We’re well into spring now and with all the talk about spring cleaning, it’s a perfect time to clear out all those tasks you’ve been putting off. Namely looking for any lost super.
Latest figures have shown modern day Australians will have approximately 17 different employers throughout their careers. With all these changes in employment it’s no wonder there’s a large amount of lost super in the system. As of June 2017 the ATO has recorded 6.3 million lost super accounts with a total value of approximately $18 billion. All that money just sitting there waiting to be claimed.
There are a lot of reasons why many aussies just keep putting off looking for their lost super. Mainly as super is an asset which is not accessible until we reach preservation age, most people just don’t care about it. Others just find it too dificult and don’t have any idea on where to begin looking, but as you can see, it pays to find all your lost super and consolidate them into one.
Take for example the folowing graph which shows how much addtional super benefits would be generated from finding $5,000, $10,000 and $20,000 of lost super now.
As shown above, if this 28 year old person finds an additional $5,000 in lost super now, based on an average return of 6.53% per annum that amount would turn into $27,100 by the time they reach age 65.
Which means that by finding that $5,000 in lost super today it has increased it’s value by more than 5 times. Similarly finding another $20,000 of lost super now, means an additional $108,000 in super by the time they reache age 65.
I’m sure we’d all agree that having an additional $108,000 in super once we’ve retired is very attractive. In order to reap future rewards however, you have to start now by looking for any lost super.
Here at JBS we have helped many of our clients to find their lost super and ensure they’re on track to meeting their retirement goals, have you looked into what you can find?
– Andy Lay –