I used the ATO’s Super Seeker page to find all seven of the super accounts I had.
I was pretty stoked to find out I had a couple of thousand dollars in super that I didn’t know about.
Not only is complexity harder to manage but it also leaves us more open to identity fraud.
Anytime you can streamline your financial picture without hurting yourself most planners would urge you to do so.
With just one account to keep track of, you'll have only one set of statements to read and file.
Important information: In calculating historical returns for Australian Super, where only one of the merging funds (ARF or STA) previously offered an equivalent to an option in the new product suite, the returns for that option have been used.
Where both funds offered the equivalent option, the returns have been asset-weighted across both options on a monthly basis, where possible.
This short video explains consolidation, the benefits and what you need to consider when consolidating your super accounts.
Seriously, superannuation is too important to ignore.
Step 5 – find another use for all the space in the “bottom drawer”.
One of the areas of inefficiency can be your super accounts as a lot of people have these on a sort of “set and forget” mind set, wrongly believing because they can’t access their money until retirement they also can’t be dynamic in organising their funds.
If you have multiple super funds the advantages of consolidating them into one are many.
Consolidation simply means moving all of those funds into one account.