They may be trite, but clichés are clichés for a reason: they’re usually true.

So it goes for the saying, ‘the best time to start was yesterday. The next best time to start is now’. This may apply to many things in life, but it applies particularly well to super.

If you’ve run the numbers to see what kind of super balance you’ll need to help you live out your dream retirement and realised you have some catching up to do to help you get there, it’s never too late to start.

There are a few different strategies you can consider that may be able to help:

The way you choose to invest your super, through the investment options you put it in, can have a significant impact on how much super you will retire with.

This is because each investment option is specifically created with a different return objective and suggested investment timeframe in mind, to appeal to investors with different attitudes to risk and time to spend in the market.

With this in mind, it may be worthwhile reviewing how your super is currently invested and whether different investment options may be able to help your super grow further.

Sometimes the easiest trick is the most obvious one, and in this case, the easiest way to boost your super balance is by contributing more to your super.

There are two types of contributions you can make:

Concessional (pre-tax) contributions

You can make up to $27,500 worth of concessional contributions in the 2023/24 financial year – these are contributions that come from your pre-tax salary, and includes the contributions that your employer makes.

The concessional contributions cap is subject to indexation, which means it can change every few years. Here’s how the cap has changed:

• Between 2017/18 – 2020/21: $25,000 per year
• Between 2021/22 – 2023/24: $27,500 per year
• From 2024/25: $30,000 per year

It’s important to note that there may be specific rules for your division about concessional contributions – you can learn more about what rules apply to you here.

Non-concessional (post-tax) contributions:

These are contributions made from your after-tax salary. You can make this type of contribution via BPay, or you can arrange with Payroll for a portion of your after-tax salary to go into your super.

You can make up to $110,000 worth of non-concessional contributions in the 2023/24 financial year.

This cap is also subject to indexation, which means it can change every few years. Here’s how the cap has changed:

• Between 2017/18 – 2020/21: $100,000 per year
• Between 2021/22 – 2023/24: $110,000 per year
• From 2024/25: $120,000 per year

There are a couple of special rules you may be able to use to maximise your caps.

While the current annual cap for concessional contributions is $27,500 in the 2023/24 financial year, a special rule called the ‘carry forward’ rule can help you maximise this. It works by allowing you to make the most of any unused amounts under the cap from previous financial years.

If your total superannuation balance is below $500,000 as of the previous 30 June, you can carry forward unused amounts over a rolling five-year period, with unused amounts from the 2018/19 financial year the first you can carry forward.

Because the caps have changed a few times over the last few years, it’s important to check the caps from the years you want to carry forward.

For example, if you had only made $10,000 of concessional contributions in the 2020/21 financial year, you would be able to contribute a total of $42,500 in the 2021/22 financial year: $27,500 up to the new cap in the 2021/22 financial year, plus the $15,000 worth of unused contributions carried forward from the year before, when the cap was $25,000.

If you maximised your contributions in 2021/22, your new rolling five-year period would then have begun in 2022/23.

The amount you can contribute to your super each financial year from your after-tax salary is currently capped at $110,000, but a special rule can help you maximise this amount.

If you fit the eligibility criteria, you may be able to make up to three years’ worth of after-tax contributions in one year by tapping into your future cap space in advance.

The amount you may be able to contribute depends on your total superannuation balance. You learn learn more via the ATO.

When making voluntary contributions, remember that your super will essentially be locked away until you reach retirement age. It’s important to think about your ongoing commitments before making a contribution.

You can check your concessional and non-concessional contributions by logging into your account.

As a member of Qantas Super, you may have insurance through your super. While you receive a certain level of cover, it’s important to review this cover throughout your career to ensure it’s always providing you with the right level of protection for your circumstances at any given time.

For example, you may want to review your cover when you go through a big life event that will see your financial obligations increase, like buying a house or having a child.

Similarly, it may be useful to review your cover when your obligations change later in life; for example, if you have finished paying off your mortgage, or you’re no longer taking care of children or other family members.

Every dollar in your super counts, so you may want to review your cover to make sure you’re not paying for cover that you might not need.

If you’re not in any particular hurry to stop working full time, a Transition to Retirement (TTR) strategy could allow you to both tap into, and continue contributing to, your super.

Essentially, a TTR enables you to semi-retire. If you’ve reached your preservation age, a TTR allows you to deposit some of your super savings into an income account. You can then start receiving regular payments from this account, helping make up the difference in your salary from your reduced work hours.

Because you’re still working, your super account will continue to receive employer contributions and any voluntary contributions you make.

There may be different rules about opening a Transition to Retirement account in Qantas Super depending on which Division you’re in.