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Super myth busted: Consolidating my super takes a lot of effort

Super myth busted: Consolidating my super takes a lot of effort

Consolidating your super can be done online in a matter of minutes. You could save thousands over the long-term by keeping your super in one place.

Myth: Consolidating super involves hours of paperwork

For some reason, people can’t believe that super fund management has moved with the times. We apply for credit cards online, we transfer money via mobile phone apps, we purchase goods from the other side of the globe, but for some reason we think sorting out our super is going to take hours and hours of boring paperwork. 

In fact, the Australian Tax Office (ATO) estimates that 45% of Australians have more than one super account and that there is $16 billion dollars’ worth of lost and unclaimed super. If this is you, you’re not alone. Many people think that sorting out their super is too hard and avoid it altogether.

Fact: To consolidate your super, all you need is your tax file number 

Once you have this single piece of information, you can sort out your super in minutes. There are several different ways you can consolidate your super – in this day and age you can choose how you want to do it!

You can consolidate your super online via the MyGov website. This site allows you to view all of the super you’ve accrued throughout your working life. To consolidate you can – quite literally – click and drag your funds into a single fund and automatic notifications will be sent to the funds you wish to close. 

Super fund providers and financial institutions can also assist you with super consolidation. You can provide your tax file number details via an online form, or have your details ready and speak to someone over the phone.

Consolidation can save you thousands of dollars in the long run 

Keeping multiple super accounts might mean paying multiple administration and account keeping fees and insurance premiums. Whilst these fees and premiums may not seem like much year on year, when you think about the fact that this is a retirement fund you will have for decades to come, unnecessary fees and premiums can add up to thousands of dollars lost in the long run.

You should contact your other super fund to find out if there are any fees, charges or other consequences for transferring your super out of that fund, such as loss of insurance cover.

Find out how to simply and easily consolidate with Essential Super.

Things you should know: This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. You should consider seeking independent financial advice before making any decision based on this information.