Superannuation is a crucial part of your financial future, yet many Australians lose track of their super due to job changes, multiple accounts, or simply not paying attention. (Honestly, we've all been there.)

While it might seem like something to worry about later in life, regularly checking your super balance can make a significant difference in how much you have when you retire . Neglecting it could mean losing money to fees, inactive accounts, or unclaimed funds – all of which can impact your retirement savings.

Fortunately, it’s easier than ever to track and manage your super. This guide will walk you through how to locate and check your super balance and keep a close eye on your retirement savings. This way, you can better ensure that your money is working for you.

Why checking your super balance matters

Superannuation plays a huge role in shaping your retirement lifestyle . Keeping an eye on your balance helps you:

• Make sure your employer is paying the right contributions. Mistakes happen, and checking ensures you're getting what you're owed. Employers are legally required to make superannuation contributions, but errors or delays can occur.
• Avoid unnecessary fees. Multiple accounts mean multiple fees, which can slowly eat away at your savings. By consolidating accounts, you reduce administrative costs.
• Find and recover lost or inactive super. If you've changed jobs or moved, your super could be sitting in an old account without you realising. The Australian Taxation Office (ATO) currently holds billions of dollars in unclaimed super.
• Stay informed about investment performance and insurance coverage. Your fund is investing your money – make sure it's working for you. Many funds offer default insurance, and knowing what coverage you have is essential.

How to find your super balance

There are several easy ways to check your super balance, whether online or through direct contact with your fund.

Checking via MyGov

One of the easiest methods to find all your super accounts is through MyGov, where the ATO provides a consolidated view of your funds.

Step-by-step guide:

1. Head to my.gov.au and log in to your MyGov account.
2. Link the ATO to your MyGov account if you haven’t already.
3. Scroll down and click ‘Check super’ within the ATO online services.
4. You’ll see all the super accounts linked to your Tax File Number (TFN), including any lost or unclaimed super.

Heads up: MyGov may not always show real-time balances, since some funds update less frequently. For the most accurate info, check directly with your super fund.

Contacting your super fund directly

If you know which super fund you're with, you can check your balance by:

• Logging into your fund’s online portal.
• Calling your fund’s customer service line.
• Reviewing your annual super statement (sent via mail or email).

Each fund has slightly different processes, so visit their website for more details.

Finding lost or unclaimed super

If you’ve had multiple jobs or changed super funds, you may have lost or unclaimed super. To track it down:

• Use the ATO’s 'Check super' tool to check if any of your super is being held by the ATO.
• Consolidate any lost super into your preferred fund (more on this below).
• Ensure your super fund has your up-to-date contact details to prevent future accounts from being marked as inactive.

Checking your payslips

Your employer’s super contributions should be listed on your payslip. To make sure everything is in order:

• Check the ‘Superannuation’ section on your payslip.
• Compare it with your super fund’s records to confirm payments are being received.
• Contact your employer or the ATO if you notice any discrepancies.

What to do if you have multiple super accounts

As mentioned earlier, having multiple super accounts can cost you money. If you find yourself with more than one, consolidating them could be a smart move.

The risks of multiple accounts

• Paying extra fees. Each account has admin fees, and paying for more than one may be unnecessary.
• Duplicate insurance policies. Many super funds include default insurance . If you have multiple accounts, you might be paying for coverage you don’t need.
• Scattered savings. Spreading your retirement savings across different accounts can make it harder to track your progress.

How to consolidate your super

You can roll all your super into one account using MyGov or by contacting your preferred super fund.

Via MyGov:

1. Log into MyGov and go to the ATO’s 'Check super' section.
2. Select the option to consolidate your super.
3. Choose the fund you want to keep and transfer the balances from your other accounts.

Directly through your super fund:

• Contact your preferred fund and ask them to consolidate your other accounts.
• Provide the details of the funds you want to transfer from.
• Your fund will handle the transfer process, usually within a few days.

Things to check before consolidating

Before rolling all your super into one account, consider:

• Insurance coverage. Some funds offer life or income protection insurance, which may be lost when you consolidate. This may not be an issue for you (see our article on insurance and super for more info), but it's worth considering.
• Fees and performance. Compare fees, investment options, and the benefits of each fund before choosing where to keep your money .
• Employer contributions. Notify your employer of the change to ensure future contributions go to the correct account.

How often should you check your super?

Keeping an eye on your super helps you stay on track. Here’s when to check in:

• After each employer contribution cycle (usually quarterly) to ensure payments are correct.
• Annually to review fees, investment options, and overall performance.
• Whenever you change jobs to confirm where your employer is contributing.
• Before making big financial decisions, like switching funds or consolidating accounts.
• When you receive your annual statement to check for any changes in fees or insurance policies.

Where to go for more information

If you need further guidance, these resources can help:

• ATO website & MyGov : For checking and consolidating super
• Your super fund’s website: Each fund has different processes for balance checks and consolidations.
• ASIC’s Moneysmart : A great resource for learning more about superannuation.

Taking control of your super

Your super is one of your most important financial assets, so staying on top of it is essential. Whether you check via MyGov, your super fund, or your payslips, regular monitoring ensures your money is where it should be.

If you have multiple accounts, consolidating them can help you save on fees and maximise your savings for retirement. By taking a few minutes to check your super today, you can set yourself up for a more secure and comfortable financial future.

Happy retirement planning!