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Every time you change jobs
you end up with another super account to keep track of. Not only
does this create a lot of paperwork, it is likely that your
superannuation savings are being eroded by multiple account
fees.
Here are some advantages of
consolidating your super.
1. Reduce your paperwork
and your fees!
If you have more than one
super fund:
•
Each fund will send you statements and other information on a
regular basis.
•
You may also be paying multiple sets of fees.
Consolidating your super
into one account means that you will only be charged one set of
fees and it may also help save a few trees by reducing the paper
shuffle.
2. Maximise your
earnings
With your super money in
different funds, your investment strategy may not be effective.
Without a clear investment strategy you may not be getting the
earnings you need to accelerate your super.
Consolidating your super
allows you to have a more focused investment strategy which can
lead to a better return.
3. "Use it or lose it" -
lost super money
Many of us have money
sitting in super funds from jobs we left years ago. In fact, on
average 1 in 3 working Australians has super they have yet to
claim! If your old employer loses track of you, your money can
eventually end up in Government coffers.
Indeed, Government
statistics suggest there is more than $6.8 billion worth of "lost"
super1. Perhaps some of it is yours!
1Statistics provided by the
Australian Taxation Office October 2002. Back
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