by JBS Financial 4:05 am 17 Oct 2017
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 –
by JBS Financial 12:03 am 10 Oct 2017
During winter I decided I wanted to join a gym to get ahead of the ‘spring rush’ where people hurry to get in shape for summer. Although only July and still winter, I wanted to get that spring clean feeling, get my life organised and into a routine so when summer arrives I can make the most of the warmer months.
I just completed my first 8 week challenge at the gym which was very successful. The challenge gave me structure, goals to work towards throughout the 8 weeks and kept me accountable with the other participants.
Part way through this challenge, I decided to apply this theory to other parts of my life. Joining the gym was the first step and now I have a plan to spring clean my life.
Health & Fitness Routine – I didn’t know where to start at first and to begin with, I thought I could only fit in two sessions per week. However, in just a couple of weeks its amazing how much I was enjoying the gym and I found the time to go, now I’m there at least four times per week. To keep motivation I change my routine/classes/coaches. I have also started keeping a photo diary to monitor the progress/changes.
My Time to Unplug – life is busier than ever and with the endless supply of entertainment at our fingertips, it’s no wonder time can slip away. I have made conscious effort to “rediscover me” by blocking out times each week to clear my mind and unwind. Switching off from my laptop, phone, social media and TV. During winter I was having saunas and now it’s a little warmer I enjoy laying outside on my deck in the sun to clear my mind.
Declutter – Household mess can contribute greatly to stress in our lives, so it’s important to make your home a space you want to be. I used the recent long weekend to go through my wardrobe, tidy the garden and do an all over spring clean of my home. My declutter session was quite therapeutic and as the saying goes – “tidy home, tidy mind”. I donated heaps to charity and managed to sell some items online which will go towards my ‘something special goal’.
Plan something special – I haven’t planned anything yet, however likely an overseas trip will be on the cards in the near future to reward myself on the goals I set myself in July and what I can achieve between now and the end of the year.
You can apply the same theories to your finances. Seeking assistance from a financial coach, doing an audit on your budget and re-assessing your goals can make a world of difference to achieving financial freedom.
– Pj –
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