Do you have cash sitting out there somewhere that you don’t know about? With the current cost of living and many people living pay day to pay day, it would nice to find out that you have money available to you that you may not have been aware of. Who doesn’t love receiving money that they weren’t expecting? We’re referring to lost superannuation and in Australia, there are 16 billion dollars of unclaimed super!
16 billion is a lot of money, but it’s important to note that due to recent rule changes, the government could possibly transfer your lost superannuation to an ATO account. While this doesn’t mean that you would lose your money, it may mean that you’d miss out on returns from your investment.
How Does Super Get Lost?
Many people change jobs in order to advance their careers or to earn more money. In addition, people often hold part-time jobs, especially if they attended university. This means that you may have multiple super accounts that could have been forgotten about. It’s estimated that the average Australian has 3 super accounts, so it’s easy to see how it could be forgotten along the way as you changed jobs.
Don’t Lose Out on Your Money!
Remember, if you don’t act soon to locate your lost super accounts, you could lose investment returns. Ensure that your money isn’t going to waste, now is the best time to find your superannuation. Super is reported to the ATO under the following conditions:
- No good contact information for you,
- No contribution to the account in 5 years,
- You’re considered an existing lost member
How Do I Find My Lost Superannuation?
There are quite a few ways to find your lost superannuation, including contacting your previous employers. However, this method can be quite time-consuming, but luckily there’s an easier way. Paradise Financial Group offers a free find my superannuation service! Save time and energy by using a free method to find any lost accounts that you may have. You might have one, or many accounts that you weren’t aware of. Acting now and finding your lost super can easily boost your retirement savings.