Is your money hiding in lost super? Aussies urged to check for unclaimed funds of up to $2,590!

What if someone told you there might be thousands of dollars sitting in a forgotten account with your name on it?

For millions of Australians, this isn't a far-fetched dream—it's reality.

The latest figures from the Australian Taxation Office reveal that just under 7.3 million accounts hold a staggering $18.9 billion in lost and unclaimed superannuation as of June 2025.

That's an average of around $2,590 per account that could be missing from retirement nest eggs nationwide.

A problem that's slowly improving

While nearly $19 billion in lost super might sound alarming, there's actually some encouraging news hidden in these numbers.

To put this in perspective, Australia's total superannuation system now holds $4.2 trillion in assets as of December 2024, making lost super about 0.45 per cent of the total—still significant when it's your money, but a manageable problem for the system to solve.

Why does super go missing in the first place

Super doesn't vanish into thin air—it gets misplaced through life's natural transitions.

The most common culprits are surprisingly mundane: changing jobs, moving house, getting married or divorced, or simply forgetting to update contact details with your fund.

'Your super can become lost if your account is inactive, and your fund can't contact you,' ATO Deputy Commissioner for Superannuation and Employer Obligations Ben Kelly explained.

Multiple jobs often result in numerous super accounts, and many Australians lose track of them.

For those approaching retirement, this problem becomes particularly urgent.

Unlike younger workers who have decades to sort things out, every lost dollar matters more when you're planning your retirement lifestyle.

The ATO website offers several guides on how to optimise your superannuation for your specific needs. Image Credit: ATO

The real cost of forgotten super

The impact extends beyond simply losing money.

With employer contributions totalling $151.1 billion for the year ending in June 2025, a 10.1 per cent increase partly due to the Superannuation Guarantee rate increasing to 11.5 per cent from July 2024, more super is flowing into the system than ever before.

This means more opportunities for accounts to get lost, especially for those who have recently changed jobs.

Having multiple accounts doesn't just incur additional fees—it also makes it more challenging to track your investment performance and overall retirement progress.

Assistant Treasurer Daniel Mulino notes that people can find themselves 'paying multiple fees' without realising it, particularly after significant life changes.

Your step-by-step guide to claiming lost super

Finding and claiming your lost super is surprisingly straightforward, with two main pathways available.

Option 1: Through your current super fund

Contact your super fund directly and ask them to search for any lost accounts in your name. They can often transfer found money directly into your existing account.

Option 2: The ATO's Super Health Check

Log in to your myGov account and use the Super Health Check portal. This government tool searches across the entire super system and shows all accounts linked to your tax file number.

The process typically takes just a few minutes online; however, receiving the actual funds may take several weeks as the transfers are processed.

Timing your consolidation wisely

While consolidating multiple super accounts usually makes sense, timing matters.

Consider your current fund's performance, fees, and insurance coverage before moving everything. Some older accounts might have valuable insurance benefits that could be lost during consolidation.

Success stories and what they mean

While individual success stories vary widely, many Australians discover they have significantly more than the average $2,590 waiting for them.

People who've had long careers with multiple employers, moved interstate, or changed their names through marriage often find the most significant amounts.

The key is acting sooner rather than later. With benefit payments from super funds totalling $132.5 billion for the year ending June 2025, more Australians are accessing their super than ever before. Don't let yours sit unclaimed when it could be working for retirement.

Around 17 million Australians currently have a super account, but many don't actively engage with their super until retirement approaches. Regular check-ins can prevent accounts from becoming lost in the first place.

The bottom line is simple: nearly $19 billion in lost super is waiting to be claimed, and some of it may be yours. With retirement planning more important than ever, taking 10 minutes to check could boost your nest egg by thousands of dollars.

Have you checked for lost super recently? Share your experience or any questions about the process in the comments below—your story might help other readers find their own hidden retirement treasure.