Vanguard analysis showed that a 30-year-old who makes annual voluntary contributions of $1,000 to their super for 10 years could increase their balance by $60,947 by age 67.

Additionally, if they followed the strategy for an additional five years (15 years in total), their balance could grow by $79,856 by age 67. Meanwhile, a single $1,000 voluntary contribution at age 30 could grow more than eight times by age 67, reaching $8,438.

“The key to boosting retirement savings is the power of compound interest. So, the earlier members start, the better,” Smith said.

She added that super fund members may be able to claim a tax deduction for voluntary contributions, which can help reduce their overall tax bill, as these contributions are generally taxed at a lower rate than most Australians’ marginal income tax rates.

“For example, a 30-year-old earning $80,000 who makes a $1,000 voluntary super contribution and claims a tax deduction would receive a tax refund of $320 when they lodge their tax return. That means their net reduction in take-home pay is effectively $680,” she said.

“After accounting for the 15 per cent contributions tax, $850 would be added to their super. So, they’ve effectively reduced their net take-home pay by $680 to boost their super by $850, leaving them $170 better off overall.”

Smith said the timing of making voluntary contributions is important, and each super fund has its own deadlines.

“Members interested in making a lump sum contribution from their take-home pay should do it at least a week before 30 June to allow time for processing,” she said.

“To claim a tax deduction, you’ll also need to complete a notice of intent form and send it to your super fund before lodging your tax return.”

This financial year, Australians can contribute up to $30,000 to their super at the favourable tax rate of 15 per cent in concessional contributions, and the cap includes any mandatory contributions from employers.

“If someone is in a position to make extra contributions into their super, their future selves will thank them,” Smith said.