UP FOR GRABS: $43.3m of super unclaimed in Bundaberg

ABOUT 79 people could retire comfortably on Bundaberg's $43.3 million pool of unclaimed super.

APN Australian Regional Media research reveals $43,350,259 is gathering dust in the region's 5010 forgotten superannuation accounts.

The Association of Superannuation Funds of Australia says today's retirees need a nest egg of $545,000 to live out their lives "comfortably".


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The Australian Taxation Office estimates that each unclaimed account is costing its owner at least $532 a year in fees and charges.

"If you already have lots of super accounts, you need to know that every super account costs you money," an ATO spokesperson said.

"Combine any super accounts you no longer need.

"But remember, before you close your super accounts, check with your fund about insurance and fees and charges."

 


National Seniors Australia chief executive officer Michael O'Neill said many retirees could not afford to lose large amounts of money.

"Whether it's lost superannuation or lost savings - all that can be part of your retirement income so it is terribly important that people connect with their super, that they connect with their lost savings and to maximise what they have got going into retirement," Mr O'Neill said.

 


Combined Pensioners and Superannuants Association research and advocacy manager Amelia Christie said unclaimed accounts could easily become small change over time.

"It's really important that people do find their super and consolidate it into one account because they could be paying fees across the board," Ms Christie said.

"There is a chance, particularly if you don't have much in the account, that you will lose it all."

 - APN Australian Regional Media



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