Have you lost your super? We can find it!
At the end of 2013 financial year, one in every five super accounts had no owner. This is a whopping $18.9 billion in lost superannuation. Could some of this money be yours? Chances are, if you’ve ever changed your name, address or occupation, you may be richer than you think!
Why is it so important to keep track of and manage my super?
Superannuation is not just a percentage of your salary that you can’t access. It is your money. Think of it as a nest egg, being held for you until you retire. This money may be essential income to fund your retirement.
The Age Pension on its own may not be enough for a comfortable retirement. Consider the following - As of 20 March 2014, the base Age Pension amount of $766 per fortnight for singles means that super aside, you will be living on less than $20,000 per year. With a volatile global economic climate and an ageing population, don’t bet that even this amount is sustainable. Your super is your future security. Whether you will depend on it to survive, or simply want to enjoy your twilight years and fund the retirement of your dreams, the actions you take now can substantially affect where you are when its time to retire.
Why should I consolidate my super balance into one account?
It’s simple - having all your money in the one account means two things – less fees, more earnings. Having several super accounts means that you are paying multiple sets of fees and insurance premiums, eroding away at your overall super investment. Having several super accounts means that you are locking up the full money-making potential of your investment. Because super enjoys the benefits of compound interest and a long investment time-frame, it could well be your biggest asset by the time you retire.
Can the government take my lost super?
Yes. In fact, they probably already have. But don’t panic. They will give it back!
As of January 2013, all super accounts that had a balance of less than $2,000 or have not had a contribution made for at least one year were transferred to the Australian Taxation Office (ATO). All unclaimed money is held in trust by the Government until it is reclaimed. The Government will then also pay interest equivalent to inflation on the unclaimed super so no money will be lost.
How do I find my lost Super?
It’s easy! Either:
- Contact us at Accumul8 and we will do all the work for you!,
- Use the ATO’s self-help phone service, available 24 hours a day on 13 28 65 and then select options 1 then 2; or
- Log on to the following website and follow the prompts: Click to View