Did you know that by forgetting to update your contact details with your superannuation fund, you could potentially lose a substantial amount of your retirement money?
When you don’t update your contact details, your super can’t find you.
The Australian Taxation Office (ATO) is currently holding more than $17.8 billion in lost and unclaimed superannuation. Some of these funds belong to people who may already be retired. $471 million is being held on behalf of people aged 65 and older.
The ATO’s deputy commissioner, Emma Rosenzweig, is urging Australians to check if some of that $17.8 billion belongs to them. “If you’ve changed jobs, moved house or simply forgotten to update your details, you may have lost or unclaimed super,” she said.
Contact your super fund to check:
* if they have the correct contact details for you
* if your super balance matches your employer contributions
If you think you may have missing super funds, you can trace it through the ATO, where all lost and unclaimed super funds are held.
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