Hands up who knows how many super accounts they have? A shocking 45 per cent of the workforce have multiple superannuation accounts that they don’t know about, according to Australian Taxation Office (ATO) data. That means almost half of all working Australians don’t have a proper handle on their retirement savings.
Are you one of them? If so, let’s look at your options for consolidating so you have all you need in one easy-to-see account.
How to find lost super
If you’ve moved houses, changed jobs, or changed your name during your career there’s a good chance you have more than one superannuation account. Luckily, finding lost super is as easy as filling out an online form or making a phone call.
You can do this yourself by going to the myGov website, create an account or login to your existing account and link it to the ATO. Here you can see details of all your super funds, including any funds held by the ATO.
To make it even easier, simply get in touch with Club Plus Super and give us permission to search for you.
How to consolidate your superannuation
Once you’ve got the details of all your superannuation accounts, the next step is to consolidate them into one account hosted by your preferred fund. Having just one super account will reduce the amount you pay in fees and make it easier to keep track of your balance and contributions. On the flip side, it’s a good idea to look into any exit fees you may incur by moving funds, if there are any tax implications and any insurance cover you could lose by consolidating.
You may wish to consider a fund with lower fees, a range of investment options, a record of positive performance (look at 10 year performance to make sure the fund produces consistently good returns), robust but affordable insurance cover and great customer service (test it out by giving them a call!).
Take control of your future with Club Plus Super
We know that managing your super can be a pain, but we also know that it’s essential to a comfortable and enjoyable retirement. That’s why we make finding lost super and managing your investment as easy as possible with 24/7 online access, low fees, automatic insurance and a range of other benefits.