The ATO says Aussies are sitting on a whopping $19 billion in lost or unclaimed super. According to fresh data, more than seven million people are affected, and they’re being urged to check their accounts ASAP. On average, that’s about $2.6k per person — but for some, it could balloon into tens of thousands by retirement.
ATO Deputy Commissioner Ben Kelly pointed out that there are a heap of Aussies who aren’t even aware they have missing super, and you could be one of them!
“Checking for lost or unclaimed super is like reaching into your pocket and finding a $50 note, it’s your money, you just didn’t know it was there,” he said.
“Your super can become lost if your account is inactive, and your fund can’t contact you. If you’ve changed jobs, moved house or simply forgotten to update your details, you may have lost or unclaimed super.”
Assistant Treasurer Daniel Mulino said it’s easier than you’d think to lose track of your super. He explained that it often happens when people change jobs, move houses, or switch funds and forget to update their details.
Some Aussies might not even realise they’ve got multiple super accounts floating around from different jobs, while others could have had their old funds shut down or merged without noticing.
Mulino urged people to keep their super details up to date and consolidate their accounts to avoid missing out on money that’s rightfully theirs.
“It could be that you’ve changed your name, that you changed jobs, or even that you’ve worked overseas,” he told media this morning, per 9News.
“What this can mean is that people can find themselves paying multiple fees, which will obviously have a bad effect on people’s end balances.”
Thankfully, the matter is easier to resolve than you might think, the ATO reassures us.
“This super is not lost forever. The ATO wants to get this lost and unclaimed money back into your account,” Kelly said.
“While we’re working hard to ensure people get full access to the super they have worked for, it is important for people to keep their information up to date in myGov.
“Your super follows you through your career, so you should keep a check on your account.”
Well thank Christ for that!
Have you read this entire story and you’re now wondering: ‘WTF is super?’
Well, you’re in luck! ‘Cos here’s an explainer.
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