Not only is complexity harder to manage but it also leaves us more open to identity fraud.Anytime you can streamline your financial picture without hurting yourself most planners would urge you to do so.We have multiple bank accounts, a bevy of cards associated with them clogging up our wallets and the ubiquitous PIN numbers that clog up our minds!
Well you have to consider the following: The level of flexibility and investment control you want whether this is in a Retail Fund or Industry Fund.
Getting your super under control can save you money in fees, cut down on paperwork, allow you to get an investment strategy in place, and help you keep track of your money.
The Australian Securities and Investment Commission reports that there are billions of dollars sitting in unclaimed or “lost” superannuation accounts with thousands more accounts added to the list each month.
Do you have your super in separate accounts with different institutions?
Step 2 – contact your financial adviser who can sort them out for you.
Here is a five-step process to help you on your way: Step 1 – collect all the superannuation statements you can find from your “bottom drawer”.
But be mindful, transferring your superannuation over to one single account might mean changing some of the benefits you have with your exist ING Direct Superannuation Fund.
These days it often seems like life gets more and more complicated, and nowhere is this more evident than in our finances.
Generally the more super accounts you have, the more administration fees you'll pay.