Australian mum reunited with $45,000 in lost super from previous job after simple, five-minute check on myGov

A Perth woman reunited with close to $50,000 in lost superannuation has urged others to take a look at what entitlements they could be missing out on.

The Australian Taxation Office estimates there is close to $18 billion in lost or unclaimed super, and experts say there is no better time than now to run a health check over what is for many their largest or second-largest financial asset.

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Mum-of-two Fiona is among the one in five Australians holding super accounts with more than one fund — and even left one account unchecked for 14 years.

The West Australian was triggered to investigate what she might be missing out on when learning about the rate of middle-aged and older women falling into homelessness.

Her homework for that night, she said, was to carry out a quick lost super search through myGov.

Fiona expected nothing, but found she had $45,000 owing to her in a forgotten account from a previous job.

“I nearly fell off my chair. I thought it was a joke,” she told 7NEWS.com.au.

She was able to confirm there was no funny business and the money was in fact hers.

Fiona, 59, has enjoyed a diverse career, including working for Australia Post, in massage at a football club and in public service, and took six months of unpaid leave to care for her mother full-time.

During a six-year stint in Broome, she moved six times and said she forgot to update her mailing address when life got busy.

When the super letters did come, she figured they were simply advertising and sometimes threw them straight in the bin.

Fiona has urged other people, particularly women, to carefully consider their financial future and not be daunted by what they do not currently know about superannuation.

She said her own cash boost will help her pay off her mortgage quicker if she chooses to retire in the next few years, with plenty left over to live her life.

Importantly, she said it was easy and quick to see what you might be owed.

“I feel stupid I didn’t do it earlier. If you have a tax file number, it takes five minutes,” she said.

“You really do need to look after yourself. Spend a few minutes making sure everything you have worked for is attributed to you correctly.”

Like Fiona, many Australians have forgotten to update their contact details, so their super fund is struggling to find them.

“Since 2021, the ATO has reunited almost $6.4 billion of unclaimed super with its owners. But there is still more than $17.8 billion waiting to be found,” ATO Deputy Commissioner Emma Rosenzweig said in September.

“If you’ve changed job, moved house or simply forgotten to update your details, you may have lost or unclaimed super.

“We’re urging Australians to check if some of the $17.8 billion in lost and unclaimed super belongs to them.

“Even if you’ve retired you could have lost or unclaimed super. The ATO is holding $471 million on behalf of people aged 65-plus.”

‘Like tidying your home’

The New Year is a popular time for Australians aiming to get on top of their “life admin”, with personal and family finances a priority.

“Decluttering your super is like tidying up your home — it’s all about simplifying things to ensure you’re organised and set up for success,” AustralianSuper education manager Peter Treseder said.

“In this case it’s ensuring you’re set up to build a more secure financial future.

“Whether retirement is next year, or in the years to come, taking some quick, simple actions now may help set your super up for success and give you more financial freedom in retirement.”

Super tips

Find lost super: A simple super search through your myGov account or by phoning the Australian Taxation Office’s automated super search line on 13 28 65 could help you track down lost accounts.

Confirm or update contact details: Having the right contact details helps you stay in the loop and never miss important information. They can be updated via your fund’s app or online portal.

Check your balance and contributions: Regularly keeping an eye on your balance can help you feel confident “you’re on the right path to the retirement you want”. Your employer should pay your super every three months but may do it more frequently.

Consider consolidating: Having super with more than one fund “might be adding to your financial clutter”. “Combining accounts may save on fees, meaning more of your super is being invested with the potential to grow,” Treseder said. “Plus, it makes it easier to manage. It can just take a few minutes to consolidate your super via your myGov account. Before making a decision to combine your super, consider any fees or charges that may apply, and the effect a transfer may have on benefits in your other fund such as insurance cover.”

Review beneficiaries: Reviewing your beneficiary nominations means knowing your super will go to the people you want it to go to. Most binding nominations expire every three years but some funds keep them in place until revoked.

For more information, check out the ATO’s super health check link.