Are you juggling multiple superannuation accounts? This can make tracking your retirement savings difficult and potentially increase your fees.
Consolidating your super accounts into a single fund can simplify your financial life and potentially boost your retirement savings.
In this guide, we’ll discuss why you might have multiple super accounts, the benefits of consolidating them, and how to do it.
We’ll also provide tips for finding lost super accounts and choosing the right fund to consolidate into.
Why You Might Have Multiple Super Accounts
It’s common for Australians to have multiple super accounts.
Here are some of the reasons why:
- Job changes: When you start a new job, your employer may create a new super account for you if you don’t provide your existing account details.
- Lost accounts: Over time, you might lose track of old super accounts due to changes in your address, name, or contact information.
- Multiple jobs: If you’ve worked multiple part-time or casual jobs, you may have a super account for each one.
- Inheritances: If you’ve inherited superannuation from a deceased loved one, this can create additional accounts.
The Advantages of Consolidating Super Funds
Consolidating your super accounts can provide numerous advantages, allowing you to gain a clearer understanding of your financial situation and make more informed decisions about your future.
Benefits of consolidating include:
- Reduced fees: When you have multiple super accounts, you’re paying fees for each one. By consolidating, you can potentially save money on fees.
- Simplified management: Having all your super in one account makes it easier to track your balance, make contributions, and manage your investments.
- Increased investment options: Some super funds offer a wider range of investment options when your balance is higher. This can give you more control over how your money is invested.
- Improved insurance coverage: Consolidating your insurance policies can sometimes result in better overall coverage or lower premiums.
How To Find Out if You Have Multiple Super Accounts
To effectively manage your super accounts, begin by linking your ATO account to your MyGov account.
This connection will provide you with comprehensive access to information regarding all your super accounts in one place.
Additionally, the ATO offers an online tool designed to help you search for any lost or unclaimed superannuation funds, ensuring you don’t miss out on any potential savings.
Don’t forget to reach out to your previous employers to inquire about any super accounts tied to your past employment, as they may hold funds that you are entitled to.
Taking these steps will help you stay informed and maximise your superannuation benefits.
How To Find Lost Super
The easiest way to find lost super accounts is to:
- Link your ATO account to your MyGov account: This will show you a list of all your super accounts, including any you may have forgotten about.
- Use the ATO’s superannuation unclaimed super money (AUSM) search: This online tool allows you to search for lost super.
- Check with your super fund: Some super funds have their own lost member search tools.
How To Consolidate Your Accounts
To effectively consolidate your super accounts and streamline your retirement savings, follow these detailed steps:
- Choose a super fund: Research and select a superannuation fund that aligns with your financial goals and offers competitive fees and investment options. Consider factors such as past performance, insurance options, and customer service.
- Initiate the rollover: Visit the website of your chosen super fund or access your MyGov account to begin the rollover process. Have your personal identification details ready, as they may be required during the process.
- Use the request for rollover form: Fill out the necessary paperwork accurately. This includes the “Request for Rollover of Whole Balance of Super Benefits Between Funds” form. Double-check all information to avoid delays.
- Follow the instructions: Carefully adhere to the specific instructions provided by your super fund. This may include submitting additional documents or providing further information. Keep a record of all communications and confirmations related to the rollover.
By following these steps on how to combine superannuation accounts, you can potentially reduce fees and maximise your retirement savings.
Things To Keep In Mind Before Consolidating
Before consolidating your super accounts, consider the following:
- Fees and exit costs: Some super funds may charge fees for closing your account or transferring your balance.
- Insurance coverage: Compare the insurance options offered by your current and chosen funds to ensure you’re not losing valuable coverage.
- Investment options: Evaluate the investment options available in your chosen fund to ensure they align with your risk tolerance and financial goals.
- Specific benefits: Some super funds may offer specific benefits, such as low-balance discounts, that you might lose when consolidating.
Evaluating your options can help you make an informed decision that aligns with your long-term financial goals.
Your Super, Your Way – Get Expert Advice From GeekBooks
Knowing how to combine your super accounts can simplify your financial life and potentially boost your retirement savings.
By following the steps outlined in this guide, you can find lost accounts, choose the right fund, and successfully consolidate your super.
For personalised advice and expert assistance in navigating the superannuation consolidation process, contact GeekBooks today.
We’re here to help you fine-tune your retirement savings plan, making sure you have a secure financial future while also allowing your dreams to grow!
FAQ
Can I Merge Two Superannuation Accounts?
Yes, you can merge two superannuation accounts.
This process is known as consolidating your super, and it involves transferring the balance from one super fund to another.
Doing so can help you reduce fees, simplify managing your superannuation, and improve your overall retirement savings.
Can Couples Combine Superannuation?
While couples cannot directly combine their superannuation accounts into a single account, they can each take steps to consolidate their individual accounts.
Additionally, they can implement strategies such as spouse contributions and splitting contributions to maximise their superannuation benefits together.
How Much Does It Cost To Consolidate Super?
The cost to consolidate super can vary depending on the fees charged by your current and chosen super funds.
Some funds may charge exit fees for closing an account or transferring your balance, while others may have no fees for consolidation.
It’s essential to review the fee structures of both super funds to understand any potential costs involved.