Extra coins in your retirement pocket

3 Ways to Find Extra Cash for your Retirement

Got all of your super?

Did you know that the ATO can now take unused or lost super accounts that have a balance of up to $6,000 in them? You should take the time to spend a couple of minutes to see if you are one of the 5.7 million Australians that this has happened to.
The odds are that you have probably lost track of at least some of your valuable and hard earned super – most Australians have, to the tune of approximately $14 billion. That’s a lot of coin sitting around waiting for its owners to come and find it.

How did you lose your super?
If you have ever changed jobs, moved house or held a second job that paid super on your behalf then it is likely that you have had a superannuation account that has fallen into the definition of being idle. Once an account is considered to be idle then the balance can be transferred into unclaimed super. So if your account has had no recent deposits or the super fund hasn’t been able to contact you it is idle and the balance can be taken.
The good news is that this money still belongs to you and you would most likely be better off with that cash in your own preferred super account generating earnings for your future. Finding your super is simple, quick and should take you less time than filling out your lotto numbers. Just like lotto you may get a little or a lot back but this money is yours and should be working for you.

How do I get it back?
1. Look for you lost and unclaimed super using your MyGov account online services
2. Ask your super fund to do it for you – most offer this service to their clients
3. Talk to a registered Tax Agent like Exact Accounting when you next have your tax returns done.

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