Cracking the facts
Should I consolidate my super funds?
To consolidate or not to consolidate? You may be surprised, but there are a lot of upsides to consolidating your superannuation fund.
Should I consolidate my super funds?
To consolidate or not to consolidate? You may be surprised, but there are a lot of upsides to consolidating your superannuation fund.
Should I consolidate my super funds?
Maintaining a superannuation fund is an important step in establishing financial security for retirement years. But making a mistake during the accumulation phase can effectively stunt the growth of a person’s nest egg.
For example, it’s easy to lose track of all your super funds if you constantly change jobs. If you find yourself in this situation, it is advisable to consolidate your super. Consolidating your super means moving all your super into one account.
By managing only one account, you will only pay one set of fees. Having multiple accounts means you are paying administration and other fees on each super account you have. And this is a big no-no if you are looking to save money.
If you hate paperwork, consolidation may be the life hack you need to properly manage your super. Having one super fund will mean only one lot of paperwork, including annual statements and fund reports.
Should I consolidate my super funds?
Having one super account also means less chance of you ending up with lost super accounts. You will only have to keep track of one. This means you will only need to inform one fund if you update your information (address, contact numbers, etc.)
Consolidating your super makes it easier to manage your investment strategy if you only have one account rather than having your super spread across several funds and in a variety of investment options.
But rolling over all contributions and earnings from one fund to another is a serious decision. There are several things you should consider before consolidating your super.
Explore nestegg for more tips on super and retirement planning.
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