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.