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What Lost Super Costs

Do you have more than 1 super fund? If the answer is yes, then you have lost super, which means lost money.

Lost Super

“But I know I have more than 1 fund” you say… Yes but more than 1 fund means you are literally losing super, you will be paying double the fee’s. Let’s look at Bob.

Bob is 27 and has 5 super funds totalling $68,537. Bob earns $110,000pa and his employer makes contributions of 9.5% of his salary.

By reviewing his super strategy, choosing a fund that could achieve his goals and rolling the above funds into the one fund Bob saved an additional $223,122 at retirement simply based on fees.
Bob then decides to salary sacrifice $61 per month ($2 per day!) of his after tax income and he further increases his Superannuation by $140,996 at retirement!

Simplifying your Super or starting to invest early can make a huge difference in retirement, in Bob’s case the above two changes have increased his Super by $364,118 or a huge 14.6% increase.

If Bob chooses to forego $300 per month (after tax) it will add an extra $554,167 to his final balance being $3,409,217.

So how do you do it?

  • Search on the MyGov website for any super accounts listed in your name
  • Contact each fund, verify your identity and have them send you roll over forms
  • Think about what your retirement goals are, and research super funds you think might achieve your goals
  • Contact them and set up a new fund
  • Complete all of the roll over forms and send them back to your existing funds
  • ……………….to hard? You can also have a planner do it for you.

Little changes can make a big difference to your retirement, you can read more here.

Plan Me – Financial Planning – Perth, WA

The above figures are based on the following assumptions:
Income $110,000 pa – Indexed at 3%
Bob is 27 Years Old
5% Superannuation Guarantee Contributions
Moderately Aggressive Risk Profile – 7.4% annual return
Marginal Tax Rate of 37% + Medicare Levy
All additional contributions are Salary Sacrifice

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