$18.9 Billion in Lost Super: Could Some of It Be Yours?

$18.9 Billion in Lost Super: Could Some of It Be Yours?

Australians are being urged to check their superannuation accounts after the Australian Taxation Office (ATO) revealed that the total amount of lost and unclaimed super has surged to $18.9 billion, up $1.1 billion since 2024. This staggering figure highlights the importance of staying on top of your super to ensure you’re not missing out on money that could significantly boost your retirement savings.

What Is Lost Super?

Lost super refers to money held in superannuation accounts that have become inactive or disconnected from their owners. This can happen when people change jobs, move house, change their name, or forget to update their contact details with their super fund. In some cases, individuals may have multiple super accounts and not realise they’re paying fees on each, which can erode their savings over time.

Who Might Have Lost Super?

Anyone who has ever worked in Australia and received super contributions could have lost or unclaimed super. You don’t need to be currently employed to have super sitting in an account somewhere. If you’ve changed jobs, moved overseas, or haven’t consolidated your accounts, it’s worth checking.

How to Check for Lost Super

The easiest way to check is through your myGov account:

1. Log in to myGov and ensure it’s linked to the ATO.
2. Navigate to the Super section to view all your super accounts.
3. You’ll be able to see any lost or unclaimed super and take steps to consolidate it.

If you don’t yet have a myGov account, you can visit the ATO website for instructions on how to create one and link it to the ATO.

How to Recover Lost Super

Once you’ve identified lost super, you can:

• Consolidate your accounts by transferring funds into your preferred super fund. This can usually be done directly through myGov.
• If you’re aged 65 or older, or the amount is less than $200, you may be eligible to have it paid directly to you.
• Keep your contact details up to date with both your super fund and the ATO to prevent future loss.

Why It Matters

Even small amounts of lost super can make a big difference over time, especially when compounded with investment returns. Recovering and consolidating your super can reduce fees, simplify your finances, and help you make better decisions for your retirement.

Take Action Today

With billions of dollars sitting unclaimed, now is the time to do a quick super health check. It’s free, easy, and could uncover money you didn’t know you had. Visit ato.gov.au to learn more and take control of your super. Alternatively, ask your financial adviser to check for lost super on your behalf.

If you don’t have a financial adviser, the Geelong team of financial advisers at The Hrkac Group are happy to meet with you. As part of their service to you, they can check for lost super on your behalf and assist with tailored retirement planning strategies and investment advice Geelong clients can trust.

Get in touch today if you’d like assistance locating lost super, or if you feel it may be time to review or adjust your retirement plans and investment strategies. Our team can help provide guidance tailored to your financial goals and future plans.

The content within this blog has been sourced from our Licensee, Alliance Wealth’s blog ‘Realise Your Dream’.

General Advice Warning

This information has been provided as general advice. We have not considered your financial circumstances, needs, or objectives. You should consider the appropriateness of the advice. You should obtain and consider the relevant Product Disclosure Statement (PDS) and seek the assistance of an authorised financial adviser before making any decision regarding any products or strategies mentioned in this communication. Whilst all care has been taken in the preparation of this material, it is based on our understanding of current regulatory requirements and laws at the publication date. As these laws are subject to change you should talk to an authorised adviser for the most up-to-date information. No warranty is given in respect of the information provided and accordingly neither nor its related entities, employees, or representatives accepts responsibility for any loss suffered by any person arising from reliance on this information.