Is your Retirement and Super impacted by Excessive Fees?
Having multiple super accounts could mean you are paying fees you do not know about, which may be unnecessary, or could reduce your retirement savings. It’s important to review this now
Canstar quote that the average super is between 0.88% to 1.24% in fees and is based on balance. This could turn into quite a bit of money if your balance is high. Let’s say the fee is in the range of $60 per year, which is possible with the average balances on super depending on age. (Australian super example). If you have 6 super accounts; this could mean you may have to work an extra 3-5 years to retire safely and securely. Always check these sorts of examples directly with your planner to see if they are relevant to you but even if it was less than this, it is still concerning for the average Australian.
If these multiple supers are let unclaimed then it could be transferred to the ATO and it is critical to see a financial planner to avoid losing super when it is your money. If you’ve ever changed:
• Your name (a good example is a marriage),
• Address- who hasn’t moved in the last 5 years? or;
• Your Job,
Your superannuation company or the ATO may not have matching details, which can result in your super becoming lost or unclaimed. Super is your money. You should check it regularly. As the saying goes “What gets measured gets improved”