Imagine this, you work all your life only to discover that you won’t receive all the superannuation you should or could have. It’s like seeing the light at the end of a 60+ year long tunnel except that when you get to the end, the light isn’t as bright or beautiful as you expected it to be. Let’s face it, superannuation is your key source of income when you retire, a crucial safety net, a way to pay your grocery bills, important medical bills, live an enjoyable lifestyle and so on. If you’ve lost track of some of your super, you should be mindful of how and why it has been lost, and how to find it to remedy the situation.
Changing your name, address and contact details, changing jobs or employers or doing second part-time/casual jobs are the key causes of lost superannuation. Though it is almost inevitable that you’ll change your contact details and address, once the super fund cannot contact you, they will report your account as a lost member.
A superannuation fund will also consider you a lost member if they have not received any contributions to the fund for five years. When changing from one job to another, your new employer will often open a new super account for you, which often leads to your old super account being lost and forgotten because no contributions have been received. Imagine doing this 4-5, maybe even 10 times in your life. Since your fees and deductions for your super is now being made in your new account, plus all the other previous super accounts, your total retirement savings are being eaten away by completely needless multiple fees across all your accounts, instead of one lot of fees in just one super account. The cumulative impact of years of extra fees can be a real drain on your final superannuation balance at retirement.
Right there, you see how significant it is to roll your super account into one. Having one account will make it easier for you to track your super and one account means you’ll be paying lesser deduction, fees and charges! A wiser and happier retirement it is! Who wouldn’t like that?
How To Find Lost Superannuation
So how will you track your lost superannuation? Or did you even know if you have a super account already?
All you need to do is register/create a MyGov account and link your account to the ATO. There you’ll find the details of your super including those you have forgotten about. Now that you’ve found all your previously lost superannuation accounts, perhaps now is a great time to visit a trusted financial advisor who can help chose the best path forward for your retirement and investment planning.