Time is ticking for Australians to claw back their lost superannuation money.

AUSTRALIANS could be throwing away more than $42 billion of their own retirement money by failing to claw back lost superannuation.

One in two Australians have no idea if any of nation’s $13.5 billion lost super lurking in more than 1.289 million account belongs to them — the average lost super account holds $10,480.

This giant pool of money could more than triple come retirement if it’s put into an individual’s main super account and accrues the average super interest return of 5.5 per cent.

The 2016 Westpac Lost Super report has revealed the Australian Taxation Office handed back a whopping $994,000 in lost super to an individual in October and just last week a 50-year-old recovered $140,000.

Superannuation is considered “lost” if no money is added in for 12 months and a person’s fund does not have their current address.

BT superannuation expert Melinda Howes said it was easy to end up with lost super but Australians should be more proactive in claiming it back and boost their own retirement savings.

BT superannuation expert Melinda Howes said claiming lost super now could make a big difference come retirement.Source:Supplied

“If you have moved house, changed your name or changed your jobs you are especially vulnerable to lost super,’’ she said.

“It’s generally only when people hit their mid 40s or 50s that people start taking a real interest in their super ... those people really wish they had done more about their super when they were younger.

“And for younger people it’s not a top priority to sort it out now.”

The report found three quarters of Australians (73 per cent) regretted that they didn’t look after their super more when they were younger.

Natalie Piucco, 24, recently clawed back more than $6000 in lost super hovering in three accounts after doing a search online.

“During university I had at least two jobs at the same time so I consolidated all my super from casual jobs,’’ she said.

“I didn’t know until I looked into it online how much lost super was there and I just moved it all across into my main account.”

Australian Superannuation Institute of Trustees’ chief executive officer Tom Garcia said it was time people made a concerted effort to reclaim their lost retirement money.

Australian Institute of Superannuation Trustees chief executive officer Tom Garcia is urging Australians to claim back their lost super.Source:News Corp Australia

“In some cases, we are talking about thousands of dollars that can make a real difference to your retirement outcome,’’ he said.

“Not claiming this money is like paying for an overseas trip and never getting on the plane.’’

Australians can visit the MyGov website, enter their details, click on the ATO icon and view all their super accounts. From here they can consolidate any lingering accounts into their main super account and it takes just a few minutes.

sophie.elsworth@news.com.au