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

Finding and Consolidating Lost Super

How to Find You Lost Super Online

It is expected for people to open new superannuation accounts while working on a new. 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 sheíd 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 wasnít easy because she needed specific super fund details. Needless to say, she didnít 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 , you can now find your lost super and transfer it into an active 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, itís 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 is 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.

Itís going to take a little bit of time to include information like your tax number and bank details but once youíre in, consolidating a super will only take a couple of clicks.

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