Mum discovers $45,000 after a quick 5-minute super check—‘I thought it was a joke’
- Replies 0
In today's fast-paced world, it's easy to overlook the finer details of our financial health, especially when it comes to superannuation.
But as one mum's story reveals, a simple check can sometimes lead to a life-changing discovery.
Her story is a powerful reminder to all Australians, particularly those over 60, of the importance of keeping tabs on their super.
Fiona, a mum-of-two from Perth, was astounded to find nearly $50,000 in lost superannuation after conducting a quick five-minute check on myGov.
The Australian Taxation Office (ATO) has reported that there is an astonishing $18 billion in lost or unclaimed super across the nation.
With superannuation often being the largest or second-largest financial asset for many, there's no better time than the present to conduct a super health check.
Fiona's experience is a testament to this. She is part of the one in five Australians who have multiple super accounts.
After 14 years of leaving one of her super accounts unchecked, she was prompted to look into her superannuation when she learned about the increasing rate of homelessness among middle-aged and older women.
The Perth mum mentioned that her task for the night was to do a quick lost super search on myGov.
Fiona didn't expect much but was surprised to discover she had $45,000 sitting in a forgotten account from a past job.
‘I nearly fell off my chair. I thought it was a joke,’ she recalled.
She was able to verify that everything was legitimate and that the money truly belonged to her.
Fiona's diverse career path, which included roles at Australia Post, massage therapy at a football club, and public service, as well as a six-month period of unpaid leave to care for her mum, contributed to her losing track of her super.
Frequent moves and a busy life meant that she neglected to update her mailing address, and when super-related letters did arrive, she dismissed them as mere advertising.
Fiona has encouraged others, especially women, to take a closer look at their financial future and not be overwhelmed by what they don't yet know about superannuation.
She explained that the extra funds would help her pay off her mortgage faster if she decides to retire in the next few years, leaving her with plenty to enjoy life.
Crucially, Fiona noted that it’s simple and quick to check what you might be owed.
‘I feel s***** I didn’t do it earlier. If you have a tax file number, it takes five minutes,’ she urged.
‘You really do need to look after yourself. Spend a few minutes making sure everything you have worked for is attributed to you correctly.’
Fiona's story is not unique. Many Australians have outdated contact details, making it difficult for super funds to reach them.
‘Since 2021, the ATO has reunited almost $6.4 billion of unclaimed super with its owners. But there is still more than $17.8 billion waiting to be found,’ ATO Deputy Commissioner Emma Rosenzweig said in September.
‘If you’ve changed jobs, moved house or simply forgotten to update your details, you may have lost or unclaimed super. We’re urging Australians to check if some of the $17.8 billion in lost and unclaimed super belongs to them.’
‘Even if you’ve retired, you could have lost or unclaimed super. The ATO is holding $471 million on behalf of people aged 65-plus,’ she added.
The New Year is a common time for Australians to tackle their ‘life admin’, with a focus on personal and family finances.
‘Decluttering your super is like tidying up your home—it’s all about simplifying things to ensure you’re organised and set up for success,’ AustralianSuper Education Manager Peter Treseder stated.
‘In this case, it’s ensuring you’re set up to build a more secure financial future.’
‘Whether retirement is next year or in the years to come, taking some quick, simple actions now may help set your super up for success and give you more financial freedom in retirement,’ Mr Treseder continued.
So, how do you check your super accounts?
A simple super search through your myGov account or by calling the Australian Taxation Office’s automated super search line at 13 28 65 could help you track down any lost super accounts.
It's also important to confirm or update your contact details to ensure you stay informed and never miss crucial information. These details can easily be updated through your fund’s app or online portal.
Regularly checking your balance and contributions can help you stay confident that ‘you’re on the right path to the retirement you want’. Your employer is required to pay your super every three months, though they may do so more frequently.
Having super in multiple funds ‘might be adding to your financial clutter’.
According to Mr Treseder, ‘Combining accounts may save on fees, meaning more of your super is being invested with the potential to grow.’
‘Plus, it makes it easier to manage. It can just take a few minutes to consolidate your super via your myGov account.’
‘Before making a decision to combine your super, consider any fees or charges that may apply and the effect a transfer may have on benefits in your other fund such as insurance cover,’ he added.
Finally, reviewing your beneficiary nominations ensures your super goes to the right people.
Most binding nominations expire every three years, though some funds maintain them until revoked. For further details, visit the ATO’s super health check link.
Fiona's story is a wake-up call for all of us to take a few minutes to ensure our hard-earned super is correctly attributed.
It's a small step that can make a big difference. For more information and to conduct your own super health check, visit the ATO's super health check link.
Fiona’s discovery of $45,000 in lost super through a quick myGov search is a great reminder that many Australians might have hidden funds waiting to be reclaimed.
In fact, billions in unclaimed superannuation and money are just waiting for their rightful owners to find them.
If you’ve never checked for unclaimed wealth, now might be the perfect time to see what’s owed to you.
We'd love to hear from you, our Seniors Discount Club members. Have you checked your super recently? Do you have any tips for keeping track of your superannuation? Share your experiences and advice in the comments below, and let's help each other secure a more prosperous future.
But as one mum's story reveals, a simple check can sometimes lead to a life-changing discovery.
Her story is a powerful reminder to all Australians, particularly those over 60, of the importance of keeping tabs on their super.
Fiona, a mum-of-two from Perth, was astounded to find nearly $50,000 in lost superannuation after conducting a quick five-minute check on myGov.
The Australian Taxation Office (ATO) has reported that there is an astonishing $18 billion in lost or unclaimed super across the nation.
With superannuation often being the largest or second-largest financial asset for many, there's no better time than the present to conduct a super health check.
A Perth woman reclaimed $45,000 in lost superannuation after a quick check on myGov. Credit: Shutterstock
Fiona's experience is a testament to this. She is part of the one in five Australians who have multiple super accounts.
After 14 years of leaving one of her super accounts unchecked, she was prompted to look into her superannuation when she learned about the increasing rate of homelessness among middle-aged and older women.
The Perth mum mentioned that her task for the night was to do a quick lost super search on myGov.
Fiona didn't expect much but was surprised to discover she had $45,000 sitting in a forgotten account from a past job.
‘I nearly fell off my chair. I thought it was a joke,’ she recalled.
She was able to verify that everything was legitimate and that the money truly belonged to her.
Fiona's diverse career path, which included roles at Australia Post, massage therapy at a football club, and public service, as well as a six-month period of unpaid leave to care for her mum, contributed to her losing track of her super.
Frequent moves and a busy life meant that she neglected to update her mailing address, and when super-related letters did arrive, she dismissed them as mere advertising.
Fiona has encouraged others, especially women, to take a closer look at their financial future and not be overwhelmed by what they don't yet know about superannuation.
She explained that the extra funds would help her pay off her mortgage faster if she decides to retire in the next few years, leaving her with plenty to enjoy life.
Crucially, Fiona noted that it’s simple and quick to check what you might be owed.
‘I feel s***** I didn’t do it earlier. If you have a tax file number, it takes five minutes,’ she urged.
‘You really do need to look after yourself. Spend a few minutes making sure everything you have worked for is attributed to you correctly.’
Fiona's story is not unique. Many Australians have outdated contact details, making it difficult for super funds to reach them.
‘Since 2021, the ATO has reunited almost $6.4 billion of unclaimed super with its owners. But there is still more than $17.8 billion waiting to be found,’ ATO Deputy Commissioner Emma Rosenzweig said in September.
‘If you’ve changed jobs, moved house or simply forgotten to update your details, you may have lost or unclaimed super. We’re urging Australians to check if some of the $17.8 billion in lost and unclaimed super belongs to them.’
‘Even if you’ve retired, you could have lost or unclaimed super. The ATO is holding $471 million on behalf of people aged 65-plus,’ she added.
The New Year is a common time for Australians to tackle their ‘life admin’, with a focus on personal and family finances.
‘Decluttering your super is like tidying up your home—it’s all about simplifying things to ensure you’re organised and set up for success,’ AustralianSuper Education Manager Peter Treseder stated.
‘In this case, it’s ensuring you’re set up to build a more secure financial future.’
‘Whether retirement is next year or in the years to come, taking some quick, simple actions now may help set your super up for success and give you more financial freedom in retirement,’ Mr Treseder continued.
So, how do you check your super accounts?
A simple super search through your myGov account or by calling the Australian Taxation Office’s automated super search line at 13 28 65 could help you track down any lost super accounts.
It's also important to confirm or update your contact details to ensure you stay informed and never miss crucial information. These details can easily be updated through your fund’s app or online portal.
Regularly checking your balance and contributions can help you stay confident that ‘you’re on the right path to the retirement you want’. Your employer is required to pay your super every three months, though they may do so more frequently.
Having super in multiple funds ‘might be adding to your financial clutter’.
According to Mr Treseder, ‘Combining accounts may save on fees, meaning more of your super is being invested with the potential to grow.’
‘Plus, it makes it easier to manage. It can just take a few minutes to consolidate your super via your myGov account.’
‘Before making a decision to combine your super, consider any fees or charges that may apply and the effect a transfer may have on benefits in your other fund such as insurance cover,’ he added.
Finally, reviewing your beneficiary nominations ensures your super goes to the right people.
Most binding nominations expire every three years, though some funds maintain them until revoked. For further details, visit the ATO’s super health check link.
Fiona's story is a wake-up call for all of us to take a few minutes to ensure our hard-earned super is correctly attributed.
It's a small step that can make a big difference. For more information and to conduct your own super health check, visit the ATO's super health check link.
Fiona’s discovery of $45,000 in lost super through a quick myGov search is a great reminder that many Australians might have hidden funds waiting to be reclaimed.
In fact, billions in unclaimed superannuation and money are just waiting for their rightful owners to find them.
If you’ve never checked for unclaimed wealth, now might be the perfect time to see what’s owed to you.
