Here is a quick health-check you can do on your super.
Half an hour invested today in searching for your lost super could pay serious dividends in the future.
1. Find your lost super
If you have a MyGov account, log in and link the #ATO to your account, or if already linked, just click on the ATO section. Otherwise you will need to create a MyGov account first.
Go to the ‘Super’ tab. In this section you can:
see details of all your super accounts, including any you have forgotten about find lost super held by your super funds find ATO-held super if your super fund has transferred it to the ATO combine your multiple super accounts by transferring your super into one account
It is easy to consolidate all your accounts into one. Consolidating your accounts means less fees, and less fees means more super in retirement.
A word of caution though, find out what insurance benefits you have in any super fund before rolling out the balance as you will lose any benefits. Speak to an adviser to ensure the continuance of cover.
Another place to search is #AUSfund which holds unclaimed super it has received from “lost” super accounts.
2. Check the performance of your super
Open the statement you get in the mail and see if you can switch to online statements. Make sure your contact details are up to date.
If you don’t understand the information on your super statement, then #Canstar ‘s website is an excellent place to start. With informative videos and a system for ranking and comparing super funds they will have you up to speed in no time.
As always, this is general advice only without taking into account your personal circumstances and objectives. Please don’t make decisions without seeking personal advice from a Licensed adviser. We can provide personal advice on super and SMSFs that takes into account your circumstances and objectives.
