Gen Y

1 December 2011

It is estimated that an average Gen Yer will change employers every 2-3 years. Thy will have 29 different jobs and change careers up to 7 times before they retire.

All this moving around can mean you have super accounts all over the place.

You will pay fees on each account:

  • Life or Trauma insurance fees
  • Maybe ongoing advice fees
  • Maybe a trail Commission
  • Administration fee

Consolidating all your accounts into one will reduce these fees and give you more control over how your money is invested. You should seek advice first though. Call us to help 40412055.

The ATO maintains a Lost Member Register for super funds who have lost track of account holders. Once located you can consolidate all your accounts using a Request to Transfer form.

Once you have consolidated remember to fill out a Standard Choice form whenever you start a new job, this way your new employer will make payments to your existing account instead of opening a new one for you.

CALL TO ACTION; CALL US TODAY TO GET ADVICE AND ORGANISE YOUR SUPER TODAY! 40412055.

You may also like

STRATEGY GUIDE: Tax on Super & Division 296

STRATEGY GUIDE: Tax on Super & Division 296

One of the most talked about tax legislation changes that will impact less than 0.5% of the Australian adult population is Division 296.The main controversy of course is that the limit of $3m in super or above, is not indexed. So most young adults today will be...

read more
MONEY GUIDE: Setting up an SMSF

MONEY GUIDE: Setting up an SMSF

Setting up an SMSF can be complicated. Not getting it right can materially affect your financial situation and retirement plans.The first question you need to be sure about is whether an SMSF is the right fit. Seeking specialised financial advice can help you...

read more
Market implications for rising risks in the Middle East

Market implications for rising risks in the Middle East

The recent escalation of hostilities between Iran and Israel, now involving direct US military action, has created a complex environment for global investors. Over the past few days, markets have reacted with modest levels of volatility but have largely maintained...

read more