Could you be missing out on thousands in lost superannuation?

If a few hundred dollars suddenly disappeared from your bank account, you’d be quick to notice. Yet when it comes to lost or unclaimed super, many Australians don’t realise they’re missing out.

According to data released by the Australian Taxation Office (ATO), there’s close to $19 billion in lost and unclaimed super, waiting to be claimed by over seven million people.

While there are plenty of reasons why someone might have lost superannuation floating around, ATO Deputy Commissioner Ben Kelly said finding and claiming it is quick and easy.

“Checking for lost or unclaimed super is like reaching into your pocket and finding a $50 note, it’s your money, you just didn’t know it was there,” Kelly said.

“Your super can become lost if your account is inactive, and your fund can’t contact you. If you’ve changed jobs, moved house or simply forgotten to update your details, you may have lost or unclaimed super.

“This super is not lost forever. The ATO wants to get this lost and unclaimed money back into your account.”

If you suspect some of your hard-earned super might be sitting in a forgotten account, the good news is it’s easy to track it down. Follow these simple steps to make sure every dollar of your retirement savings is working for you:

• Keep your details up to date: Make sure your current contact and bank details are updated with both your super fund and the ATO. This ensures you receive important updates and any payments that may be owed to you.
• Check if you have multiple super accounts: If you’ve had several jobs over the years, you might have more than one super account. Each can come with its own fees and insurance, so review what you have and decide what’s best for your circumstances.
• Consider consolidating your super: Combining your accounts can make your super easier to manage and may save you on fees. Just be sure to check for any insurance cover or benefits you could lose, and confirm which fund your employer currently pays into.

The average amount of lost super is $2,590, which could grow to tens of thousands by retirement — money that could make a real difference later in life.

Since 2022, the ATO has reunited or paid out around 3.1 million unclaimed super accounts valued at almost $5.5 billion. But there’s still nearly $19 billion out there waiting to be found.

“Superannuation is one of the most important investments you make in your lifetime, and we want to ensure every dollar earned for retirement ends up where it belongs,” Kelly said.

“The ATO is continuing work to reduce the amount of lost and unclaimed super by reuniting individuals with their unclaimed super, but we need your help.”

Once you’ve tracked down your lost superannuation it’s just as important to keep track of what you have.

A simple way to do this is by checking your annual superannuation statement, which gives a clear snapshot of how your fund is performing, what fees you’re paying, and whether your insurance and investments still suit your needs.

So rather than toss them in the junk pile, Canstar is encouraging Australians to make a habit of checking their annual statements to ensure they are in good financial shape for retirement.

Canstar’s data insights director, Sally Tindall says, “Your annual super statement isn’t a piece of mail you want to be filing away unopened. Instead, use it as your yearly reminder to check in on your retirement fund.”

“Superannuation is one of the most significant assets you will ever own, yet many Australians let it run unchecked without a second thought,” Tindall added.

When checking your annual statement, Canstar suggests sticking to the following checklist to understand how your super fund is performing:

1. Check details: Make sure your personal details are correct and your tax file number is recorded.
2. Review contributions. Check your employer has paid you the right amount of super over the year.
3. Assess your returns and fees. Understand how your fund performed over the last year, but also the longer-term returns. Compare this to the top-performing funds. Also, check the fees you’re paying are reasonable.
4. Size up your balance. Check your balance is on track for a comfortable retirement.
5. Assess your investment mix. Make sure it will deliver on your long-term goals but isn’t taking on an excessive amount of risk for your age.
6. Review insurance in super. This may include life, total and permanent disability, and income protection insurance to make sure it suits your needs.
7. Confirm beneficiaries. Review who is the binding or non-binding beneficiary.
8. Consolidate multiple accounts. Consolidating your accounts into one could save on fees and make it easier to track your retirement savings.

From reclaiming lost super to reviewing your annual statement, staying engaged with your super can help you protect and grow one of your most valuable assets — your future retirement income.

Read more: Quick ways to help boost your superannuation

IMPORTANT LEGAL INFO This article is of a general nature and FYI only, because it doesn’t take into account your financial or legal situation, objectives or needs. That means it’s not financial product or legal advice and shouldn’t be relied upon as if it is. Before making a financial or legal decision, you should work out if the info is appropriate for your situation and get independent, licensed financial services or legal advice.