Five questions below to find out if you need a ‘Lost Super Track’. (LST). A necessity as most Australians don’t know their Super’s listed as Lost. All lost Super is owned by the Government. $14.4B in Australia alone. An average of $7,100 per account.
But first a warning: Don’t be complacent. Alex, a Wealth Centre employee, had multiple super accounts with a ‘big boy’ fund but found they’d listed one her accounts as ‘lost’ yet the others remained current. Same company!
A “Lost Super Track” (LST) will easily locate and identify all your super accounts for you. Current, old and lost.
You will need a LST if, since you started working, you’ve changed:
- names (married / divorced)
- your address
- had more than 12 months off (maternity/travel) or
- had more than one super company
A LST can be as easy or as hard as you like to make it.
Easy is having an independent Super Expert do it for you and I recommend you use our expert Ben at The Wealth Centre. Alternatively you can locate it yourself through the ATO, MyGov and your superfund sites. It can be done but it is a process that takes quite a bit of time, patience and understanding.
Which ever option you choose make sure you take advantage of your time off over Christmas to take care of this as it could be costing you money.
Remember your super is what you’ll live off when you retire – therefore make sure you (and not the government) has it all.
Keep an eye out for next week’s blog where I’ll talk about the “7 things before consolidating Super”.
In the meantime think about meeting Ben to have a LST done. Call 1300 132 648 or email our Appointment coordinator Nerissa@thewealthcentre.com.au