DON't throw away your hard EARNed money!

girl-sea-binoculars-vacation-160514.jpeg

26 September 2017

An article in the Standard Newspaper highlighted that there is more than $21 million of unclaimed superannuation in southwest Victoria, and $11 million in Warrnambool alone. This is not unique to the southwest region, in fact the ATO estimates that 4 out of 10 Australians have lost super.


WHAT IS UNCLAIMED SUPER?

As an employee, you are paid superannuation from your employers and you do have a choice where this is paid into. Many people go with the ‘default’ option which can change between jobs and employers. Over time, you can end up with small amounts of super in multiple accounts. Super can also get lost if you change jobs, get married and change your name, or move house and change your address. If you can’t be contacted, your super will be held by the ATO on your behalf.


WHY DOES THIS MATTER?

This ‘lost’ super is your hard earned money and will ultimately finance your retirement. Many people can forget about this because retirement seems so far away, however your lost superannuation is not earning as much as it could and is often getting eaten away by high fees and unnecessary insurances.


WHAT SHOULD I DO ABOUT IT?

Think about how many jobs you’ve had since starting work. Do you remember nominating a super account for each? Is all your super held in one account? If you’re not sure, you can track down and consolidate your own super by contacting the ATO through your myGov login. However, as the Standard article mentioned, most people either don’t know how to do this or put it in the too hard basket. 

The alternative is to contact Ambleside Wealth Advisers and we’ll do it for you. Ambleside will track down your balances and you can consolidate into one account, either with us, or make your own arrangements. The choice is yours, but remember it’s your hard earned money and it should be working for your retirement!


LIST OF UNCLAIMED SUPER IN SOUTHWEST VICTORIA

Allansford                      $400,000

Camperdown                $1,200,000

Caramut                        $97,000

Cobden                          $1,000,000

Derrinallum                   $27,000

Koroit                             $932,000

Mortlake                        $524,000

Narrawong                     $253,000

Noorat                            $1,000,000

Port Fairy                        $800,00

Skipton                           $130,000

Terang                            $384,000

Timboon                         $790,000

Warrnambool                $11,000,000

Winslow                          $949,000

Woolsthorpe                  $252,000


SOURCES
http://www.standard.net.au/story/4911116/21-million-in-lost-super/                
https://www.ato.gov.au/Individuals/Super/Keeping-track-of-your-super/

 

James Kelly