Have you got all your superannuation in the one account? If not you are paying double the amount of fees and not earning what you could be earning.
Yesterday when I was cleaning out my storage cupboard and looking through my paperwork I came across a form from when I was doing my hairdressing apprenticeship. It was for a superannuation fund I was a member of back then. I didn’t stay with them but forgot to roll over the fund to a new account.
I didn’t earn much back then and didn’t think there was more than $200 in there. I rang them this morning and was truly shocked. I have over $800 in there. I know I was on a really low wage and I wasn’t even with them for a year, so how I accumulate that much I have no idea. It was years ago and I thought by now most of it would have been eaten by fees.
It took me years to get my husband to consolidate his super. He had 5 different accounts and I have just discovered another. This has cost him thousands in terms of fees and lost interest. It wasn’t until he lost $700 in one account that he finally moved it.
It isn’t that hard to do but so many of us just haven’t. There’s billions of unclaimed super money. If you are Australian click here to go to a site where you can find out if you have any lost superannuation. You might be surprised.
It is something so simple but so overlooked. I know for a fact quite a few relatives of mine have numerous superannuation accounts and don’t know how much is in them or even how many they have. It is so easy to open them up, make a call or download forms from their site, fill them out and give them back.
Have you checked yours?