I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Measuring Superannuation

As an Australian citizen with a super fund, you can engage yourself in the process and safeguard your retirement savings better by informing yourself of what's going on.

The Stats

We got our eyes on $32 billion worth of superannuation. That's quite an enormous sum. The government thinks so too. That's what they say are superannuation tax concession cost. And that figure is growing. By 2015 and 2016 tax concessions will top $45 billion dollars.

But when you look closer, something is missing from these numbers. In fact, quite a bit. First, when compulsory super was set up in 1992, tax concessions were integral to it. The expectation is to make people safe for retirement. And that required tax concessions.

Sadly, we're losing sight of why we have compulsory super. That is to say, the $32 billion is a rough estimate at best. It ignores the money not saved from paying pension, the tax paid on super, it assumes people will not look for alternative investments outside of superannuation.

The legislative decisions should be based on accurate measurement of super. So the math. $32 billion is not it. Many experts share the opinion that the present system of measurement is not accurate and fails to include the money which the government gains by not spending on the tax paid on super, pension, and the possibility that people will opt for alternative investments besides super.

Other important issues that aren't discussed is what happens to lost super. If a person loses track of his super fund, his money does not only get sent to the ATO, there is also a possibility he or she will not be able to claim it. The reason is simple. While your money is sitting inside the ATO, fees and charges will be deducted from it. If your money is below $2000, you can quickly lose it in time.

Thus, if you think you have lost super, it would be best to find it and claim your money while you still can. www.australiansuperfinder.com.au is a site or service that can help you find your lost super. All you need to do is set up a free consultation by calling their administrators at 1300 252 167.

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