If retirement seems like something that will happen in the very distant future, it’s easy to let planning for it fall by the wayside. But given that women regularly retire with significantly less super than men, it’s important to do whatever you can to make your super work for you.
One of the easiest (yet most overlooked) ways of making your super work harder is to consolidate it into one account. Doing so means that you’ll pay less administration fees, and you also won’t have to pay multiple times for insurances (many of which are issued with every super account).
Consolidating your super is actually far easier than you think. Here’s how:
Step 1: The first step in consolidating your super is to decide which account you’d like to consolidate it all into. If you’ve currently got an employer paying super into one of your accounts, it might be easier to select this one as then you won’t have to change details. When selecting your chosen fund, however, make sure that you’ve got the insurance cover you’re after.
Step 2: Thankfully, the ATO has made it relatively easy for us to combine our super accounts, by centralising everything online via myGov. To access your super accounts via the ATO, you’ll need to link your ATO account to your myGov account.
After you’ve done that, you should be easily able to see all of your super accounts (provided you gave the provider your tax file number to begin with). Once you’re able to see your super accounts, you should be able to find out further details you’ll need to consolidate your accounts, such as account numbers.
Step 3: Once you’ve got all the details of your super funds, you can consolidate them using a form from your chosen provided. Many providers enable you to do this online to make it easier.
Australian Super offers an easy online tool to help you consolidate your super. To find out more about Australian Super’s services and superannuation, click here.