A Self-Managed Super Fund (SMSF) is a superannuation fund that you manage yourself or with the assistance of a financial advisor such as Ricarmo Financial Group.
Currently Self-Managed Super Funds account for 29% of the $2 trillion in Australian superannuation savings. Over the last five years, the number of Self-Managed Super Funds has grown 31%.
Previously, SMSFs were most popular among the 55 plus age group, but more and more SMSFs are being established by younger generations with the median age decreasing year on year. It’s never too early to consider a Self-Managed Super Fund.
Many Australians are moving away from the traditional industry or retail superannuation funds in favour of having more control over their superannuation investments. While you have more control with a SMSF, they are highly regulated by the Australian Taxation Office and you are responsible for managing and complying with all relevant laws.
A SMSF allows you to make the investment decisions for your fund and control the direction of your retirement future. You are in charge. In control. It is however, a major financial decision and one you need to consider carefully.
Due to the complex set up and time required to manage a self-managed super fund, it’s recommended that you have a larger amount to invest before considering this for your situation. It could also be relevant if you have a specific reason such as purchasing property, trading shares, foreign exchange or futures. Remember that you need to have, or be able to access the advice, skills and time to manage your fund.
Before making a major financial decision such as setting up a SMSF, it’s important to get solid financial advice for your specific situation. At Ricarmo Financial Group we have a team of superannuation experts who can provide unbiased information on what will be best for you, your family and your future.
A Ricarmo SMSF specialist will explain the whole process and guide you through from establishment, selecting the best investment options, managing investments and complying with ATO regulations.
Ricarmo Financial Group can assist with all areas of your SMSF from establishment, ongoing management, strategy, auditing and annual reviews.
Get in contact with our superannuation experts today to discuss your individual situation.
Ricarmo Financial Group also offers managed superannuation which is a hybrid between traditional superannuation funds and a Self-Managed Super Fund. Managed superannuation offers you access to the benefits of SMSF without having to establish your own fund.