It feels good to find missing cash in the bottom of your bag but imagine how great it would be to find hundreds of dollars in lost or forgotten super?
Did you know that there is currently over $16 billion sitting in unclaimed super accounts?*
Tracking down your forgotten super is an easy way to boost your wealth and have more money to spend in retirement.
If you have ever:
• changed your name as a result of marriage
• changed your address
• changed employers
• worked on a casual or part-time basis there is a reasonable chance that you have lost track of your superannuation and may have some money waiting to be found.
Searching for lost super is a quick and easy process, and we strongly suggest you do a quick search to find any super you may have lost. You can search for missing super as frequently as you like, but we recommend performing a search after any major life event occurs (such as when you move house or change jobs).
The process for claiming lost super is simple – if you have a MyGov account, you can access your linked ATO account and check for any lost super which is held on your behalf if your super fund, your employer or the government cannot find an account to deposit your super into.
In the name of science, our admin staff, Laura* tried searching for missing super. She had worked a few casual jobs after finishing high school and like most 18 year olds was never really concerned with her superannuation. We concluded that it was likely she had some money floating around and encouraged her to perform a quick search. After logging into MyGov and following the steps under “manage my super”, Laura found three hundred dollars in unclaimed super, and was able to move this sum directly into her primary super fund.
If, like Laura, you manage to find some missing super you can simply transfer it into your chosen fund ( a simple case of following the steps online) or if you find that you have multiple funds, you may consider rolling your super balances into a single fund to avoid paying multiple fees and insurance premiums. This involves some paperwork and is where we would recommend you seek assistance from our financial advisors.
Getting on top of your super now is important – it’s your money after all, and locating any missing funds will put you much further ahead when the time comes to retire.
Get help taking control of your super, today! Call us for some assistance or advice.
*ASIC figures, 2017.