Benefits of Consolidating Your Super
Many people have more than one employer in their life and many employers have a preferred Super Fund. As a result it’s not uncommon for someone to have multiple superannuation accounts with multiple funds.
It’s often easy to put off consolidating your super because of the paperwork, but the benefits of having your super in one fund are well worth the effort.
1. Less fees
A key problem with having multiple super funds is that they each charge their own fees. By consolidating, one fund becomes one fee. Depending on your circumstances, this can lead to savings of thousands of dollars.
2. Simpler management
It can be a headache trying to manage the paperwork for multiple funds.
Consolidating your funds leads to greater peace of mind and a simpler, more streamlined management process.
3. Easier investment strategy
Regardless of whether you’re with an SMSF, industry or retail super fund, formulating an investment strategy for your super becomes much easier when you only have one fund to consider. A unified fund allows you to have greater focus and clearer goals.
4. More time
Fewer funds means fewer responsibilities and, as a result, more time. Your superannuation is intended to make your senior years easier and more comfortable, but not at the cost of your younger years.
If you would like to find out how to go about consolidating your super, call us on (07) 3251 4444 or contact us through our website.
* Image source: Michelle Meiklejohn / FreeDigitalPhotos.net