The Superannuation Guarantee has stood the test of time as possibly the most significant policy ever introduced by the Federal Government. Superannuation allows for individuals to compulsorily safeguard money in order to help fund their retirement expenses. You might think that having multiple superannuation accounts would be beneficial in help achieve this, but that is not always the case.
The Australian Tax Office data shows that 39% of Australian super account holders have more than one account. Those in the 40-50yrs age bracket lead the way with over 47% having multiple super accounts. There may be a couple of legitimate reasons for this, such as;
The majority however, would be individuals who;
While it may seem plausible that having multiple accounts may be beneficial as a diversification tool, that may not be the reality. Three separate super accounts most likely means three separate account and administration fees. Additionally you could have three different personal insurances covers through the funds which you are paying premiums on.
To find out how many super accounts you have, simply register with MyGov, link your account to the ATO, and select super. For help or advice regarding your superannuation accounts, give the team at Steve May Financial Services a call and start a conversation today.
You need to consider with your financial planner (or adviser), your objectives, financial situation and your particular needs prior to making an investment decision. Futuro Financial Services Pty Ltd and its authorised representatives (or credit representatives) do not accept liability for any errors or omissions of information supplied on this website
Steve May, Luke Styles and May Wealth Pty Ltd T/A Steve May Financial Services are Authorised Representatives / Corporate Authorised Representative of Futuro Financial Services Pty Ltd ABN 30 085 870 015, Australian Financial Services Licensee, Licence number 238478. Please refer to our website at www.stevemayfs.com.au to reference our Financial Services Guide and business/adviser profiles.
May Wealth Pty Ltd ABN 71 612 234 518 trading as Steve May Financial Services is a Corporate Authorised representative of Futuro Financial Services Pty Ltd ABN 30 085 870 015, Australian Financial Services Licensee, Licence number 238478.
Steve May and Luke Styles are Authorised Representative’s of Futuro Financial Services Pty Ltd ABN 30 085 870 015, Australian Financial Services Licensee, Licence number 238478