Keeping track of your superannuation can be difficult. Especially when you consider the average time Australians are currently spending in a job is just over 3 years.
So in a 50 year working life, on average you’ll have around 17 jobs. That’s a lot of super funds to keep track of. Each one of your funds could be charging you fees and each of them could have insurance built into them. It may not sound important, but it really is. You could be paying more than you have to and you could be paying for insurance elsewhere when you already have it.
Worse still, if something happens to you and you need to claim on that insurance, you may not know where to find it. As part of the rollover consolidation process that I undertake with clients, a free “super search” is conducted based on your tax file number. Various searching services have been around for a while, however, they usually charge a fee, take a long time and require you to complete lengthy forms. Our process is simple, quick and doesn’t cost you anything.
Searches over the last few months have yielded significant amounts of super funds for my clients. It’s always a pleasant surprise for a client when I ring and say “look what I found.”
For further information, please don’t hesitate to call or email me. Better still, drop in for a coffee and a chat in the office. Tracking down all of your super and consolidating it into one fund will make a big difference to the end result.