In a tale that might seem like the stuff of dreams, a mother-of-two from Australia stumbled upon a small fortune of $45,000 in a forgotten superannuation account. This remarkable find is not just a stroke of luck for her but a wake-up call for many Australians who might be unknowingly sitting on similar unclaimed funds.
Fiona, like many of us, had been putting off the task of consolidating her super accounts. Life’s hustle and bustle, moving homes, and switching jobs had led her to lose track of her financial trails. It was only when she decided to do a routine check through the myGov portal that she made the jaw-dropping discovery. The money was from a super account linked to a previous job, which had slipped through the cracks of her memory.
The revelation was so unexpected that Fiona admitted to nearly falling off her chair. She had been discarding letters from superannuation providers, mistaking them for mere advertisements. Now, with a newfound awareness, she’s advocating for others to take a moment and do a quick search for any lost super accounts. ‘I feel stupid I didn’t do it earlier,’ she confessed. ‘It takes five minutes.’
Fiona’s story is far from unique. The Australian Taxation Office (ATO) Deputy Commissioner Emma Rosenzweig highlighted that since 2021, they’ve helped Australians recover $6.4 billion in unclaimed super. However, a staggering $17.8 billion is still out there, waiting to be claimed. This unclaimed super could belong to anyone – from those who’ve changed jobs frequently, moved houses without updating their details, or even retirees who think their super days are long behind them.
The ATO is currently holding $471 million in super for individuals aged 65 and over. This is a significant sum that could make a substantial difference in the quality of life for many seniors, especially considering the rising cost of living and healthcare expenses.
If you’re now wondering whether you might have some lost super out there, the ATO encourages you to conduct a ‘Super Health Check’. This five-step process involves confirming your contact details, checking your super balances and employer contributions, searching for lost and unclaimed super, finding and considering consolidating multiple accounts, and confirming your nominated beneficiaries.
The process is straightforward and user-friendly. All you need is your tax file number and a few minutes of your time. It’s a small investment that could potentially yield a significant return.
We’d love to hear from you – have you ever discovered unclaimed super, or are you planning to check your super balance after reading this? Feel free to share your experiences in the comments below, and let’s help more Australians uncover their lost super.
Also read: Are you richer than you think? Claim a slice of $18bn in lost super