When it comes to your retirement super funds, you want to ensure that you have an amount to allow you to live comfortably. That’s why you may want to examine it closely and make sure that you aren’t losing out on money that could be going towards your retirement. Checking on your super regularly can help prevent this, but consolidating your super and ensuring that you aren’t paying extra fees on multiple accounts.
Have you ever changed your name? Address or job? Your fund or the ATO may not have your current details, which can result in your super becoming ‘lost’. It might also lead to having multiple super accounts, resulting in additional fees.
With the introduction of stapled accounts coming into play later this month, this may not be of such concern to those entering the workforce. But for those who may have been in the workforce for a while, superannuation is something that you should be closely examining.
This process does not have to start when you’re about to retire. Keeping track of your super and catching where it might be losing money is best to happen asap.
Places to find your superannuation funds
You may find additional superannuation funds in:
- ATO-held super
- “Lost” super
- Unclaimed super
- Unmatched super
- Multiple accounts that you may possess.
Stapled Super Funds
One of the reasons for the introduction of stapling of super funds to new entrants to the workforce is to ensure that you are attributed to one super fund and that it follows you throughout your career. Stapling your super fund will reduce the likelihood of multiple super accounts being opened in your name. Only having a single fund will reduce the fees you may have to pay. A single stapled fund will also generally ensure that your funds will be in one place.
Superannuation can be a tricky subject. Make sure that you speak with your superannuation provider about any queries that you may have. You can also talk with us if you want to plan out your retirement or for additional financial help.
