The topic of consolidating super is so hot right now.
I’m being serious. In my Tinder bio, I put looking into consolidating my super as one thing I’d like to achieve this year, and I can’t even tell you how many people were curious about that very concept, and also had the resolution for themselves. You see, every time I started a new job, I opened a new super account, and was surprised to learn how much money I was potentially losing in super, across the multiple accounts, over the years.
WIN: Guess How Much $ Folks Lose By Not Consolidating Their Super & Win The Cash
In short, people are unknowingly (or knowingly) losing money because with each super account, people are paying separate set of fees and possibly duplicate insurance. This is hindering their dreams of boujee retirement one day. Some people may intentionally want to have a few superannuation accounts to retain existing defined benefits and insurance, or manage a particular investment, however, for many, having multiple super accounts is resulting in administration and other fees. By having one super account you will only pay one set of fees and you’ll be able to keep track of your super in one place.
But how much money has the average Australian lost per year by having multiple super accounts? Well, if you make the closest guess in the entry form above, you can get that specific amount back into your bank account.
I’m not even going to throw numbers out there. I don’t give clues.
Back to my dating life. Of all the responses to my bio, the most frequent was people asking for details on how to actually consolidate super. Given the average single 65-year-old retiree will need $42,953 a YEAR saved up just to live comfortably, according to The Association of Superannuation Funds of Australia (ASFA), this is definitely something to get across, and you can read a full guide here.
Remember living off two-minute noodles at uni? Not hot. Not something you want to revisit in your 70s. Yeah, you might want to be planning your future now rather than later.
While you’re thinking about that future of yours, perhaps you too should set up a Tinder account. I’ll even let you steal my bio idea. I haven’t met the love of my life yet, but there’s definitely a few financially stable candidates in the running.
This article was sponsored by ING (ING Bank (Australia) Limited ABN 24 000 893 292, Australian Financial Service Licence 229823) and written by PEDESTRIAN.TV. It’s also general in nature and does not take into personal circumstances, objectives or needs. Make sure you consider the appropriateness based on what you need and your financial situation. So speak to the experts before making financial choices, ok?