Superannuation is quickly becoming the most important way to save for retirement. It will probably become the main source of retirement income for most of us; so keeping a track of it is vital. Unfortunately, many of us have little idea of how much and even where our superannuation is. If this is you (or me), it’s time to do a super audit!
How to find out how much superannuation I have – where to start
Ok, so I’ve admitted to myself I have lost total track of my superannuation. I know that because I
- Am between 18 and 70 years of age
- have been payed $450(before tax) or more in a calendar month
- work full time, part time or on a casual basis
I should have some superannuation accumulated. So, now I’m wondering how to find out how much superannuation I have. The first thing I need to do is work out where my super is. Superannuation funds send their members benefit statements every 12 months. So, I need to drag these out the bottom draw and take a look. If I don’t have the latest statement, I’ll contact my fund and ask for one. This is one step in how to find out how much superannuation I have.
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Since the introduction of the superannuation guarantee in Australia in 1997; lost superannuation has become an increasing problem. As people have changed their names, shifted house and found new employment the number of lost superannuation accounts in Australia has increased. So, it’s important to keep informed about how to find lost Australian superannuation accounts
How to find lost Australian superannuation accounts – why do they matter?
If there’s the slightest chance you may have a lost superannuation account; it’s not a difficult thing to remedy; but it is vital that you do. After all you’ve worked hard for those contributions to provided for you in you retirement. For each inactive superannuation account you have, you are probably paying fees; and in the long term this is going to have a huge effect on the bottom line of your retirement funds. Thus the importance of knowing how to find lost Australian superannuation accounts.
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How can that happen?
Since the introduction of the superannuation guarantee in Australia in 1997, employers have been required to make compulsory contributions to superannuation on behalf of most of their employees. Since then, as people have changed their names, addresses and jobs there has been a growing amount of lost superannuation funds in Australia
Lost superannuation funds in Australia – do you have any?
Whilst fund managers do their best to keep in touch with superannuation account holders; once your account stops being active and contact with you as the account holder is not maintained; the fund is required to report this to the Australian Tax Office. These details added to the lost member register.
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Finding superannuation you have forgotten about
Do you have superannuation you have forgotten about?
The odds are that you do. In Australia there are 30 million superannuation accounts for only 9 million workers. That’s 3 to 4 accounts for each worker.
How could there be superannuation you have forgotten about?
If you have ever:
* changed your address
*changed your name
* had more than 1 job at any time
* Or have simply changed jobs; there’s a very good chance you may have superannuation you have forgotten about.
Why bother looking for the superannuation you have forgotten about?
The money sitting in those inactive superannuation accounts is yours. You have worked hard for it. By having more than one superannuation account; you are duplicating the fund management fees. So, if you have 3 or 4 accounts and each one of those has an administration fee of $1.50 per week; that’s well over $250 annually that’s lost and not working for you. You really can’t afford not to go looking for every bit of superannuation you have forgotten about.
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