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SMSFs - Look before you leap

If you want to take control of your retirement savings and enjoy a high degree of flexibility when it comes to investing options, then this tip may be for you.

A SELF-MANAGED SUPER FUND puts you in the driver’s seat as you take on dual roles of fund member AND trustee. Whilst adopting a SMSF can feel empowering, there’s a lot to consider before making the leap.

Your Gold adviser is well placed to help inform your decision-making when it comes to determining whether a SMSF may suit your investing style. Previous investing experience and a hands-on approach to your financial life, may be a compelling factor towards establishing a SMSF.

Additionally, a meticulous nature when monitoring matters of compliance and having time to devote to administrative tasks associated with the fund, may also warrant consideration before foregoing your existing industry or retail fund.

Similarly, your current superannuation structure may have a range of personal insurances inbuilt within that fund. Opting for a SMSF, in place of your existing fund, could see you relinquish those insurances. Your financial adviser is well placed to work with you to secure a tailor-made package of insurances, designed to reflect your specific set of circumstances, should you choose to establish a SMSF and abandon your existing fund and the insurances held within that platform.

If borrowing from within the fund to purchase property is part of the pull to a SMSF, your financial adviser can outline scenarios that can illustrate potential benefits and pitfalls of investing in an indivisible asset.

Should you decide a SMSF is your preferred strategy, your Fortnum financial adviser, together with your accountant, can assist you from its inception through to accessing funds upon your retirement. Or in the event of your death, provided you have an appropriate Estate plan in place, we can assist your nominated beneficiaries to claim their full entitlements.

For more information about SMSFs please contact us on 02 6041 8244.

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