Declutter your super now to make room for bigger retirement savings

8 January 2025

The New Year is a popular time for people to get ahead on life admin, including their superannuation, with AustralianSuper saying it expects a 20 per cent1 surge in member engagement in January compared to the yearly average. This trend highlights how people prioritise getting their finances in order at the start of the year.

AustralianSuper is encouraging people to declutter their superannuation in 2025, with more than one-in-five2Australians holding super accounts with more than one fund, and almost $18 billion in reported lost and unclaimed super.3

AustralianSuper data shows that 58 per cent of Australians4 report their super is either their largest or second-largest financial asset, highlighting the importance of decluttering to ensure its working as efficiently as possible for their financial future.

AustralianSuper Education Manager, Peter Treseder shares how taking a few minutes to clean-up your super could mean significant savings in the long-term.

“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. In this case it’s ensuring you’re set-up to build a more secure financial future,” Mr Treseder said.  

“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.”


Peter Treseder's top five tips for decluttering your super:

  1. Check and update your contact details: Having the right contact details helps you stay in the loop and never miss important information. Check your details through your fund’s app or online portal.

  2. Consolidate: Having your super with more than one fund might be adding to your financial clutter and can cost you more in fees. Combining accounts may save on fees, meaning more of your super is being invested with the potential to grow, 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.

  3. Find lost super: More than 20 per cent of Australians hold super accounts with more than one fund – making it hard for them to keep track of their super. A simple super search through your myGov account or by phoning the Australian Tax Office’s automated super search line on 13 28 65 could help you track down lost accounts.

  4. Check your balance and contributions: In 2025 stay on top of your super by using your fund’s app to check your balance, and that you are receiving the contributions you are entitled to - anywhere, anytime. Keeping an eye on your balance can help you feel confident you’re on the right path to the retirement you want.

  5. Review beneficiaries: Life can change quickly. Reviewing your beneficiary nominations means knowing your super will go to the people you want it to go to. Knowing who you can nominate as beneficiaries and how to nominate them can give peace of mind to you and your loved ones, and AustralianSuper has recently introduced non-lapsing binding death benefit nominations. A Non-Lapsing Binding Nomination allows a member to nominate a beneficiary to receive benefits from their superannuation fund in the event of the member's death. This nomination does not expire and remains in effect until the member changes or cancels it.
 
Head to the AustralianSuper website for more information on How To Declutter Your Super
 

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Notes

1RepTrak 2021-2024 report prepared for AustralianSuper and AustralianSuper internal data as at October 2024.
2As at 30 June 2024. Trend towards single accounts, Australian Taxation Office 
3As at 30 June 2024. Total lost (fund-held) and ATO-held super, Australian Taxation Office 
4AustralianSuper’s Super Across Generations Survey, October 2024.

About AustralianSuper

AustralianSuper manages more than $355 billion in members’ retirement savings on behalf of more than 3.4 million members from more than 476,000 businesses (as at 30 September 2024).

This media release may include general financial advice which doesn’t take into account your personal objectives, financial situation or needs. Before making a decision consider if the information is right for you and read the relevant Product Disclosure Statement, available at australiansuper.com/pds. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/tmd.

AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898. 
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