For many South Australians, this is a real question. South Australians collectively have nearly $1 billion in lost super, spread over more than 100,000 different accounts.
Much of this goes unclaimed because of incomplete, incorrect or out-of-date personal details. And – dare we say it – because for many people, especially younger people, super isn’t an urgent priority. But – it’s real money, it’s your money, and it pays to take charge of it – literally.
Plus – it’s not as daunting as you might think.
With the end of the financial year almost here, you can expect to see your annual super statement in the mail soon. It will include a summary of your personal details, contributions, investment choices and insurance cover. This is a great time to check that everything’s in order, and to make contact with your super fund. They can help you track down any lost super you might have, and ensure your investments are in line with your goals. Here are three tips that will help you sort out your super today.
- Are your contact details up-to-date and correct?
This is particularly important if you’ve moved or changed your name. Check that your super fund has your phone number and email address too. It’s in your best interests for your super fund to stay in contact with you – after all, it’s your money.
- Has your super fund got your tax file number?
This can now be the main identifier of your super, and will make sure your super doesn’t get ‘lost’ in the future. Plus, if your super fund doesn’t have your tax file number, you might pay more tax.
- Is your contributions and investment strategy still appropriate?
Make sure your investments are performing as expected, and that your strategies are still aligned with your circumstances.
So, keep an eye out for your super statement. It’s worth spending a bit of time making sure your retirement savings are in order. Your super is your future income – and a little time now can help you make the most of it.
StatewideSuper is here to help
We’re your local South Australian industry fund, so if you have any questions about anything in this article or your StatewideSuper account, call our friendly Client Services team on
1300 65 18 65, or come and see us at our office at 211 Victoria Square, Adelaide.
Before you make any decisions relating to your super account we strongly recommend you seek professional financial advice. StatewideSuper have a qualified advice team available if you need help. Just by calling 1300 65 18 65 we can arrange a free, no obligation fact-finding appointment with one of our Financial Planners.
If you’re not already a StatewideSuper member, simply click here to join, and again, please feel free to give our team a call if you need any help completing the application form.
Financial information and advice may be provided by representatives of the Fund’s Administrator and wholly owned company, Statewide Financial Management Services Limited, ABN 69 092 109 209 Australian Financial Services Licence No. 239063 or by authorised representatives of Quadrant First Pty Ltd ABN 78 102 167 877 AFSL No. 284443. Fees may apply for financial planning advice.
The information provided is of a general nature. In providing this information we have not taken into account your objectives, financial situation or needs. Further, we recommend that professional financial advice should be sought from a qualified adviser with regard to your objectives, financial situation and needs before considering or acting on the appropriateness of the information given.
Statewide Superannuation Pty Ltd ABN 62 008 099 223 (AFSL 243171) Trustee and RSE Licensee of Statewide Superannuation Trust ABN 54 145 196 298.
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