A report by Westpac on the lost retirement savings of Australians has found that there are more than $13.5 billion worth of lost superannuation and that if all of it was to be claimed, that by retirement, it could be worth up to $42.4 billion extra in savings.
All up, there are more than 1.3 million unclaimed superannuation accounts. In Queensland alone, there are 265,393 lost accounts and of the top 10 national postcodes for lost super, Queensland postcodes hold the top 3 places! If you have changed jobs, moved house or changed your name, you have a much greater chance of losing some of your superannuation savings. According to the report, one in five people have been successful in their search for lost super, and on average, those people found $2,132
How do you claim lost super?
It is extremely quick and easy to check if you have any lost, or ATO-held super. All you need to do is enter your tax file number, name and date of birth on the ATO Superseeker website and they will instantly provide you with any information regarding lost super accounts that belong to you. If this does not provide you with any results and you suspect that you are missing super, you can use your myGov account linked to the ATO to keep track of all super accounts you have held. You will also be able to combine or transfer super into your preferred super account.
Alternatively, you can call the ATO on 13 10 20.
Don’t miss out on your retirement savings – take a moment to check if you have lost super today.