When it comes to your retirement funds, you want to ensure that you have an amount in your superannuation fund that will allow you to live comfortably. That’s why you may want to examine it closely and make sure that you aren’t losing out on money that could be going towards your retirement. Checking it regularly can help to prevent this – but so can consolidating your super and ensuring that you aren’t paying extra fees on multiple accounts.
If you have ever changed your name, address or job, your fund or the ATO may not have your current details, which can result in your super becoming ‘lost’ or unclaimed. It might also lead to having multiple super accounts, which could result in additional fees being paid for those super funds.
With the introduction of stapled accounts coming into play later this month, this may not be of such concern to those entering the workforce. But for those who may have been in the workforce for a while, superannuation is something that you should be closely examining.
This process does not have to start when you’re about to retire. If anything, keeping track of your super and catching where it might be losing money is far better to do sooner rather than later.
You may find additional superannuation funds in:
- ATO-held super
- “Lost” super
- Unclaimed super
- Unmatched super
- Multiple accounts that you may possess.
One of the reasons for the introduction of stapling of super funds to new entrants to the workforce is to ensure that you are attributed to one super fund and that it follows you throughout your career. This will reduce the likelihood of multiple super accounts being opened in your name, reducing the fees that you may have to pay and generally ensuring that your funds will be in the one place.
Superannuation can be a tricky subject. Make sure that you speak with your superannuation provider about any queries that you may have. You might be able to speak with us if you are looking to plan out your retirement, or for additional financial help.