A simple 5 minute exercise that can save you $60,000

If you have changed job, worked part time or taken time off work, there is a likelihood that you may have lost superannuation. The average amount of lost super per person in Australia is estimated at $2,592. This modest amount, when compounded over 30 years at a CAGR of 11% becomes a whooping $60,000!

According to the Australian Taxation Office (ATO) estimates, the total lost super figure in Australia sits at a staggering $18.1 billion.
  • Almost 1 in 2 (47%) Australians are likely to have lost super.
  • Only 1 in 5 Australians are able to accurately estimate the amount of super they will needy to live comfortably in retirement.
  • Almost a third (30%) of Australians with superannuation have more than one super account.
    • The top two reasons for not consolidating multiple accounts are:
      • 28% - Don't have the time.
      • 27% - Don't know how.
  • Almost 2 in 5 (38%) Australians do not know if they have any lost super. Almost 3 in 5 (57%) Australians have never tried to look for any lost super.
  • A quarter of Australians are a little confused about what lost super actually is. A further 19% don't know what lost super is at all.
  • The average amount of lost super per person in Australia is estimated at $2,592.
If you think you have lost super, or are not sure - go to SuperSeeker (ATO) website and enter your Name, date-of-birth and tax file number (TFN). Alternatively, you can walk into most banks in Australia and they will be more than happy to help. This simple check can help you save $60,000 over 30 years.

Remember, when walking the road to riches, every penny counts!

Link: Westpac Super Report

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