If you have had different jobs with different employers over your working career you will probably have superannuation accounts in many different funds.Apart from the time it takes to keep track of these accounts, there are three more serious concerns of which you should be aware.

Investment strategy

Choosing the right investments for your situation is critical to maximising your retirement nest egg.Super is for the long term and just 1% extra in returns every year can make a significant difference.

For example, if you were earning $70,000 per annum and your fund was receiving only the 10% per annum superannuation guarantee contributions from your employer, you could have $193,201 after 20 years if the fund earned 7% per annum. If itearned just 1% per annum more, you could have $214,881. An additional $21,680!

Reports and fees

More than one fund means you receive multiple annual reports and statements.Apart from being a nuisance, the big danger is that your super will be eroded byfees.

Lost billions

An inactive account is one that has not been accessed or contributed to in the past 16 months and the super fund cannot locate the account owner. Superannuation held in inactive accounts with balances less than$6,000is transferred into the federal government’s consolidated revenue account.As there are billions of dollars held in inactive accounts, this is a huge windfall for the government. Does any of this money belong to you?

You can easily find out if you have any lost super by using your MyGov account and linking to the ATO. If there is lost super showing, follow the instructions on the MyGov service to claim it. If you don’t have a MyGov account you can download a form from www.ato.gov.au and submit it to instigate a search.

Easier still, let us do all the grunt work for you and we will develop an investment strategy that makes sure your super is aligned to your needs.

Whichever way you do it, the key is to get your super all together nowand make it work for your future. Give us a call to get started.