Ever changed jobs and then realised six months later that you have NO idea where you superannuation is going? Yeh me neither. 

Okay, confession - I had five (read: 5) superannuation accounts. All five had admin fees, investment fund fees and performance fees. 

I was quite literally shot putting my superannuation cash down the toilet.

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So if you’ve ever changed jobs, there’s a good chance you’ve also got many super funds too. In fact, a whopping 26% of Aussies have multiple superannuation accounts, according to the Australian Taxation Office… And 2% have four or more accounts!

It’s pretty easy to end up with multiple superannuation accounts, because most people don’t watch their super balance like their bank balance.  But my friend, today is your lucky day, because we’re here to break down exactly why combining super funds - aka consolidating super - is a great idea.

‍Why do so many people end up with multiple super accounts?

New employers used to simply set you up with their ‘default fund’ fund if you didn’t give them your existing fund details… and most people don’t know their fund details… so you can see how it was all too easy to collect super accounts like they’re football cards.

Thankfully, the government has come up with a savvy new way to make sure your super account follows you around. From November 2021 onwards, your super will come with you wherever you go thanks to the new super stapling law.

‍What does it actually mean if I consolidate my super?

Consolidating your super is simply when you merge superannuation accounts into one. All you need to do is decide which ONE of your existing super accounts should become the new home for ALL your retirement cash.

Things to think about when you’re making that choice are:

• Fees you’ll have to pay
• Any insurance cover the funds provide
• How the funds have been performing over the last five years

‍What are the benefits of consolidating super?

So, now that you’re across what it actually means, why consolidate super accounts? Every super account you have charges you fees, so having multiple accounts means you’re basically throwing your retirement money down the drain.

Not to mention, having multiple accounts is an administrative nightmare, with two or three times as many emails and forms to fill out!

‍Cool, so how should I combine my super?

Let’s do it! You can consolidate super via myGov with just a few clicks. Just head to the ATO section of the myGov site and navigate to the superannuation section. From there, it’s pretty darn simple! 

Once you’ve picked your winning fund to transfer everything into, just be sure to give your employer(s) a heads up so they know where to put your money.