Track down lost accounts
Firstly, find lost superannuation funds or accounts you may have forgotten about. Having multiple accounts could mean paying more in account keeping fees than necessary. You could also miss out on money in retirement.
Transfer different accounts into a single fund
Once you know where all your superannuation is, you may like to consider consolidating (or rolling over) all the different balances into a single account. This potentially doesn’t just save on account keeping fees, it means you can easily gain control and keep track of your super throughout your working life.
Before transferring different accounts into a single one, it is a good idea to check with your other funds to see if there are any exit fees for moving your benefit or other loss of benefits such as insurance.
Choose your investment options
Next, take a look at how your super is invested. Most Australians are free to choose their own super fund. You need to be sure you have the fund that is right for your needs and that your super is invested in a way that suits your comfort level with risk, while still helping you achieve personal goals.
Actively grow your super
Relying on your employer’s 9.5% Superannuation Guarantee contributions alone may not be sufficient to ensure you lead a rewarding retirement.
Any additional contributions you make will help to build your super savings and this, in turn, could increase the dollar value of the returns your super earns to help build your retirement savings.
Gain control of your super today could mean more money for you in retirement.
Need help! Contact Avante today on 1300 788 650
