Why now is the time to roll-in your Super

Now is the time of year when many of us receive multiple super statements.

We can think about rolling all of the accounts into one, but it may never happen. It somehow slipped into the too hard or too busy basket.

When you receive more than one super statement, it’s time to consolidate. There are many reasons why it’s beneficial, but the main reason is it will result in a bigger super balance.

Consolidating your super means ensuring more of the money you’re entitled to stays in your account. Leaving it in multiple accounts could result in multiple fees that would be much better off being spent on your retirement dreams.

Right now those fees may represent a handful of loose change, but added up over decades it could make all the difference between an overseas trip of a lifetime or a weekly meal at the local pub.

With one account, you’re paying one set of fees. Unlike retail funds run by banks that are run to generate profits for shareholders from fees, industry funds like First Super keep fees low to benefit members.

On top of the savings advantages, rolling your super into one account means fewer hassles. For one, there’s less paperwork and two, it’s much easier to keep track of your super transactions.

When you get a new job or need to keep your details such as your current address up to date, you will be thanking yourself for keeping your super in one fund. There will be no need to update multiple funds – just one login or phone call should do the job.

It will also make administrative tasks concerning your super faster. Say you decide to change your investment option, the name of a beneficiary or you may be worried you aren’t receiving all of your super entitlements. All it takes is contacting one fund – First Super.

Rolling in has never been easier, however before transferring your accounts, check for any termination or exit fees your old funds may charge and ensure you are satisfied with the insurance options offered by your nominated fund.

Before transferring your accounts, check for any termination or exit fees your old funds may charge and ensure you are satisfied with the insurance options offered by your nominated fund.

First Super commissioned The New Daily to research and write this article. The views expressed are of The New Daily.

This article was issued by First Super Pty Ltd (ABN 42 053 498 472, AFSL 223988), as Trustee of the First Super superannuation fund (ABN 56 286 625 181). It does not consider your personal circumstances and may not be relied on as financial advice. Content was accurate at the date of issue, but may subsequently change.