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Australians Urged to Locate Lost Superannuation Funds
Australians are being encouraged to track down any forgotten superannuation accounts that may be lying dormant. Many individuals unknowingly opened accounts when starting new jobs in the past, which could significantly enhance their retirement savings if reclaimed.
The Importance of Actively Managing Super
The Australian Taxation Office (ATO) has been proactive in assisting people to recover their unclaimed superannuation. In the past year alone, the ATO facilitated the return of $502 million to citizens, underscoring the importance of not overlooking these funds.
Understanding Unclaimed and Lost Super
Lost super refers to funds in superannuation accounts that have lost contact with their owners, while unclaimed super—also known as ATO-held super—is money transferred to the ATO and awaits allocation back to the rightful owner. This can occur for various reasons, including address changes or job transitions.
Currently, the ATO estimates that around $17.8 billion in lost and unclaimed super is awaiting discovery by its owners. Even retirees should recheck their status; the ATO has identified about $471 million in unclaimed super belonging to those aged 65 and above.
How to Check for Super Accounts
To access information regarding all your super accounts, including any lost or ATO-held super, log into the MyGov platform linked with the ATO. Here’s how to retrieve your account details:
- Select the Super tab from the top menu.
- Check your list of accounts:
- Fund Details: Check for any lost super; you can opt to either retain the funds with the same provider or update your contact details directly.
- Manage & Transfer Super: This enables you to move lost super into an eligible account. You can also request your super fund to facilitate the transfer.
- Withdraw ATO-held Super: If desired, you have the option to withdraw ATO-held super—applicable only if the amount is under $200 or if you’re over 65.
Options for Those Over 65
Individuals over the age of 65 have additional pathways available to access their unclaimed super. The ATO may be able to directly process a lump sum payment of any unclaimed funds. If direct payment is not preferred, a request for a super fund nomination can be made via phone.
Conclusion
With millions in unclaimed super currently held, it is crucial for Australians, particularly retirees, to actively seek out their lost funds. By using the tools provided by the ATO and ensuring their details are up-to-date, individuals can bolster their retirement savings significantly. Don’t miss out on what could be a substantial financial boost during retirement.
If you have personal experiences or questions related to superannuation, feel free to reach out.
