Consolidating your super

In the rush of finishing one job and starting another, it’s easy to forget about superannuation. Many people open a new super account with each employer and wind up with multiple, fragmented super funds – all of them charging fees and administration costs.

If you have multiple superannuation accounts, the first step in consolidating your retirement savings is to select which fund is right for you. You might want to think about:

• The costs and benefits of your current funds
• Whether any of your current funds charge exit fees
• Any taxation or investment implications to moving your super
• Whether adequate insurance cover is available in the new fund

Once you have selected a super fund, you can roll over all the existing funds into your chosen account. If all this seems a bit daunting, why not set up an appointment with a Commonwealth Financial Planner.

Once all of your superannuation is in one place, you’ll enjoy benefits such as fewer fees, more control over your insurance cover, and less paperwork and administration.

If you’d like help with consolidating your super, or advice on how to make the most of your retirement savings, you can use our online booking form to organise an initial, no-obligation consultation with a Commonwealth Financial Planner and start planning for a better life today.

• Important information
  This information is of a factual nature only and is not intended to constitute financial product advice. It has been prepared by Commonwealth Financial Planning Limited without considering your individual objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual needs before making a decision based on this information. Commonwealth Bank customers who wish to obtain information about retirement planning may do so by contacting a Commonwealth Financial Planner. Commonwealth Financial Planners are Representatives or Authorised Representatives of Commonwealth Financial Planning Limited ABN 65 003 900 169, AFSL 231139, a wholly owned but non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124.