If someone asked you how much Super you have right now, do you think you can give an accurate answer? Probably not. It’s not easy to track your Super, especially if you have had several roles in the past few years from different companies which means you’re likely to have different accounts. Unless you have taken steps to consolidate your Super, you might be losing money on fees and not even know how much you have in what account.
Swell Financial Planning, a trusted financial planner in Gold Coast will tell you now that consolidation is a key to making the most of your Superannuation funds. If you move your Super to a single fund instead of multiple accounts, you get to enjoy these benefits:
You Save on Fees
When you consolidate your funds, you’ll only be paying one annual fee instead of several separate ones for each fund. You can also keep your super from dwindling because of multiple charges to your funds.
You Save Time and Effort
You know that Superannuation always comes with lots of paperwork, especially when you’re updating your information. If you have multiple funds, you will have to fill out those documents several times, too, which needless to say, can be time-consuming.
By having just one fund, you lessen the time you spend on dealing with paperwork and you’ll have more time focusing on your underlying investments instead of figuring out a way to understand the range of products you have on each fund.
You Can Easily Track Your Super
When you consolidate your funds to just one account, you can easily track your Super balance and you can strategize better so that you can achieve your retirement goals. You don’t need to remember different passwords either.
How to Consolidate Your Superannuation Funds
You can start by determining how many superannuation accounts you have. You can do this by listing down all your previous roles and companies. If the employer had paid you at least $450 per month before taxes, then they would have paid your superannuation. It doesn’t matter how long you’ve worked for an employer.
One easy way to track lost Super is by doing a search with your Tax File Number. Thankfully, changes in the regulations in 2019 made this easier, too, as Superannuation funds need to pay the ATO balances from low-balance Super accounts that are still kept safe despite inactivity, until you find them again. You can go to MyGov and simply follow the steps for this. You can also contact the ATO directly through their Super search line 13 28 65 or fill out a document and submit it.
It’s also important to determine whether you want your current Super fund to be the main one that you keep. You should also consider your employer as there are funds that only accept Super guarantee payments from employers from particular fields. For instance, if you are a teacher, a medical professional, or an employee of a large company with specific funds for employees, you have to stick to that because you won’t find the same benefits with other funds.
If you are unsure, it’s best to consult with a retirement investment expert with sufficient knowledge of Superannuation funds.
Consolidating your Superannuation funds has a lot of benefits and it’s simply so much better than having multiple ones. You get to save time and money, too. Most importantly, you’ll be able to track your funds easier and work on achieving your retirement goals with the help of your trusted financial planner in Gold Coast.
We at Swell Financial Planning would love the opportunity to provide you with our expertise on Superannuation funds. We can offer you the services of an expert financial adviser in Gold Coast so you’ll be guided through the consolidation process of your Super or with other financial matters. Contact us today to know more!