It makes sense that you want to have a nest egg as significant as possible, so you can continue to live the lifestyle you're accustomed to throughout retirement. But are you one of the Australians with lost superannuation?
According to a 2013 study from Westpac, 47 percent of Aussies are "likely to have lost super".
The same report estimated the average amount of lost super to be $2,592 per person.
Dollars down the drain
According to the Australian Taxation Office (ATO), there is over $14 billion in lost super as of August 2014. Of this, $8 billion is waiting patiently in accounts that individuals haven't contributed to in over five years. Sometimes, people simply forget to give their super provider much-needed information.
"There's over $6 billion of super sitting in accounts where funds have not been kept up-to-date with changes to personal details. More than 40 percent of super account holders have more than one account. Many of these additional accounts have not received a contribution for quite some time, and those with small balances can be eroded by super fund fees and charges" said John Shepherd, ATO Assistant Commissioner.
Check out SuperSeeker
If you've got an inkling that your retirement savings aren't quite where they should be, you should start the hunt to find your lost super.
The ATO's SuperSeeker tool is a good place to start the search for your retirement treasure. Individuals have consolidated around 49,000 super accounts since July 2014, using this handy online tool.
So just how does SuperSeeker work? First, you'll need to register to use the ATO's online services, by creating a myGov account.
You can complete a SuperSeeker quick search or simply jump on your tablet and download the ATO app. Plug in your name, tax file number and date of birth and you're on the way to finding out whether you've got superannuation money spread across various accounts!
Pick up the phone
If you don't want to jump online, give the ATO a call on 13 10 20. Why not do this when waiting for the train or bus to work in the morning or when you're parked up, waiting for the kids to leave the school gates?
There's no excuse to avoid finding your super, especially when you think how useful it could be for your long-term retirement plans.
Open your laptop or tablet or pick up the phone and find out what you might be missing out on!