Did you know that over 500,000 Australians change jobs or leave their industry all together? This means that over 500,000 new superannuation accounts are opened up each year, which is a major reason why over $13 billion of money in superannuation accounts around Australia which is categorized as “Lost Super” [i].
So how many superannuation accounts do you have? Until recently , the most accounts one of my clients had was 8, but last week it was topped with 13. Both of these clients are men, and both are under 35 years of age! Can you beat this?
Merging your super into one account is a smart financial decision for a number of reasons:
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Your lost super gets gobbled up in fees by greedy banks and fund managers. Even if it only amounts to another $200 at retirement, wouldn’t you rather spend that on a new golf driver or some wool for you to knit instead of handing over to these leeches?
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You duplicate insurance cover. Huh? I have insurance cover through super? Probably, and if you’ve got 4 different income protection policies, you can only claim on one. The other 3 are a waste of money. The savings here are more like an entire set of golf clubs.
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Your money is not sitting around in cash for decades. Get it invested properly and the difference could mean you can enjoy a new Mercedes instead of a new Holden at retirement.
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Less paperwork in your life. Instead of sticking 13 statements in the second bottom draw, you only need to deal with one each year.
Is any of the $13 billion of lost super yours? Do a quick search on the ATO website which is free and private by clicking here. We can help you to merge your superannuation into a low cost, high return account, click here to call or email.
[i] Lost = no activity on the account for two years or mail is return to sender
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