“Without additional contributions, people are unlikely to have enough in their superannuation to give them the comfortable retirement they may be looking for,” Mr Philpot warned.

“It is no longer possible to make large contributions close to retirement to lift the level of their funds, and workers need to take a steady long-term approach from a younger age.”

Super members, he said, will need to start consciously building their superannuation in their 40s, and should be trying to contribute as close to the maximum of $25,000 a year as they can, as their main form of long-term savings.

“By making additional deductible contributions through to age 65, people can significantly grow their super balance and potentially get it well above a million dollars,” he said.

Giving an example with a 40-year-old super member with a $100,000 balance, Mr Philpot said if the member commits to making the maximum concessional contribution of $25,000 a year, their superannuation balance would reach $1.3 million by age 65, assuming an average return of 5 per cent p.a. net of inflation.

If the starting balance was $200,000, then the total balance at age 65 would be $1,603,804.

“In contrast, a 50-year-old with the same opening balance of $100,000 would be significantly worse off, reaching just $661,000 by age 65 with the maximum contributions.”

“For most people in their 40s, repaying the home mortgage is – understandably — the main focus. While this should continue to a be a focus, once people have their mortgage under control, it is worth considering using the offset account to make additional concessional contributions to super,” he said.