Northern NSW residents working longer by losing super
SUNCORP is urging residents of New South Wales to think about the extra time they may need to work to replace their lost super, with more than $4.2 billion in unclaimed super across the State.
Suncorp's Head of Everyday Super Cathy Duncan said one in 12 New South Wales workers could have missed out on making the most of their super investments.
"As many as one in twelve working age people in New South Wales are unnecessarily adding to the number of years they'll be in a job by losing their super savings and leaving it with the Australian Tax Office. Instead they could be growing their investment in their super account," she said.
"Losing super during your working life could mean you remain in the workforce longer because you haven't gained the full investment benefits of your funds. The more you can add to your super early on, the greater the return will be when it comes time to retire."
Ms Duncan added taking a few minutes to consolidate super accounts could shave years of a person's time in the workforce.
"If you've changed your name or address, joined a new fund or changed employers, there's a good chance you have some lost super. Taking a few minutes to find and consolidate your super could give you back more than a year's worth of super savings," she said.
"Having too many super accounts can have a negative impact on your savings because you pay multiple fees. You generally just need your tax file number to start searching."