Saving For Your Retirement

Saving For Your Retirement

In Australia, you can talk to your employer and start putting away money in one of the superannuation funds available. On retirement, you will then be able to claim your money.

In some situations, though, you find that you may not have access to your money.  Before you go running a lost super search, you need to understand what might have led you to this situation.  Routinely, you find that the people who have lost superannuation have changed jobs a couple of times. Additionally, you may find that not all their employers were remitting money to the fund.

Alternatively, you may have changed addresses. This would make it difficult for the fund to contact you and therefore they, will just hold on to the unclaimed super. This could also happen if your fund has not received any contribution into your account for about 12 months. In this scenario, they will deem the account inactive, and you will eventually have to find my lost super.

So if you keep wondering "how will I find my superannuation"? The process is pretty simple.  You merely need to visit the AUS Fund or the Australia Tax Office. This is because smaller funds transfer the unclaimed superannuation from inactive accounts to the AUS Fund. Therefore, a visit to their offices will allow you to access those funds.

The AUS Fund and the ATO have the tools needed to find lost super. Additionally, on the provision of your tax file number, the funds can be traced and transferred to your preferred fund. To avoid going through the whole process of getting help to find my super, regularly check on your account and remit contributions to prevent it from being deemed inactive.

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