For lots of young people, superannuation – or super – isn’t something that’s front of mind.

As First Nations Foundation CEO Phil Usher points out, the idea of retirement can feel like a distant dream, especially when super can’t be accessed until you’re in your 60s and the average life expectancy of an Indigenous man is still only 71.

It means that many people have super balances that fall short of what’s needed to have a comfortable retirement.

The good news is there are several ways to top up your retirement savings when you’re young and still enjoy the lifestyle you want. Let’s take a look.

1. Check you’re being paid the right amount of super

If you’re employed by someone else, your employer is required to pay you 11 per cent of your salary in super (it’s scheduled to go up to 12 per cent next year). Check your payslip to see if the right amount is being paid to your super fund. You can also look at your MyGov tax account to see your super balance and your super fund’s website (you’ll need your login details).

2. Consider “sacrificing” some of your salary for down the track

If you want to add a bit more to super, you can elect to have your employer withhold some of your pre-tax salary and redirect it into your retirement balance. It’s known as salary sacrifice. There are tax benefits to this model, with the pre-tax super contributions taxed at 15 per cent, which is lower than the marginal tax rate many people pay.

Recently, one of our writers, Eden Fiske, shared his own experience with salary sacrifice. You can read the piece here.

3. See if you’re eligible for a government co-contribution

Low to middle income earners who may an after-tax contribution to super can benefit from what’s called a government co-contribution. It means the government also makes a contribution, up to $500. You can read more here.

4. Consolidate your accounts

Do you have multiple super accounts? It can happen if you’ve previously switched jobs and had your new employer set up a fresh super account for your with a different fund. However, multiple super accounts can mean multiple sets of fees, which can bring down your retirement balance.

Super funds can be easily consolidated through MyGov. Just don’t forget to make sure you’re not losing any important insurance before merging your super money into one account.

5. Consider spouse contributions, if eligible

If your spouse isn’t working or is earning less than $40,000 a year, you may be able to make a contribution to their fund and claim a tax offset. The offset is worth up to $540 a year. Read more here.

Like every article on this website, this is not personal financial advice.