Do you find it hard to keep track of your super funds? If you’ve changed employers and chances are that if you’re an adult you’ve had more than one job so far, you may not even know which funds you have. So if anyone in your life — or yourself — has more than one superannuation fund, it’s time to consolidate. And it doesn’t have to be hard or scary.
Why consolidate super?
Remember that the more superannuation you have stocked up; the more holidays you can have in retirement; the earlier you can retire! So what are the benefits of having only one superannuation fund? With one fund you’ll save on fees, reduce your paperwork (always a plus!) and it’ll be easier to track your path to financial freedom.
Which fund should you choose?
Before you choose a fund: do your research. Don’t just choose the fund with the highest balance as you may have a smaller fund that is better suited to you. Other things to consider include whether your chosen fund allows employer contribution and insurance.
Which factors should you weight up?
We help clients rollover superannuation into one fund, so if you’re after personalised advice; please call us to arrange a consultation. In general, the questions you should ask to determine which super fund you’ll choose are:
- What are the fees? Which fund offers the lowest fees?
- How diverse are your investment options?
- Are there other benefits? Which benefits will make a difference to your life?
- What’s the performance like for the fund? How do they stack up?
- What’s the insurance associated with the fund?
- What kind of service will you get?
Are you avoiding it?
The fear of paperwork can put people off making changes. Even if these changes will ultimately be for your greater good. Consolidating can actually be quite easy. Which is another reason why some people procrastinate. We tend to avoid those things that aren’t urgent, even if it’s important.
While consolidating your super probably isn’t on your urgent to-do list, it is important. It will make a difference to your future. So don’t hesitate. We’re here to support you make an impactful decision and roll the funds into one beautiful account that will blossom.