do I find lost superannuation in Australia?
What is the best super fund in Australia in 2026?
Should I make voluntary super contributions in Australia?
Can I access my superannuation early in Australia?
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