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

Super can Make You Richer

If you have numerous super account you are perhaps contributing more payments than you have to, and perhaps having insurance premiums taken from each of the super accounts. Contributing at least twice (and thrice if you have two super accounts) in insurance and fees isn't a great superannuation planning plan.

Here is a tip: an easy and quick way to instantly feel wealthier is to follow the following three steps:
• Determine how much cash you have in your super account.
• Locate any forgotten or lost super accounts
• Combine your superannuation accounts, and possibly save a huge amount of money.

And you should be fast! The federal government, through the ATO, is now able to snuffle your superannuation savings. Since December of 2012, inactive accounts of less than $2,000 can be moved to the ATO. Also since July 1, 2013, these super accounts now with the ATO merely earn "interest" equal to CPI increase.

Basically, "now" is the right time to locate your lost superannuation accounts and to combine your superannuation accounts.

Determine How Much Cash You Have In Your Super Account

The money in your superannuation account is possibly due to your employer making super contributions every quarter or three months (or perhaps every month) and the trustees (operators) of your superannuation fund then invest this cash in assets that produce earnings (an investment return). The investment returns (fees and after taxes), are then included in your superannuation account, and then the super fund reinvests those returns hopefully making, even more, earnings.

Now, you cannot expect your superannuation money to be merely sitting in a safe somewhere. The superannuation fund that's looking for the super benefits is perhaps invested that cash in assets, for example, property and shares, and perhaps even have put a part of your superannuation benefits into, maybe, a term deposit.

Each year, and frequently twice annually (and occasionally quarterly), your superannuation fund sends a member statement to you that notifies you how much cash you have on your superannuation account.

You don't usually need to wait for the statement. Many superannuation funds allow you to log onto a members-only website to determine how much cash you have on your superannuation account. Numerous superannuation funds update these member accounts every month, and even every day.

Remember; you could have multiple super accounts, and it would be best to consolidate those accounts. If you want to consolidate your super, consult our experts at www.australiansuperfinder.com.au. Call us at 1300 252 167

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