An Easy Way To Gain More Control Of Your Super
An Easy Way To Gain More Control Of Your Super
When you’re focused on getting ahead, particularly early on in your career, it’s not unusual to change jobs every two to five years. This means you probably have more than one superannuation account. While super may not seem anywhere near as exciting as climbing that proverbial corporate ladder, it pays to keep your super in one place. The good news is that it’s easier than you think to control your super.
Get your super on track
There are a few issues you’re likely to encounter by having multiple super accounts, such as:
- Paying duplicate fees
- Not knowing what you’re invested in
- Extra paperwork
- Missing out on entitlements.
The end result is that your money is not being invested as efficiently as possible. Consolidating your super accounts into a single account can make a big difference to your retirement savings.
Control how your money is invested
One of the major benefits of consolidating your super is that it’s far easier to keep track of your investments. This means you know who is managing your money, which asset classes you’re invested in and importantly the returns you are getting.
It’s easy to consolidate
Bringing all of your super accounts together isn’t as time-consuming as you might think. But there are a few things to consider before you get started:
Costs
Check termination fees from your old funds and contribution fees into the new one. Â These come out of your account so they reduce your balance.
Insurance benefits
Make sure you are not losing important benefits by ceasing your existing cover. It is also important to make sure you have cover during any transition between funds. Will cover be automatic in the new fund?
Once you’ve decided on one fund, simply complete a Transfer Authority Form for each of your old funds you wish to rollover. Most super funds have these forms available, but you can also download a copy of from the ATO website here http://www.ato.gov.au/super/content.aspx? doc=/content/85287.htm.
To find out how to better control your super and ways to save for a more comfortable retirement, talk to our Financial Advisers.
