In Australia, most workers find they accumulate a number of super accounts over time.
The problem with this is that each fund will have fees that may not seem like much when you open the account, but will add up in the long run, and over multiple accounts. To maximise your super finances you will need to consolidate all your accounts into one.
Superannuation consolidation can be complicated, but our team make the process straightforward and stress-free.
NOTE: If you’re after detailed information on the Super Changes that come into effect on the July 1st, 2017 – see our Super Changes Guide.
Why Should I Merge My Super Funds?
The main benefits of superannuation consolidation include:
- Cut down management fees.These may not seem like much, but over time they can significantly reduce your balance.
- Gain the maximum investment power of your superannuation by increasing your purchase power.
- Easier management and tracking.
How Do I Merge My Super?
If you have more than one super account you should contact your superannuation providers to get a clear picture of the balance in each account. If you are missing details for some of your accounts you might need to call your previous employer or the super fund to get your account details.
Before merging your account balances into one super fund we strongly suggest you consult a financial advisor to make sure it is done correctly. When you consolidate super accounts there is a risk of double handling which may incur additional charges. Our experienced financial advisors will help you merge your super funds seamlessly so you can grow your financial future.
Finding Your Lost Super
When you move house or change your job, you may lose super. This is something people often overlook, either because they don’t realise or they are so busy and stressed at the time that they forget. The good news is it can easily be corrected – we help clients review their funds and find any lost super on our lost members register.
Get in touch with us to clean up your superannuation and ensure a stable financial future or give the My Wealth Solutions team a call on 07 3852 4114. Alternatively, head over to our Frequently Asked Questions page and see if your question is there.