$21 billion in lost super is waiting

You could have thousands of dollars in superannuation you’ve forgotten about. Here’s how to find out — and why it’s worth checking.

Did you know that more than $21 billion in lost and unclaimed superannuation is sitting with the Australian Taxation Office (ATO)?

According to the latest figures cited by the ATO, the average lost super account holds around $41,000. That’s money that could help boost your retirement savings instead of sitting forgotten in an old account.

The good news? Finding lost super is free and can take just a few minutes.

How Does Super Become Lost?

It’s easier than you might think to lose track of your super. This often happens when you:

• Change jobs and forget about your old super account.
• Move house or change your contact details without updating your fund.
• Change your name.
• Have several super accounts and lose track of where your money is held.

If your super fund can no longer contact you, your account may be classified as lost. In some cases, the money is transferred to the ATO for safekeeping until it can be claimed.

Your money may still be there — you just need to find it.

How to Find Your Lost Super in 5 Minutes

Checking for lost super is simple, free and can be done online.

Here’s how:

1. Log in to your myGov account.
2. Open the ATO service linked to your account.
3. Select Super, then Fund details.
4. Review your super accounts, including any lost or ATO-held super linked to your tax file number.

You can also check through the ATO app or contact the ATO for assistance.

For more information, visit the ATO’s guide to finding lost super.

Why Finding Your Lost Super Matters

Even a small forgotten balance can make a difference to your retirement savings.

Finding lost super can help you:

• Boost your retirement savings: Recover money you may have forgotten you had.
• Reduce unnecessary fees: Multiple accounts may mean paying fees on more than one account.
• Keep track of your money: Having a clearer picture of your super makes retirement planning easier.
• Make informed investment decisions: Reviewing your accounts can help you understand your overall super position.

If you’re approaching retirement, finding an additional $20,000, $40,000 or more could make a meaningful difference to your retirement plans.

Before You Combine Your Super Accounts, Check This!

Consolidating multiple super accounts into one may help reduce fees and simplify your finances. However, there’s one important thing to check first: your insurance cover.

Some super accounts include life insurance, total and permanent disability (TPD) cover, or income protection. Rolling your super into another fund may cause some of these benefits to end.

Before consolidating, check what insurance you have, whether it will continue, and whether you can obtain suitable replacement cover if needed. Consider speaking with your super fund or financial adviser before making a decision.

Remember, combining accounts isn’t always the best option for everyone. Compare the fees, investment options, insurance and other benefits before proceeding.

Take a Few Minutes to Check Today

With billions of dollars in lost super waiting to be claimed, it’s worth taking a few minutes to check whether some of that money belongs to you.

You might uncover savings from an old job or an account you haven’t thought about in years. Whatever you find, knowing where your super stands is a useful step towards preparing for retirement.

Ready to check your super?

Start with the ATO’s free guide: Find your lost super.

Need help understanding your super accounts or deciding whether consolidation is right for you? We’re here to help!

Call us on 07 3483 0100 or send us a message if we can help.

Your future self may thank you for taking five minutes today.