Superannuation can be a tricky concept for many people, so to put it simply: it’s your future and it’s your lifeline. The problem is, some people don’t even know how much super they have because they’ve had a different super fund for every job. There are billions of dollars in lost super just sitting there waiting to be found, and most people don’t even realise it could be theirs. Below are some great reasons as to why you should consolidate your lost super.
To Help with Sickness or Injury
If you’re sick or injured you may be able to receive payments from your superannuation, and someone like www.superclaim.com.au can help you deal with these situations, particularly if they start to get messy legally and financially. If this is a road you have to take, it would help to have as much money in the one super account as possible to make the whole process easier to manage. Consolidating all your super into the one fund is the best way to do this.
To Secure Your Retirement
When you consolidate lost super with your main super fund you are instantly creating a larger amount of money to grow for your future. And that was the main reason super funds were set up: To provide a savings account for your future retirement! It will also become a much simpler process to manage when retirement age does roll around, as it’s all in the one spot waiting to be distributed.
To Create Investment Opportunities
The more money you have in one super fund, the more opportunity you will have to make a big investment for further security. Many people invest a large portion of their super into a house or property, and it’s not such a bad idea either! If your super is sitting in several different funds, it becomes very difficult to even put something like this on your list of options for how you would like to look after this money. And of course, consolidating these with your lost super will only increase your fund further, therefore increasing your options at the same time.
To Create Less Work and Less Stress
Lost super comes from an unnecessary number of super funds and not being able to keep track of them all. Many people often find themselves pondering years down the track, Now what was the name of my first super fund again? You’re not alone. By consolidating all your known super funds with your lost super into the one account, it will suddenly become much simply to manage what’s yours. There will also be a lot less paperwork, as you’ll receive one super statement rather than a novel’s worth of pages, and you could also save costs if you’re paying several different fees for different accounts.
Although it may seem like a lot of work right now, consolidating your super will provide you with enormous benefits in the long-run. And if you think you have some lost superannuation lying around, most super funds, or going directly through the ATO, will help get you on the right track to finding yours.
Have you found your lost super? How much has it helped by consolidating it into the one fund? Leave your comments in the space below.