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Redland residents have $88 million in lost superannuation

Posted on 21/11/2018 by SuperUser Account
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REDLAND residents are being urged to track their unclaimed superannuation which has mounted to more than $88 million. LGIAsuper chief executive Kate Farrar said the $88.3 million of lost or unclaimed super belonging to Redland residents was significant but not surprising...



REDLAND residents are being urged to track their unclaimed superannuation which has mounted to more than $88 million.

LGIAsuper chief executive Kate Farrar said the $88.3 million of lost or unclaimed super belonging to Redland residents was significant but not surprising.

Speaking in the Redlands last week, Ms Farrar said it was important for people to know where their super was, so they did not miss out on hard-earned retirement savings.

“Gone are the days when people worked for one company their whole lives,” Ms Farrar said. 

“It is not uncommon for someone to change jobs up to 17 times in their lifetime.

“That is a lot of employers and, potentially, multiple superannuation accounts and fees.”

Redland City mayor Karen Williams said residents often delayed preparing for the next stage of their lives but it was necessary to plan to enjoy a happy, healthy retirement.

“A high proportion of our population in Redland is within a decade of retirement and many of them are working very hard to secure their finances for their lives after work,” she said.

“We all need to take an active interest in our superannuation to ensure any lost super is found and put to good use.”

Ms Farrar said choosing a fund that offered consistent returns as part of its investment strategy should be a priority for anyone preparing for a sustainable, enjoyable retirement.

She said diversification was important because it reduced the volatility of one asset class on super.

For information from the ATO on lost super, visit ato.gov.au/individuals/super/keeping-track-of-your-super. 

To read the original article from Redland City Bulletin, click here.