Find Your Lost Super
It’s surprisingly easy to lose track of your superannuation. Changes in employment, address, or personal details can lead to superannuation accounts becoming “lost” or forgotten. With billions of dollars in unclaimed and lost super held by super funds and the Australian Tax Office (ATO), reclaiming these funds can significantly impact your financial future.
Understanding Lost and Unclaimed Super
Lost super occurs when your super fund loses contact with you, often due to outdated personal details, leading to your account becoming inactive. If an account has less than $6,000 and hasn’t received a contribution in 16 months, it’s transferred to the ATO, which then tries to match the funds with an active account. If unsuccessful, these funds become unclaimed super.
The Steps to Reclaim Your Super
Use the ATO’s Superannuation Search Tool: With your Tax File Number (TFN) and super fund membership number, this tool allows you to locate any lost or unclaimed super. It’s a straightforward first step towards consolidating your superannuation.
- Check Your myGov Account:
Link your myGov account to the ATO to view all your super accounts, including any you might have forgotten. This portal also lets you find ATO-held super and initiate consolidation.
- Update Your Details:
Ensure your current details are up-to-date with both your super fund and the ATO. This prevents your super from becoming lost in the future.
- Consider Consolidating Your Super:
Managing multiple super accounts means paying multiple sets of fees, which can erode your retirement savings. By consolidating your super into one account, you save on fees and make your super easier to manage. Before consolidating, check for any exit fees or insurance implications with your fund.
Why Take Action?
Finding and consolidating lost super can provide a substantial boost to your retirement savings. Not only does it save you money on fees, but it also simplifies your financial management. With the ATO proactively working to consolidate unclaimed super, taking the initiative to reclaim your super ensures that you’re making the most of your retirement investments.
At United Global Capital, we understand the importance of securing your financial future. Reclaiming your lost and unclaimed super is a critical step in this journey. Our team of financial advisers is here to provide the guidance and support you need to navigate the process of finding and consolidating your super. Contact us today to find out how we can help you.
