Self Managed Super Funds
Planning for your retirement entails many things, including being sure that you have the proper financial preparation. Today, an increasing number of Australians are choosing to use Self Managed Super Funds as a means of taking control of their future. Is this the right choice for you?
While you might have heard these compared to the Australian Prudential Regulation Authority retirement options, it is different in significant ways. Though the Australian Taxation Office regulates the way it must be operated, you are in charge.
You, and up to three additional people, can work together to operate your fund. Each of you will be a trustee of the Self Managed Super Fund, or SMSF. The paperwork must be accurate and the money used solely for retirement benefits.
It is vital that your team understands how to make sound investment strategies that will allow you all to realise your retirement dreams. Extensive record keeping is just one aspect of management that requires regular maintenance.
Another thing you might have heard is that this is the DIY version of setting up your retirement. However, this is not accurate either. You should utilise professional advice to help guide your decisions. Ultimately, the choices that are made regarding the account are your legal responsibility.
Make sure that you invest with others whom you trust implicitly to ensure that you have a positive experience. Along with professional guidance and administrative choices, you will be well on your way toward financial security.
Your life insurance and disability coverage needs should be considered as you make choices for your fund. Don’t forget about your spouse and make certain that your accountant has an Australian Financial Services License number and is suited to advise on your interests.
A Self Managed Super Fund might be the right choice for your financial future.
