Are you considering superannuation to be tomorrow’s problem, because there are many ways to boost the size of your nest egg today, including super you may have “lost”. As part of a raft of recent reforms, super funds must transfer “lost” or inactive accounts of up to $2000 to the ATO by May 31 if they have been unable to contact the account holder or the account has been inactive for 12 months. It will not be impossible for account holders to access their funds after the May deadline, it will be harder and the accounts will only earn interest at an uncompetitive rate based on the CPI. The tax office says there are 3.4 million lost super accounts worth $16.8 billion in the system and more than 2.8 million unclaimed accounts valued at $887 million.
Sophie Elsworth, in The Advertiser [also appeared in The Daily Telegraph] writes –
“Unless you’re heading towards retirement or a decade or two away from it, you’re probably avoiding looking at your super. In fact, you’ll groan at the thought of it. There’s no better time than now to do what many of us will put on the “to-do” list but never quite get there a superannuation check-up. Your Money has asked the experts how you check on the wellbeing of your retirement nest egg. There are more than 3.4 million “lost” super accounts totalling $16.8 billion and more than 2.8 million “unclaimed” super accounts worth $887 million in Australia. Untouched super accounts are already being transferred across to the ATO and all will be moved over by May 31, so now is the time to get your money.”
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