Is a SMSF right for me?

If you were looking for a picture of the typical SMSF person, it may surprise that one does not exist.

“Is a SMSF right for me” I hear you say. SMSF people do not live in the same suburbs or share the same careers or social sets. SMSF people come from all manner of financial backgrounds, financial literacy levels and life experiences. Not one SMSF experience is the same.

SMSF people have one thing in common, they share a common attitude. They want to make the most out of what they have and are prepared to take an active interest in building their financial security. They do not necessarily have limitless knowledge in investments but they are no strangers to investing in themselves. They have a determination to succeed in whatever they do and their super is no different. Instead of asking “is a SMSF right for me?” Maybe you would be better off asking “Am I right for an SMSF?” The sections below will help you determine that.

Is a SMSF Right for me: Am I Determined?

When asking “is a SMSF right for me”, your level of determination to understand the Super system and how you can get involved to maximise your investment returns will be a major factor.  We can provide you with everything you need to get started, but ultimately it is up to you. To succeed, it is imperative that you take your Super seriously as the main avenue to pay for your retirement and reach financial freedom.  Successful SMSF people don’t leave it to chance, they act now to create long term goals.

Is a SMSF Right for me: Have I Considered Fees?

SMSF people understand that fees and charges eat into your retirement nest egg over the years, so they generally look for the best solutions for accounting and other financial services. When you have an SMSF you personally authorise all payments. It’s real money because you are making decisions on an ongoing basis, reviewing, selecting and looking for better ways. You should compare the fees and charges that you are currently paying with all the fees of an SMSF before making a decision.

Is a SMSF Right for me: Am I Willing to Invest?

People may argue that SMSF’s are time consuming. If you choose the right partners, it does not need to be a heavy task. Supervision SMSF is able to alleviate the paperwork hassles and provide you with total transparency, with an online portfolio.  Yes you will have to work out how you are going to invest your money, but that is the exciting part. Depending on your skills and abilities, you can pay to outsource the selection of your investments.  Whether you are coached or you totally outsource this function is entirely up to you.

Awareness and control also brings some responsibility. If you do not like taking responsibility for your actions, an SMSF may not be right for you.

Before you establish an SMSF for your Super, you should consider carefully what type of person you are. Do you expect to put more effort in to get more out?  Or will you be satisfied with leaving your Super in someone else’s hands?

Still saying “is a SMSF right for me”? For more information about SMSF please go to our FAQ’s or Learn Section.

Talk with an SMSF Expert

We can match you with an SMSF Expert who can answer all your questions. Call us on 1300 693 863 or use the button to make an appointment.