Aussies Sitting on a FORTUNE: $19 Billion in Unclaimed Super Up for Grabs – But You Must Act Fast!
- $19 billion in lost and unclaimed superannuation funds waiting to be claimed by over seven million Australians
- The average unclaimed super amount per person stands at a staggering $2,590 – but it could grow to tens of thousands of dollars by retirement age
- ATO urges Aussies to check their accounts and update their details to avoid paying multiple fees and missing out on their hard-earned cash
In a shocking revelation, the Australian Taxation Office (ATO) has uncovered a staggering $19 billion in lost and unclaimed superannuation funds, affecting over seven million Australians. The average amount of unclaimed super per person stands at $2,590, but experts warn that this could balloon to tens of thousands of dollars by retirement age if left unchecked.
According to ATO Deputy Commissioner Ben Kelly, many Aussies are unaware that they have missing super, likening it to finding a $50 note in their pocket. “Your super can become lost if your account is inactive, and your fund can’t contact you. If you’ve changed jobs, moved house or simply forgotten to update your details, you may have lost or unclaimed super,” he explained.
Assistant Treasurer Daniel Mulino attributed the widespread problem to various factors, including name changes, job changes, and even overseas work stints. “What this can mean is that people can find themselves paying multiple fees, which will obviously have a bad effect on people’s end balances,” he warned.
However, the ATO is urging Aussies not to panic, assuring them that the solution is simpler than they think. “This super is not lost forever. The ATO wants to get this lost and unclaimed money back into your account,” Kelly reassured. “While we’re working hard to ensure people get full access to the super they have worked for, it is important for people to keep their information up to date in myGov.”
So, what are you waiting for? Take control of your finances today and check if you’re owed a share of the $19 billion unclaimed superannuation pot!