Lost Super – It is real money

According to the ATO, there is $22,359,274 of missing superannuation in the postcode 2750 alone! Nationally that figure sits at approximately $15 Billion. These figures indicate that many Australians don’t give superannuation the same attention we do to the rest of our money.

The fact that we are unable to access our superannuation until we retire leads to many of us being apathetic in relation to our super money. This is a mistake.  Superannuation is real money, and the amount we are able to accumulate will determine the lifestyle we have once we finish work.

43% of Australians have more than 1 super account, with approximately three quarters of those with more than 1 account having no strategic reason for multiple accounts. This makes it more difficult to track and manage superannuation. Multiple accounts can lead to increased fees and in some cases holding multiple insurance policies that may not be required.

The ATO have a lost super tracking system that can assist in locating lost superannuation accounts. The system locates funds that are now with the ATO as well as accounts with the superannuation providers. If you have been a little lax in tracking your superannuation it may be worth conducting an ATO super search – it is free.

If you do have multiple funds it may be worth consolidating them into a single fund, unless of course you have a strategic reason for multiple accounts.

When consolidating, it’s worth getting advice on appropriate funds.  Superannuation funds have improved significantly over the years, so an old fund may not be best for your needs.

By holding a single appropriate fund, it is likely to improve the ease of managing your super, be cost efficient and allow you to have an appropriate investment and insurance strategy attached to your fund.

The sooner you start treating your superannuation like real money, the better your chances of building wealth for the retirement you envisage.