Many people have accumulated multiple super accounts from changing jobs and have lost track of how many they actually have.
It is important to consolidate your super into one account, but why?
Having one super account means you will save money by only paying fees for one account, there will be less paperwork which will save you time and your super balance will be easy to keep track of. You might even find money you didn’t know you had.
You can consolidate your super accounts by yourself through the ATO portal on myGov, but there are some things to consider before doing so.
Things to Consider:
Some of your super funds may require exit or withdrawal fees so it is important to be aware of those before withdrawing. If you have insurance cover attached to a super fund and you withdraw, that insurance will be cancelled, and you may not be able to get the same cover elsewhere.
It is also important to choose the fund that best meets your needs in terms of features and benefits, so you will need to sift through the features and benefits of each fund to determine which will be best for you and your needs.
We can help:
Our experienced financial planners here at Bottrell Business Consultants can help you decide what super fund will best suit your needs in terms of fees, features and benefits and insurances. It is a big decision to make, and an easy way to take control over your finances and investments.
Let us take the guess work out of what you need to consider when finding the right option for your future.