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Is a SMSF right for your lifestyle?

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The Australian superannuation system is a fantastic option for everyone, allowing you to set up for a comfortable retirement. In fact, it’s one of the best retirement systems in the world. The 2020 Mercer Melbourne Global Pension Index has Australia ranking fourth out of 39 countries!

There are several ways Australians can invest in their financial futures. The SMSF option continues to be popular and gives the members complete control over their retirement. But is a SMSF right for you?

What is a SMSF?

Your SMSF can help you retire comfortably – but is it the right option for you?

The latest statistics from March 2020 released by the Australian Taxation Office (ATO), shows that there are almost 600,000 SMSFs made up of over 1.0 million members who manage around $700 billion in assets in Australia. In essence a SMSF is a private superannuation fund regulated by the ATO. It can have up to four members (including yourself) who also act as the trustees (or directors of the corporate trustee).

You and the other members are in charge of the decisions and strategy that is aligned with your retirement needs. Sounding good so far?

How to tell if a SMSF is right for you

For many, the idea of being in charge of your financial future is an attractive one – but in order for this to be truly suitable, you need dedication.

Having control of your investment portfolio grants you more flexibility in what funds your retirement. This is a good chance to invest in passions from real estate to the share market. It also gives you an opportunity to run your fund at a lower cost, as expenses vary depending on the type of investments. Of course, this all means that in order to run your fund properly, you have to dedicate your personal time as well as partnering with the right professionals to guide you on your SMSF journey.

If you’re interested in starting a SMSF, talk to our specialised superannuation team.

SMSF compliance and regulations have changed regularly in the recent past, so it can be a challenge to stay on top of all of the changes. Further, it can be hard for someone who isn’t versed in investment strategy to come up with a comprehensive plan.

Even if you do consider yourself an investment professional, you can still turn to an expert, like the team here at DFK Crosbie.

With a dedicated team of industry experts advising your strategy, even those who aren’t as familiar with the industry but want control over their own financial future can do so.

If you’re interested in starting a SMSF, talk to our specialised superannuation team at DFK Crosbie for more advice and to see if a self managed super fund is right for you.

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