There are just more than 6 million to find lost super online accounts in Australia, valued of more than $16 billion – an astounding figure since these super funds could be hidden away offering a more relaxed retirement. The Australian Taxation Office (ATO) released data showing the top ten ato lost super accounts, with a woman in Victoria first in the list having $2.4 million in a forgotten account. As the financial year ended, over 14 million Aussies had a superannuation fund account. About 45% of them have over one account. Individuals between the ages 31 and 45 are expected to have 2 or more super accounts, and individuals residing in the Australian Northern Territory, Capital Territory, Western Australia and Queensland have the highest number of numerous accounts.
People often open new superannuation accounts when they start a new job. But each account is costing money at about $500 or more per year. So consolidating your accounts may keep fees down but you need to understand the implications. I used to have a friend who had not just one or two but seven superannuation accounts. She decided to consolidate them when she realized what she’d be out for. She said that at one point in time she could have paid close to 40,000 dollars just in fees and that was ultimately affecting her retirement savings. Her initial experience a few years ago to combine her accounts wasn’t easy because she needed specific super fund details. Needless to say, she didn’t know any of those and basically placed all of them in one basket on the side. But since then the process has been simplified by moving online. Because of the changes that have been made in the tax office systems, you can actually find your lost super and transfer it into an active Australian superannuation account that you have all in one visit. Statistics reveal that there has been a significant increase in the number of people merging their superannuation. In fact, hundreds of thousands of accounts have been consolidated in countries like Australia in just a matter of months. Still, there are still billions of dollars of lost super throughout the country.
You will be surprised how many people go online and find they have super. And for some people, it’s a lot of money. If you are going to consolidate, look on all of the super funds and work out which one is right for you. Also look into what kind of fees that are in there as well and what fees to actually come out of the super funds and consolidate them. The impact to any life insurance cover should also be considered. Because if there is, you could have a real problem if you cash it in and roll it over. You will lose that life insurance. By making sure your fund has your tax fund number, you can also pay less tax on your super. To find your lost super, you can head to the website where the information is kept. But you need to register first. It’s going to take a little bit of time to include information like your tax number and bank details but once you’re in, consolidating a super will only take a couple of clicks.
Ways to Locate your Super Online
Australian Super Finder is making it simpler to redeem lost super, and now you can combine your superannuation online with just a few clicks. Here are some simple steps in keeping a track of your super and ensure you don’t lose it. Just fill out the form in this page with the necessary information and our administrators will do the rest. You can expect results as soon as possible. Most folks accrued various superannuation funds in their first working life, thus to prevent doing this, select a super fund that fits you and keeps on using the same super fund as you alter jobs and advance during your career’s course. The ATO’s Choice of Super Form is vital to making certain that your employer utilizes your nominated superannuation fund, so submit this form once you begin working for an employer. While one can always find lost super through other sources like the ATO, there are traps that you should be familiar with.
Keep Up a Correspondence
If you’ve moved, make sure you notify your superannuation fund regarding your fresh contact details. Superannuation accounts become lost or unclaimed once you do not contact your super fund, or when your account has not been utilized for a long time. If you have not received a report at least in the previous year, call your super fund to make sure they have the correct details.
More on Fees
If you have numerous superannuation accounts, this possibly costs you cash. The median fees demanded by even a low-cost superannuation fund are approximate $532 annually, so multiplying this across your super funds and you could discover that your cash is being eaten away quicker than you think.
Currently, there are new methods to monitor your super, and Australian Super Funder is now able to show you all essential information of all the super accounts you have, including any account you have not been able to monitor or forgotten about. It’s not merely keeping you more informed regarding your superannuation accounts. However, you can presently combine various super funds in just a few clicks for free. Consolidating your superannuation will take you not more than 5 minutes, but make sure before closing your superannuation accounts, check first with your super fund about covers, charges and fees. If you happen to have lost super, seek out the assistance of our administrators at Australian Super Finder who can help find your and consolidate lost super for you. Call us at 1300 252 167Learn more:4 Retirement Options with SMSF