Benefits of consolidating superannuation
Not only is complexity harder to manage but it also leaves us more open to identity fraud.
Better yet, if you login to My AMP all of your details will be pre-populated, making it even easier to consolidate your super and saving you time.It’s important to consider your particular circumstances and read the relevant Product Disclosure Statement before deciding what’s right for you.This information hasn’t taken your circumstances into account. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you.To find out more about cookies, what they are and how we use them, please see our privacy notice, which also provides information on how to delete cookies from your hard drive.The benefits of consolidating superannuation are well documented, yet the Australian Taxation Office (ATO) still holds $18 billion held in lost superannuation and Australians are estimated to hold up to three superannuation accounts each on average.Firstly, and this is a biggie, you will save on incurring multiple sets of fees that can eat into your retirement savings.
You’ll also of course be better able to monitor: So how do you decide on the account to consolidate into?
One of the areas of inefficiency can be your super accounts as a lot of people have these on a sort of “set and forget” mind set, wrongly believing because they can’t access their money until retirement they also can’t be dynamic in organising their funds.
If you have multiple super funds the advantages of consolidating them into one are many.
So if you’re paying fees on multiple accounts with smaller balances, you can reduce the amount of fees you pay by reducing the number of super funds you have and increasing the balance of your chosen fund at the same time.
Another advantage of consolidating your super is less paperwork.
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