Superannuation which is lost or unclaimed is referred to as lost super. Over time employees accumulate lost super when they:
- Move and change address
- Change names
- Change employees and start up a new super fund
This can become a problem when you continue paying fees for every super account you've lost, instead of just the one you are currently using. Instead of gaining super you are losing money in fees for lost super accounts.
At the end of June 2009, The Australian Taxation Office (ATO) estimated that there was $13.6 billion worth of lost super. The ATO has setup SuperSeeker which is a tool that assists people with tracking down their lost super and consolidate them to the one fund to save for their retirement.
Another way to save and reach your saving goal sooner is with an online savings account with a high interest rate. The table to the right lists current high interest savings accounts that could help you grow your wealth today.