As a financial adviser, I often come across clients with forgotten superannuation accounts. Super can accumulate over time, especially if you've changed jobs frequently. The good news is, finding your lost super is easier than you might think!
Why Finding Lost Super Matters
Superannuation is a critical part of your retirement savings plan. Tracking down any lost accounts ensures you're on track for a comfortable retirement. Even small amounts can add up significantly over time!
Where to Look for Lost Super
There are two main places to start your search:
The Australian Taxation Office (ATO)
The ATO holds lost super accounts for people who haven't updated their contact details with their super funds. You can search for lost super online through your myGov account linked to the ATO.
Your Super Funds
If you've changed jobs throughout your career, you may have multiple super accounts. Contact your previous employers or any super funds you remember belonging to.
Here's a Step-by-Step Guide for myGov
- Log in to myGov (finding your password will be the most time-consuming part).
- Once you are logged in, on your myGov dashboard, click ‘Link another service’.
- Click ‘Australian Tax Office’ under the ‘Link a service’ section.
- Click on ‘Manage my super’ to see the details of all your super funds.
Tips for Success
Be Patient
The search may take some time, especially if you've held multiple super accounts throughout your working life.
Update Your Details
Once you locate your lost super, ensure your contact details are up-to-date with all your super funds. This prevents your super from becoming lost again in the future.
Consolidate Accounts
Consider consolidating your super into one or two accounts for easier management and potentially lower fees. Remember this may impact your insurance so it's best to seek professional assistance.
Remember, I'm Here to Help!
If you need assistance navigating the process of finding your lost super or require further financial advice, feel free to contact me for a consultation. Finding your lost super is a crucial step towards a secure financial future!
Jahanne is a Senior Investment Adviser who specialises in providing a holistic approach to wealth advice. Contact Jahanne today to discuss your investment strategy via [email protected] or 03 9947 4156.
