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Combine Super Accounts

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Recruitment Super
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Combining super accounts is a smart financial move that can help you simplify your retirement savings and potentially save on fees. Many people end up with multiple super accounts over the course of their working life, often as a result of changing jobs. Having multiple accounts means paying multiple sets of fees, which can eat into your retirement savings over time. By consolidating your super accounts into one, you can avoid duplication of fees and make it easier to keep track of your retirement savings.

The Benefits of Combining Super Accounts

There are several benefits to combining super accounts. One of the main advantages is reducing the number of fees you pay. By consolidating your accounts, you can avoid paying multiple sets of administration fees, investment fees, and other charges that may be associated with each account. This can help you save money in the long run and ensure that more of your hard-earned money is working for you in your retirement savings.

Combining super accounts can also make it easier to keep track of your retirement savings. With all of your super in one account, you only have one set of statements to review and one account to manage. This can simplify your financial life and make it easier to monitor your progress towards your retirement goals.

How to Combine Super Accounts

Combining super accounts is a relatively straightforward process. The first step is to gather information about all of your super accounts, including the name of the fund, your account number, and any other relevant details. Once you have this information, you can contact your chosen super fund and ask them to help you consolidate your accounts.

Many super funds offer a consolidation service that can help you transfer your balances from multiple accounts into one. They will take care of the paperwork and ensure that your funds are transferred securely and efficiently. Alternatively, you can choose to roll over your super yourself by completing a Rollover form and sending it to your chosen super fund.

Things to Consider Before Combining Super Accounts

  • Check for any exit fees or insurance implications associated with your existing super accounts.
  • Consider whether you will lose any valuable benefits or features by consolidating your accounts.
  • Review the investment options and performance of your chosen super fund to ensure it aligns with your retirement goals.

Conclusion

Combining super accounts is a simple yet effective way to streamline your retirement savings and potentially save on fees. By consolidating your accounts, you can reduce duplication of fees, make it easier to keep track of your super, and simplify your financial life. Before consolidating your accounts, be sure to consider any exit fees, Insurance implications, and the Investment Options of your chosen super fund. With careful planning and consideration, combining super accounts can help you take control of your retirement savings and work towards a more secure financial future.