Oct 27, 2011

Over $100 million in lost super waiting to be found in Inner West

Over 32,000 lost superannuation accounts, worth over $117 million, are waiting to be found by Inner West residents.

According to the Australian Taxation Office, a ‘lost’ super account is an one that has been inactive for over two years and the owner of the account can’t be contacted.

When people change jobs or move house, it is easy to lose track of an account. But with potentially thousands of dollars of your money missing, it’s worth trying to find and consolidate your accounts.

You can check for lost super accounts online at www.ato.gov.au/superseeker or by calling the Super Seeker hotline on 13 28 65 during business hours. Both services are free.

Helping people find lost super complements the significant reforms the Gillard Labor Government is making over the next four years to transform our superannuation system and help Australians save for a comfortable retirement.

A 30 year old worker on full-time average wages can expect up to $108,000 more in retirement when the Government’s plan to increase the superannuation guarantee from nine to 12 percent is implemented.

Superannuation is usually the second largest investment a person has, after their home.

There is no point working hard all your life only to retire poor. By finding lost super you can increase your retirement savings.