Superannuation is part of every working Australian’s life but not all super funds are created equal.
Over recent years, Self-Managed Super Funds have been all the talk however, it might not be the best option for your individual situation.
Below we have outlined 4 points for you to consider when determining if a Self-Managed Super Fund is right for you; of course, The Farm Protectors are here to help you every step of the way.
What are your goals?
Just like in life, everyone has different goals for their retirement. You might have a goal to sell the family home and travel the world or a certain annual income you would like to live on. Remember to consider aged care costs, donations to charities and helping out your children/family. Once you know what your retirement looks like we can help you make better decisions on your superannuation options.
What’s your risk profile?
Your risk profile involves finding the most appropriate investment strategy based on how much risk you are willing to take on. Consider how much money you need, over what time frame and how much risk you are comfortable with. Knowing your risk profile helps you make the right decision for your future.
Many people aren’t aware of the potential high costs charged by their super fund. And of course running a Self-Managed Super Fund isn’t free. If cost is your main driver, then it’s recommended that you have a minimum $200,000 before you consider a SMSF.
Flexibility & control
Many people like the flexibility that having an SMSF provides. You will have the ability to control your actual investments along with plans and strategies around tax, retirement and insurances.
When to get advice?
While there are many advantages to having a SMSF, they aren’t for everyone and your situation is individual. To ensure you are maximising the opportunities of a SMSF, we encourage to you speak with us directly.
The Farm Protectors can look at your individual situation and offer the best options for superannuation, tax, retirement and insurances.
Please call Gary on (03) 5441 8043 or Stephen on (03) 5022 8118 to discuss what will work for you and your family.