Seriously, superannuation is too important to ignore.
Step 5 – find another use for all the space in the “bottom drawer”.
Not only is complexity harder to manage but it also leaves us more open to identity fraud.
Anytime you can streamline your financial picture without hurting yourself most planners would urge you to do so.
The usual option is to stuff them all in the bottom drawer and forget about it until next year… But there is a better way and if you act now you can sort it all out so that you’ll receive only one statement each year.
And the worst one – did I advise all of the funds of my new address last year?
Generally the more super accounts you have, the more administration fees you'll pay.
Then of course there’s the mountain of fees that come with this territory.
With just one account to keep track of, you'll have only one set of statements to read and file.
Important information: In calculating historical returns for Australian Super, where only one of the merging funds (ARF or STA) previously offered an equivalent to an option in the new product suite, the returns for that option have been used.
I used the ATO’s Super Seeker page to find all seven of the super accounts I had.
I was pretty stoked to find out I had a couple of thousand dollars in super that I didn’t know about.