Consolidate Your Super
Changing jobs, retiring, or redundancy all involve change with many decisions to be made. Super can easily be overlooked but decisions about your super investment are important and can have long-term implications.
Chances are you have more than one super account and you may not even know it. Keeping your money scattered and exposed to several risks is not a good idea. To consolidate super funds, you need a clear vision. Staying educated and informed about your super can help you make the right decisions. If you know how to consolidate super, you are set to enjoy a number of benefits.
For example, when you leave an employer, your final payment will be made up of different components. Your super will be one of them. Depending on your age, you might be able to access your super immediately or you may need to consolidate into another super fund. Even if you can access your super, it may be better to consolidate it over for taxation purposes. In modern times, an Australian super consolidate fund is essential to manage your finances smoothly.
CONSOLIDATE YOUR SUPER
Changing jobs, retiring, or redundancy all involves change with many decisions to be made. Super can easily be overlooked but decisions about your super investment are important and can have long-term implications.
Consolidating or rolling over your super into one account can reduce the number of fees you currently pay and makes it easier to keep track of and manage your super affairs.
Consolidating your super into your existing fund is easy and you simply need to complete your existing fund’s appropriate form and they will do the rest. Often users will have questions like ‘how long does it take to consolidate super’ and the answer is – it can take a few weeks to a few months. It really depends on the supers you’re rolling into.
THINGS TO REMEMBER BEFORE YOU CONSOLIDATE SUPERANNUATION OR AUSTRALIAN SUPER
FUND TYPE
Do you have a benefit fund or an industry super? Knowing the fund type will help you decide if you want to consolidate at all. Talk to your advisor for clarity on this matter.
FUND INVESTMENTS
Sometimes the different funds will have different assets. Carefully study what needs to be done about those investments before consolidating.
FEES AND TAXES
When you consolidate super funds, you are required to pay certain fees and incur taxes. Make sure they don’t eat into your retirement fund.
Before you request a transfer of funds into your super, talk to us. We are experts at providing comprehensive services for consolidating super funds in Australia.
FAQ
Is it better to consolidate super?
If you have multiple lost super funds out in the world then it is highly likely that you are paying multiple sets of fees and you are not in an optimal position. We offer super consolidation reviews Where we compare all of your existing funds to the market to determine the best performers and the fund with the lowest fees. Then we can paint a clear picture as to Where the best place to consolidate your super will be.
How do I consolidate my super?
There are a number of ways to consolidate your super. We would recommend giving us a call to review before actioning anything like this to make sure you arent going to lose anything by closign the fund.
How long does it take to consolidate super?
Generally around 10 business days from the time of submission.