Five signs that you need to get control of your super

If you’re someone who scratches their head at the thought of lost super or consolidating super, it might be time for you take control. 

You may need to sort your super if:

• you have a to-do list which includes organising your superannuation, which has been a recurring item for longer than you can remember
• when someone mentions superannuation, asks you how many accounts you have, or what your balance is, you find yourself lost for words
• your paperwork includes unopened superannuation statements, or your inbox has unopened emails containing super statements
• each time you go to log into one of your super providers you have to click 'Forgot password' only to then remember you have forgotten your username
• when you change jobs and are asked to nominate a superannuation fund, you don't know the name of it and opt to go with your employer’s default account (again).

If any of these sound familiar, it’s time to take control of your superannuation. Here are some simple steps to get you started.

Step 1: Find lost superannuation

It can be a good idea to track down lost superannuation money or accounts you may have forgotten about, as having multiple accounts may result in paying more fees than necessary. You could also miss out on money in retirement, not to mention, keeping track of multiple accounts might be more difficult and create more admin for you.

Step 2: Consolidate your super into a single account

Once you know where all your superannuation is, you may like to consider consolidating (or rolling over) all the different balances into a single account. This potentially doesn’t just save on account keeping fees, it means you could easily keep track of your super throughout your working life.

Before transferring different accounts into a single one, it is a good idea to check with your other funds to see if there are any exit fees for moving your benefit or, other loss of benefits, such as insurance.

Step 3: Start with a superannuation standard choice form

Most super funds have a downloadable form that you can print off to submit to your employer letting them know that you want your super paid into your existing fund rather than your employer's nominated super fund (typically known as a Superannuation standard choice form). This way all of your super is kept in the one place without having to open another account (which could help maximise your benefits).

So what are you waiting for? Consider sorting your super today. Then you can erase one thing from that ever growing to-do list.

Next: Seven super strategies for end of financial year