Your Superannuation is something essential for your retirement. If you are 18 years old and you have just started work, your life as a pensioner seems to be far away. However, it is vital that you start doing it now. Sometimes your employer may pay the wrong amount of money. It is more than likely that it would be less money. So, the sooner you can handle that situation and sort things out the better. Remember that with the rising cost of living, you will need as much money for your pension as possible. You only need to talk to your grandparents or elderly neighbours about their financial situation. In this way, you can get a clearer idea and see the importance of looking after your Super.
Let’s get down to business, and see the first steps to take. The most important thing to take into account is to have a TFN. That is what you need to check your Super fund. TFN stands for Tax File Number and your Super must have one. It will be much easier for you to track it faster. Not only can you do that, but you could also change it to another account. By doing so, you will get your Super payments either from the employer or the government in the right place. Some of you might already have a TFN number, but you have lost it.
Once you have got your myGov account linked to the ATO, you can easily find it. However, tell immediately the ATO if you had your TFN number stolen. Many of you might have changed your address, job or even name. Therefore, you might already have more than one Super account. If you have a TFN number and check your super you can learn a few things. It tells you the amount of money that your employer pays you. Besides, you can also see all the Super accounts that you may have. Apart from that, it is good to check the insurance that you get with your Super and its advantages.
How can you combine your Superannuation accounts?
It is very uncomfortable as well as annoying to have several accounts for just one thing. If you have already managed to find your TFN number and have seen that it is your case, there is something you can do.
One disadvantage of having more than one single Super account is that you have to pay more fees. In order to save some extra money that might come in handy, do it now. First of all, you need to think about the Super fund you like best. Then, you can consolidate your different Super funds into that one. Remember that this transfer does not imply paying more money, it is free. Save money and do not regret it.