Did you know there are over 12[1] million Australians with a single superannuation account? There is also $13.8[2] billion in ‘lost super’. Is some of that yours?

Find it

Moved house over the years? Changed jobs during your career? Don’t know where your teenage self stashed your super? Pretty sure you’ve lost track of some accounts along the way? It’s easy enough to track it down.  If you have a MyGov account, log in and link to the ATO.  Then, you’ll be able to find superannuation linked to your name and tax file number easily enough here.

Consider Combining it

So, you want to save on fees, reduce your paperwork, keep track of your hard earned money, and grow your retirement fund?  But, ensure you seek professional financial advice first to make sure combining is beneficial for you.  However, there may be some drawbacks to combining if your health has changed and you have insurances in your existing fund.  Your Advisers at Wealth Planning Partners can assist with advice on combining superannuation funds.

Ask your financial adviser

Many websites offer to help find and combine your super, including MyGov. It is quick, easy and free. You can ask your financial adviser for help; check with your existing superannuation provider or the Australian Tax Office.  If you want to do a bit of research yourself, check out the ASIC MoneySmart website too.

Grow it

A professional financial adviser can help you find an appropriate superannuation fund that will grow your hard-earned funds.  We can work out whether you are invested in line with your preferred risk profile.  This can help manage the ‘sleep at night’ test in times of market movements.  Also, Advisers can review the fees you are paying and check historical returns.  And, we can help to ensure you have enough income for retirement.  The sooner you nail it, the better!

Contact your Gold Coast financial planners at Wealth Planning Partners to find out more.

Source:
[1] https://www.ato.gov.au/About-ATO/Research-and-statistics/In-detail/Super-statistics/Super-accounts-data/Multiple-super-accounts-data/
[2] https://www.ato.gov.au/About-ATO/Research-and-statistics/In-detail/Super-statistics/Super-accounts-data/Lost-and-unclaimed-super-by-postcode/