3 easy steps to make sure your superannuation is working for you
With $1.3 trillion in Australian superannuation funds and over $17 billion in lost and unclaimed super, it’s important to make sure your superannuation is not out there in the ‘superannuation wilderness’ not working for you.
If you have ever changed your job, payroll management service, address, name or done casual or part time work then chances are you may have lost track of some of your superannuation.
There are a few small things that can make a big difference when it comes to super and your lifestyle in retirement.
We have put together three easy steps make sure you ‘whip your super into shape’.
Before you start make sure you have your Tax File Number (TFN) handy as it is the key to making the most of the changes.
1. Hunt down and find all your lost super
First step is to track down any lost super. If like most of us your current job is probably not the only job you have ever had then chances are that some of your super may be ‘lost’. A great place to start to find lost superannuation is the ATO site ‘Superseeker’
From here you can;
- Check all your super accounts
- Find lost super
- Find ATO help super. This could be the result of your super fund or payroll management service not being able to find your account to transfer your super to. If this is the case then the ATO will hold it on your behalf
- Transfer super into the super account you want to transfer it into
2. Consolidate your super
Once you have tracked down all your super it is time to consolidate it all into once place. Why? Because putting it all into one account does the following;
- Saves costs by paying only one set of fees. You most certainly do not want to pay more than one set of fees. Recent research by firm Rainmaker estimates Australians paid $18.6 billion in fees for their retirement savings to be managed last financial year.
- Reduce your paperwork
- Make it easier to keep track of your super
To transfer your super requires a little bit of paperwork but it is not hard.
- First of all you need to choose a fund. When you joined Bookssorted Payroll Services you would have provided us with your preferred fund.
- Download and complete the form on this site
- Once finished send it to your chosen fund and make sure they provide you with a rollover benefits statement and check it to make sure they got it right
3. Increase your superannuation contributions
Although there are a variety of strategies, increasing your superannuation contribution is one of the most easiest and effective strategies available. The maximum allowed limit for most people is $25,000.00 per year. Contact us at Bookssorted Payroll Management Services if you want to know more or would like to change your contributions.
As mentioned before there are a variety of other strategies you can do with your super including self managed super funds, placing your super in a higher yielding fund but whatever you do just make sure your super is working for you and not the other way around.
As always , consider all your options before making any changes and contact your financial advisor if you need more advice or are unsure about anything.
General Advice Warning & Disclaimer
General Advice Warning The information provided in this article is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information in this article make sure you consider all your options
Disclaimer All statements made in this article are made in good faith and we believe they are accurate and reliable. Bookssorted Payroll Service does not give any warranty as to the accuracy, reliability or completeness of information that is contained.