Is it right for me
A key question you should ask is “‘what is right or wrong with what I have now?” As your superannuation grows and you get nearer to retirement, you will often take a much greater interest in it than you did in the past. Legislation now allows many more people to have a choice about their superannuation. You may have a nagging doubt that you could do better or that your current fund is not really meeting all of your needs. You may be looking for transparency and more control over your superannuation, and believe that a self managed super fund is therefore an option worth considering.
A Matter of Control
Most of us have become used to the idea that we have only limited control over our superannuation, however SMSFs provide much more control and say over where, when and how you invest, what you pay for and when you pay for it. SMSFs also provide increased flexibility and the ability to instruct the trustees what to invest in.
After becoming a trustee of a SMSF, initially, many people struggle with the concept that superannuation is really your own money, but it is set aside for retirement.
Yes, there are limitations on when you can get your hands on the money, and how the money can be invested by the superannuation fund, but it is still your money.
The real goal is how can you make the money in your superannuation best achieve your needs and objectives in retirement.
There is no denying that superannuation can be complicated but the skills to run your own superannuation are no different to running a business, managing an office or investing outside of superannuation. A lot of it is common sense, and many of you do these kinds of activities every day.
You probably wouldn’t contemplate an ocean voyage without an experienced skipper and the same applies to setting up and running a self managed fund. Many of our clients whilst taking control of their superannuation, access experienced and qualified advisers when required to help them steer away from the reefs and storms.