For many people, COVID-19 will change their lives forever. Like the last great pandemic, life never got back to “normal”.
You may have already heard of the “great reset” in all forms of media. The term relates to the topic of the World Economic Forum which refers to the urgent need for countries to co-operate with each other to create a better world in response to COVID-19. For people already finding life tough, it may be proof positive that the game is rigged and only the elite have benefited whilst they have suffered. For others it points to an opportunity to do something different to improve their lives after a wakeup call provided by a virus.
It is a fact that certain sectors of the economy have created additional wealth during the pandemic whilst others have suffered. Just because this is the result, does not mean that these companies have played an active role in creating this scenario or increased its impact. Economic “winners” & “losers” happen all the time, acceleration to this process is added during a crisis.
Australia has been extremely resilient during the past 12 months, but we need to make sure that we remain aware of the issues that were present before COVID-19. Good handling of the pandemic will not absolve poor management in other areas after immediate dangers subside. How will Australia diversify its export markets? Will the Government legislate higher employer contribution levels?
Is compulsory Superannuation a non-negotiable?
But as someone with an SMSF knows, your retirement and future financial security starts and ends with you. You are not waiting for the Government to provide additional SG Contributions from employers; you already salary sacrifice to meet your contribution goals. As an SMSF Trustee, you have taken responsibility and risk, so you deserve the rewards also. Taking control over your Super is still the number one reason people love SMSF’s. The self-discovery required to make an
SMSF work is what makes SMSF’s truly unique.
“Resets”, “New Year’s Resolutions”, “Rebirth”, “Reinvention”, “Reincarnation” are not new, they are a central theme in all cultures, generation after generation. We believe at Supervision that now is the best time to make decisions that will benefit you or your family in the future. Repurpose the terminology to suit yourself and give it your own meaning. Seize the present moment to reset your goals to take your Super to the next level.
Reprinted from The Trustee | April 2021
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