Superannuation - make sure you find it all!
According to business and social networking community, LinkedIn, most people will hold 10 different jobs by the time they turn 40. For some, with each change of employer, that can mean a different superannuation account each time, leading to a staggering $18billion of lost superannuation within in Australia – some of which could be yours. Similarly, as people change names, move house or take on short term casual work, super accounts can fall through the cracks.
The simplest way to search for your lost or unclaimed superannuation is via the myGov website provided by the Australian Tax Office - you will generally need your Individual Tax File Number, date of birth and name to provide an accurate search.
The alternative is to find your old super fund statements and contact the fund managers to start the process. If you are unsure of the fund details, you will need to contact previous employers directly so that they can provide the contact details for you.
If you are holding onto several superannuation accounts you will also be paying multiple fees, managing a mountain paperwork, and potentially finding it hard to map your super plans. Once you have the details of your superannuation history you should look to consolidate your accounts, for a single and simplistic view. First, check if any of the funds have termination fees and penalties. It also makes sense to make sure the fund you choose to consolidate into works with your current employer policies. You can manage the consolidation yourself through myGov, or by contacting the chosen fund to obtain the relevant paperwork.
If you need further advice on the topic of superannuation, Loan Studio Financial Advisor, Brendon Honeyford, can take you through a review of your current super scheme to ensure it aligns with your overall retirement goals and investment strategy.
