2. Do I have enough time and knowledge?
Switching to an SMSF, especially running it with a low-cost SMSF service provider like ESUPERFUND may save thousands of Super fees for you every year.
But do you have the time, knowledge & an active interest to build up your Super within an SMSF and at the same time ensure your SMSF is complying with the Superannuation law?
The good news is that ESUPERFUND provides great learning resources to SMSF trustees for self-education for Free.
our SMSF information package today to learn the basics of SMSF’s or visit our learning centre here to advance your knowledge.
3. I want to buy a Property with my Super.
Another key benefit of SMSFs is that with an SMSF, you can invest in a wider range of investment options than with Traditional Superfunds – including direct Property.
Investing in Property in an SMSF may help you diversify your assets, and potentially save on tax. Find out more about purchasing a Property with your super here.
4. Am I old enough to start an SMSF?
Age is not a major factor in the decision process. Starting an SMSF may be equally appropriate for a 30-year-old executive as a 65-year-old retiree.
According to independent researcher Investment Trends, one in every four Australians planning to start an SMSF in the 2014 financial year is under 35.
An even higher proportion plans to start an SMSF in the near future, with Gen Ys accounting for 46% of future SMSF investors.
When Investment Trends asked people under 44 why they chose an SMSF, 50% said it was because they wanted to control their own investments.
Apart from this, we would like to draw your attention to the Super fees that a Gen Y investor may save when he or she has 20 or 30 years ahead.
According to the Australian Securities and Investments Commission, a 1% difference in fees today could mean a 20% difference in your super payout in 30 years.
Before you start
An SMSF can be a great vehicle to take back control of your Super but an SMSF may not be right for everyone.
We have conveniently summarised other factors to consider when contemplating setting up an SMSF here.
We also assist you in understanding what is involved in the ongoing management of your SMSF via our Free SMSF Learning Centre here.
If you want to learn more about SMSFs, download an today.