This is how to get your super organised

As a trendy young teenager, you probably had a bunch of different casual jobs between your university lectures and nights out on the town with your pals. Chances are, you probably ended up with more than one superannuation fund as a result. This often happens when you get started with a new employer and don’t choose a specific super fund, or let them know about your existing one. Employers have certain obligations when it comes to super, so they may have taken the liberty of opening up a few super account on your behalf, with their default fund of their choice. 

What is Stapling in Super?

In November 2021, the Australian government introduced Stapling in Super, as part of their Your Future, Your Super reforms. Stapling is a really handy concept, because it means the very first super fund you open will automatically follow you to your next job (unless you choose to do otherwise). This means that a) you are far less likely to end up with multiple superannuation accounts as a result of transitioning between different employers, and b) you don’t have to pay fees with multiple different funds, which eats into your retirement savings. Cha ching!

Stapling is great for anyone getting into the workforce after November 2021, but for all of us that had various jobs before that month, it is quite possible you could still have multiple super accounts in your name. But no need to worry! All can be easily solved (and Lumaire is very happy to assist if you need it). 

How to check and combine my multiple super funds

Through the MyGov portal, The Australian Taxation Office makes it simple to view the details of all your super accounts, including any accounts that are unclaimed or have gone MIA. You can also consolidate eligible accounts (if you have a few) into one account.

Why is it important to combine my super funds? 

If you plan on sipping some delicious cocktails on a tropical beach for days on end when you retire, you’re going to need to accumulate every single dollar of super you are entitled to. Super is your money, and it’s yours to control. With a few smart decisions and some quick checks, your super will stay organised and your margarita will stay full in retirement.

And Lumaire is here to help you along the way. If you have any questions about finding or combining your super, feel free to contact our team or book in for a chat with us today.