Tracking down your lost super
Maintaining a healthy superannuation fund is an important step in securing a comfortable retirement
It’s a bit scary, but one in two Australians will lose track of their super during the course of their working life. Losing some of your super can have a drastic impact on your financial freedom and lifestyle during those golden years of retirement. Statistics released by the federal government indicate that approximately 5.8 million superannuation accounts, with a total estimated value of over $20 billion, have been lost by fund members.
Safeguard your retirement today by taking some simple steps to see if you have any lost super. If you have switched careers, changed your name or moved house in recent years, chances are you have had super building up in different funds. The problem with owning multiple super funds is the more accounts you have, the harder it becomes to manage.
If you know where your super is currently deposited, it might be wise to set up just one account and transfer all funds into one central location. Not only will you find it easier to keep track of your money, you will also avoid those hefty fees associated with juggling multiple accounts.
Thankfully, there are a few cost-effective ways to help you locate and retrieve any lost super, funds that are rightfully yours. The Australian Taxation Office (ATO) has established a simple and cost-effective way to locate your super by using an online program. The program, known as SuperSeeker, is free to use and available online 24 hours a day, seven days a week.
To access the service, visit the ATO website at www.ato.gov.au and click on the ‘Super Funds’ tab near the top of the page. You can use SuperSeeker to check all super accounts to which you have made a contribution and to track down all lost super accounts in your name that have been reported to the ATO – as well as any super money the ATO currently holds for you.
SuperSeeker can also help you lodge a request with your fund online if you wish to transfer your super to another super account. Don’t let your super get away from you this year – get cracking and track down your lost funds today!