Some people want the hands-on control that comes with a SMSF. Of course, with added control, comes added responsibility and workload.
When you run your own SMSF you must:
- carry out the role of a trustee or a director, which means you’ll have important legal duties
- use the money only to provide retirement benefits
- set and follow an investment strategy that ensures the fund is likely to meet your retirement needs
- keep comprehensive records and arrange an annual audit by an approved SMSF auditor
Super is your investment for your retirement, so don’t rush in to set up a SMSF without considering the implications. If you’re running a SMSF you will typically need:
- a sufficiently large amount of money in the fund to set up and make yearly running costs worthwhile
- considerable time and financial expertise to manage the fund
- to arrange separate life insurance, including income protection and total and permanent disability cover
In addition, SMSFs do not enjoy the same protections or compensation arrangements as APRA-regulated super funds. SMSFs are not for everyone. Managing your own super is a large, ongoing commitment so think very carefully before making that decision.
How can we help you?
At Limestone Insurance & Financial Services, we can assist you by making recommendations regarding the investment strategy of your Self Managed Super Fund.
Your first appointment is always free1 and there is no obligation to proceed. The first appointment is about us getting to know you, and for you to determine whether you feel comfortable and confident dealing with us to assist you with your financial advice needs. So why not book an appointment and have a chat with us – on us!