Lost something?!

The end of the financial year is again a time for people to focus on their finances. Whilst most of us should be doing this more than just once a year, our busy schedules tend to focus our attention towards other day to day matters. We think about what we’re doing on the weekend, next week or maybe next month. Rarely do we consider our plans for a time-frame greater than 12 months.

It’s no wonder therefore that many people are unaware of their superannuation’s location, earnings, and rates of (hopefully) growth. I have seen clients with up to 14 different superannuation accounts (most of which they were not even aware existed).

Superannuation may be for your future but taking a keen interest now will help to ensure that future is brighter and more prosperous one. The first step is to ensure you know where all your super is. The attached article from the ATO provides information on how they can assist you to track down your “lost superannuation”.

The next step  after you have located any lost accounts is to consider consolidating your superannuation into one account. It will usually save you in fees which means more money for you at retirement (even if that is still 40 years away).

Finally make sure that your employer is making their regular contribution. This can be done by seeking confirmation of the contribution from either the fund or by asking your employer to provide third party verification of the payment being made.

If you are considering how to invest your superannuation or require some more general information you can either contact us or one of our recommended financial advisers.

Read the whole article here.