$37 Million of Lost Super in Bundaberg
It has never been easier to find lost super! You might not even think it is lost, but if you moved and forgot to update your address on a super fund that an old employer had used, it might be considered lost from the super fund’s perspective.
Maybe you’re happily letting a super account grow on the back burner and have not talked to the fund for a few years. If no contribution has been made for 12 months, super funds must transfer small account balances to the ATO. It is held there on your behalf, earning minimum interest until you claim it. If your balance is larger, the money will still be transferred to the ATO if the fund cannot contact you and it’s been five years since your last employer contribution.
We recommend that everyone take five minutes to find their share of $17.5 billion dollars that is waiting to be claimed across Australia. In the Bundaberg area alone, $37 million of that lost and unclaimed super is waiting for 10,000 residents to claim.
You might not think it’s important until you’re ready to retire, but the growth rate you receive over a thirty year period makes an incredible difference to your retirement.
It’s quick and easy to check for lost or unclaimed super through your myGov account. You can choose which fund to transfer your lost super into and consolidate it within five minutes. If you’re not familiar with myGov, please check the ATO website for more information. https://www.ato.gov.au/individuals/super/keeping-track-of-your-super/
If you are thinking of getting a professional review of your own superannuation accounts, their fees and inbuilt insurance policies, you are welcome to call our Financial Planning Team at The Money Edge.
The Money Edge | Bundaberg