Consolidating multiple superannuation funds
Consolidating superannuation is one of the first steps you can take in being attentive to your super. Only have one super fund? Great, you’re ahead of the 40% of Australians who have two or more.
Even though retirement may seem a long way off for some it’s important to give regular consideration to your superannuation. Superannuation is one of your most important assets, but it is often neglected.
Why should I consolidate?
The average individual will have between three and five super funds over their working life. If these funds are held at the same time, one of the reasons to look at consolidating is to save on the fees and charges associated with each account.
Superannuation funds also include features such as personal insurance. Over time your responsibilities in life change. Consolidating superannuation may be a good time to review what insurances you have in place as well as nominating or updating your beneficiaries, however, we always recommend to seek advice prior to consolidating to ensure you’re not loosing insurance/s that you may need inside of your superannuation funds.
When should I consolidate?
No time like the present to review your superannuation! Consolidating superannuation and keeping it all in one place keeps it organised, easier to keep track of and up to date.
How do I consolidate my super?
There are many funds out there, some more suitable to the particular industry you work in. If you want to look at consolidating your superannuation come and speak with us. We can review each of your funds and their features then compare them to additional funds that may provide you with a better offer.