Superannuation isn’t something most people think about very regularly, although for many, it’s the only retirement savings they will ever have. Considering your superannuation is topped up every time you get paid, it’s a bit surprising that more people don’t take an active interest in it.

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When it comes to your superannuation it’s best to try and minimise your fees, and a great way of doing that is to try and limit the amount of accounts you have. I personally keep all of my superannuation in a single account so I only have to pay the 1 set of fees.

There was a time though when I had multiple accounts. You see many companies will set you up with their own default superannuation provider when you start working for them. This means that whenever you change jobs you may also end up with another superannuation account, and for people who change jobs regularly, they can wind up with many different accounts and many different fees.

When you combine the fact that many people don’t really think that much about their superannuation, with people having multiple accounts, you get into this situation where everyday Australians actually have super sitting in an account, but don’t realise it.

According to the ATO, at the end of 2014 they stated that there was $14 billion in lost superannuation waiting to be claimed. That figure is staggering considering there is only 23 million people in Australia.

Based on those stats, there is a good chance that if you’re a worker in Australia, you’ve got some lost superannuation somewhere out there. The trick is being able to find it. That’s where tools to find lost super come in handy. All you need to do is to is follow the prompts (you will need your tax file number) and these tools will find your lost superannuation for you.

If you do find some lost super, then from there it’s up to you what you wish to do with the recovered funds, but do remember that you are likely paying fees on all those accounts.

Remember – it’s your retirement, and so it’s in your best interests to understand where your money is located and to be an active participant in managing that money.