05 Dec Reasons for Consolidation
Do you have more than one Super Fund?
Over six million Australians have multiple super funds with each being charged on average $532 a year in administration fees!
If you only have $2,000, or less, in a super fund, and are being charged over $500 a year in administration fees, then your retirement money won’t be last long at all.
By making sure you have consolidated all of your eligible super funds, you could potentially save your self thousands of dollars. The ATO has streamlined the process for rolling over your funds from one super fund to another, by eliminating the complex paperwork that previously deterred people from doing so.
So now is the time to dig through that old paperwork and see if you have any smaller funds which you should roll into your SMSF.
However, before you go ahead you need to make sure that a rollover won’t affect any insurances you currently have in place.
Please discuss any questions you may have with one of our SMSF Club Coaches.
Happy Investing.