Consolidating your superannuation funds can save money in fees that can be put back into the fund for your retirement.
If you have ever switched jobs, there is a good chance that you have superannuation funds sitting in two or more different accounts. This makes it more difficult to access your funds when you want to invest them and causes you to pay more money in administration fees.
Consolidating your super funds can provide easier access to funds and provide more money for your retirement. So, how do you start consolidating superannuation funds?
Check for a Lost Super Fund
The ATO has a service called “superseeker” which allows you to see if you have “lost” or forgotten about any supers. The Government has classified over 6 million super funds as “lost.” If one or more belongs to you, make sure to get your money back.