How do I make the most of my super in my 30s?

Your 30s is the ideal time to set yourself up for financial security later in life. Retirement may still feel like a long way away but the earlier you start preparing, the more you might have when you kick back in retirement.

How much Super do Aussies have in their 30s?

According to ASFA, Aussie men have an average of $53,154 between ages 30-34, and this bumps up to an average of $90,822 by the time they're 39. For Aussie women, the averages are $44,053 and $71,686 respectively¹.

Thinking about how you stack up, and what you can do to next? Here are five ways to help set yourself up financially for the future. 

1. Consider making contributions

This is the decade when you might be thinking about buying your first home, getting married and having kids. So, it’s easy to deprioritise your retirement savings.

If you can afford it, consider topping up your super. So long as it works for you, adding to your super here and there could make a big difference in the long run . Some contributions might also be taxed at a concessional rate lower than your income tax rate . Just remember that contributions into super generally can’t be accessed until you meet a condition of release (e.g. retirement), and there are limits to how much you can contribute in a year, so make sure it’s right for you before you make a decision.

2. Review and consolidate your super

Now’s a fantastic time to get your super organised. Take the time to review your super and make sure you’re with a super fund that works for you.

If you’ve got more than one super fund, consider whether consolidating your accounts is right for you. This may help make it easier to keep track of your super. You may also avoid paying multiple fees and insurance premiums but, depending on which fund you consolidate with, you might pay higher fees or lose out on certain benefits like insurance cover or investment performance. If you have any questions, speak to a licensed financial adviser or visit the ASIC MoneySmart website for more information.

Make sure you do your research and tell your other fund about any contributions you intended to claim a tax deduction for before you consolidate your super – we can’t stop the transfer if you change your mind afterwards!

3. Review your investment options

Would a more aggressive investment option suit you? Or do you prefer something a bit more conservative? Your investment preferences can change over the course of your life so have a think about what’s right for you. The good news is you can change your investment options with Rest at any time.

If invested over a long period, higher risk investment options have the potential to offer higher returns than conservative investment options but are generally also more sensitive to market volatility. On the other hand, lower risk options might provide a lower return on your investment but typically fluctuate less. 

4. Protect yourself and your loved ones

Moving past your 20s means you may now have a young family and possibly a mortgage. Consider if insurance through your super fund can help protect your loved ones, your income, and your lifestyle if something unexpected were to happen. It could be worthwhile to check that you’ve got the right level of cover for you and your family.

5. Cover the baby gap

You’re at the age where you might be getting ready to start a family. This is an exciting time for you and your partner with lots to prepare. But if either of you plan to take a career break, make sure you don’t forget about super. There are a few ways to help keep your partner’s or your super on track during this time if you can afford it. For example, spouse contributions or making additional contributions are options that can be worth considering.

¹ ASFA, Research Paper: An update on superannuation account balances, 16 September 2024