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Article Supercharge your retirement

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Had more than one job since starting work? You could be one of more than 6 million Australians with more than one super account.

This could be costing you thousands in fees and charges, eroding your retirement super payout.

The ATO’s John Shepherd, says combining those accounts, including accounts you may have forgotten, can save you money…money that can significantly boost your retirement income.

“You pay administration fees on each and every super account. So it makes sense to reduce the number of accounts you have.”

John says people often open new accounts when they start a new job and lose track of accounts they no longer use.

“There’s currently $5.8 billion worth of super in accounts that people have lost track of, again, money being whittled away by the ongoing fees and charges.”

Getting your super straightened-out is a pretty good new year’s resolution and it’s easy to keep.

Track down all your inactive accounts by simply going online to the myGov portal, where you can also combine them, minimising your costs and maximising your retirement income.

More than 265,000 accounts worth $1.1 billion were combined in this way in the six months to December last year.

For more information click here or view media release here.

Image courtesy of Shutterstock.com

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  • yep it is always worth doing and you really might be surprised to find that extra money that belongs to you rightfully

    Reply

  • I don’t have any lost super. Haven’t worked for years so don’t have current super, cashed my last one in years ago

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  • Can;t imagine losing a super account.

    Reply

  • I have been told that it might be a good idea to have a few super account because when you die your spouse/dependents will get a payout from each super account.

    Reply

  • I really need to review my super. Thanks for the reminder!

    Reply

  • I wish I had a few lost super accounts!

    Reply

  • Great article, good to know. Thanks for sharing 🙂

    Reply

  • I forgot about extra jobs. I will need to see if I had super with them.
    Thanks.

    Reply

  • Thanks so much for that.

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  • Very important information!

    Reply

  • very informative article thank you

    Reply

  • yeah, 1.1 Billion. My money…

    Reply

  • I thought that by law your super fund has to send you a statement every year regardless of whether you are still adding to the funds or not. You have to noyify them of change address if you move though.

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  • I only have 1 super account but I finally got a check up done about 12 months ago. Was a good move, recommend people review their super relatively regularly.

    Reply

  • Thankyou for this article, BUT something that people need to be aware of is that a lot of super plans have insurance for TPD or death benefits attached and in the case that you combine them you are cancelling one of the policies, this is fine as long as you do not ever need them, I actually got ill and the benefit of being able to claim tpd from 3 policies was wonderful, one of the few times that my slackness has been beneficial, I have placed all payments into super and since combined them, but just be careful and consider your own circumstances because no one thinks that they are going to get sick.

    • Very interesting ..thanks for adding this.

      • I no longer work but take out the optional life insurance through my super.

    Reply

  • thanks for the great advice, nothing worse than not know where your money is

    Reply
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