Consolidating my superannuation
Why should you do to combine your super accounts and how do you do it?According to the Australian Taxation Office (ATO), more than 6.3 million people, or 45% of the workforce, were unaware that they hold multiple super accounts in 2016 – and are therefore very probably incurring more than one set of fees.Before making a decision to combine your superannuation, you should consider any penalties such as exit fees, change to insurance cover or loss of benefits that may apply and, if necessary, consult a qualified financial adviser.
New research from the Association of Superannuation Funds Australia (ASFA) in November 2016 has found that more people than ever before are consolidating their super, showing that industry campaigns are working.
ASFA points out that the younger you are, the more you will benefit from making small changes to the way you manage your super.
Former CEO of ASFA Ms Pauline Vamos said, “Every dollar you save on unnecessary fees, or every dollar of lost super you find, is worth seven times more to your retirement savings.
If you do, you might need to replace this cover elsewhere before closing your account.
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