In the year 2013, the official number of Australians who chose to take advantage of an SMSF, or Self Managed Superannuation Funds, broke one million, and the number today is exponentially larger and still growing. There are many who question the attractiveness of such an option and worry that it may be “too good to be true” as the saying would suggest, but the truth of the matter is that this is one of the safer options to utilise with your hard-earned funding. There are many benefits available with this option compared to an industry or retail superannuation fund, and these benefits and advantages only continue to compound on one another over time and with a bit of patience.
Group Inclusion
Self-managed superannuation funds in Melbourne may include anywhere between one and four members, meaning it is possible for you, a spouse, and perhaps even two children to participate in an SMSF. This will allow you and your family unit to make a collective investment decision around the wealth held within the family that will benefit future generations and the younger of the current generations in your family. This is simply an option available suited to groups, but any individual with a minimum of $200,000 may take advantage of this option for their financial future.
Control Your Destiny
Many would contend that hard work and time are all you need to find lasting success, but all the hard work and time in the world cannot ensure the money earned will stick around after your passing. An SMSF will allow you to take control of your destiny in regards to retirement so that you may focus on enjoying the later years of your life after earning them with decades of hard work. More people today are self-funded, meaning they rely less on the government for an age pension and take more interest in having an active role in their financial processes surrounding the superannuation.
Greater Investment Options
An SMSF will provide greater flexibility in investment choice compared to any other superannuation vehicle, and you may invest in anything from public or private shares to derivatives and other options. This is rather appealing to a large number of diverse people as many have their own preconceptions as to which type of investment is the best to make in certain situations or times in a person’s life. Therefore, it is in your best interest to contact a professional to help you set up your SMSF, and you will quickly discover that these professionals are interested in helping you obtain your short- and long-term goals over time. Such professional help will not only allow you to quickly and fully make the most of your investment, it will also help you set up your family and other loved ones for success after your passing.