As you head toward retirement, consolidating your super is one of the simplest yet most powerful steps you can take. But surprisingly, many Australians either delay it or aren’t sure where to begin.
Why it matters is simple: having multiple super accounts can quietly erode your retirement savings. Each account may be charging its own set of fees and insurance premiums. Over time, that duplication can cost you thousands – money that should be working for your future.
But the benefit of consolidation isn’t just about savings fees. It also brings clarity. When all your super is in one place, it’s easier to track your balance, review your investment mix, plan contributions and make informed decisions about retirement income options. Whether you’re just starting to plan your retirement or you’re getting ready to draw an income, having everything in one fund makes life easier.
Another often-overlooked step is checking for lost super. It’s more common than you might think – especially if you’ve changed jobs, moved house, or changed your name at any point. According to the ATO, there are still billions of dollars in unclaimed super across Australia. A quick search using your myGov account can help reunite you with money you didn’t even know was missing.
Of course, while consolidating your super is usually a smart move, there are some things to beware of before you act:
- Check your insurance: If you have life or disability insurance linked to a super account, make sure you’re not losing valuable cover when closing it.
- Compare fees and investment options: Not all super funds are equal. Look at performance history, fees, and features before deciding which account to keep.
- Consider timing: If you’re close to retirement or planning contributions, check how consolidation might affect your strategy – especially if you are thinking of making concessional or non-concessional contributions.
At Retirement Essentials, we believe good retirement planning should be simple and practical. If you haven’t yet brought all your super together – now may be the time to tick that box.
What’s your experience with multi super accounts?
Do you agree on consolidating them into one?
