Self managed super funds have become a popular way for Australians to build their retirement savings.
In fact they’re now the fastest growing part of the superannuation market, with more than one million of us being members of an SMSF.
Thousands of SMSFs are being established every year and, with more than half a billion now invested, they represent about one-third of Australia’s total superannuation savings. (Self-managed super funds: A statistical overview 2012-13, Australian Taxation Office.)
The popularity of SMSFs can largely be attributed to the fact that more and more people are deciding they want to have greater control over their investments.
People want the flexibility to make their own decisions about what to invest in, and the ability to change direction quickly, if needed.
Technology is another factor that has contributed to the growth in self managed super funds. For example, the new ANZ Self Managed Super service gives fund members instant access to the performance of their investments on mobile devices, anywhere and at any time.
Technology has also simplified the management of ongoing and changing SMSF compliance tasks.
Members of SMSFs have annual reporting obligations and other rules they need to stay on top of, and these rules don’t apply to the average retail super fund member.
A professional, online administration service can be an affordable option that reduces some of the legwork that was previously required of SMSF trustees and their members.
If you think a self managed super fund could be right for you, or if you’re simply interested in understanding a bit more about them, you should get in touch with Straight Money Talk.
A member of our Team will talk to you about your personal financial situation and your future goals and will help you decide whether an SMSF is suitable for you. This will involve a discussion about the benefits and challenges of running your own super fund, including set-up and operating costs and ways to make it easier than you might think.
Are you ready to manage your own superannuation? Find out for yourself by booking an appointment with Straight Money Talk on 1300 416 590, or you can send an email to us.
Copyright © 2015 Robert Bauman
Straight Money Talk Pty Ltd atf SMT Trust is a Corporate Authorised Representative of Millennium3 Financial Services Pty Ltd, ABN 61 094 529 987, an Australian Financial Services Licensee number 244252.
This editorial is current as at April 2015, does not consider your personal circumstances and is general advice only. You should not act on the information provided without first obtaining professional financial advice specific to your circumstances. This editorial contains information from sources believed to be accurate at the time of writing. This information may be or may become inaccurate. You should seek your own timely financial advice on the contents of this editorial and not rely on this as advice from the