You can boost your future by topping up your existing superannuation by paying additional voluntary contributions.
It's amazing the effect that additional contributions can have on your final superannuation payout. The trick is to start early and enjoy the benefits of compound interest. From the table below you can see the dramatic increases that can be achieved by starting early.
The benefits of starting early
| Start contributing at age |
20 |
30 |
40 |
| $ contributed each week |
$25 |
$25 |
$25 |
| Total $ contributed |
$58,500 |
$45,500 |
$32,500 |
| Benefit at retirement |
$212,658 |
$120,272 |
$63,554 |
*Earnings are calculated at a compound interest rate of 5% p.a., with amounts being fully invested until age 65. (Please note: these assumptions are for illustrative purposes only and the investment return is not guaranteed. Returns can be higher or lower than set out in this example.)
How much extra should you contribute?
It is important to work out the type of lifestyle you want in retirement and estimate the income you will require. You can then work out how much extra you will need to put into your super each week.
Use this online calculator to estimate how much you will need to enjoy your retirement. Click here to go to the calculator. You may also like to talk to a licensed financial planner to discuss your options.
How do you arrange additional contributions?
It is important to work out the type of lifestyle you want in retirement and estimate the income you will require. You can then work out how much extra you will need to put into your super each week.
| Payment method |
Frequency |
Action |
Salary sacrifice
(contributions from pre-tax salary) |
As agreed with your employer |
Talk to your employer.
Download a Salary Sacrifice Guide (870KB) for more information and to complete a salary sacrifice form. |
Payroll deductions
(contributions from post-tax salary) |
As agreed with your employer |
Talk to your employer. |
| Cheque |
As often as you like |
Send a cheque with your membership number and/or voluntary contribution advice slip to HOSTPLUS. |
| Direct debit |
Twice-monthly, monthly, quarterly or yearly |
Download a topping up your super brochure (615KB) for more information and to complete a direct debit authority form. |
| Government co-contribution |
Yearly |
Click here to find out how you can increase your super by receiving super co-contributions. |