“SMSF Trustees adapt and are still able to make it work for them. The driving force is because it’s their money for retirement.”
Change is inevitable whether it be government, environmental, global or local all having an effect somehow, being minimal or not, on your retirement savings.
So when thinking of managing your future retirement savings yourself, it goes without saying it can be quite daunting and requires that you keep your eye on the ball.
However not all changes are bad, it forces us to review, reassess and can even make us think outside the box to create what we never thought of before or possible.
One example which has been surprising is recent budget announcements and media focus on Superannuation has heightened the awareness of the younger generation and their retirement savings. This heightened awareness of managing your own retirement and being able to make the decisions of where you can invest for your future and put this to best use has caused a shift in the age in which SMSFs are being established.
According to latest industry research from Rainmaker, three-quarters of new SMSF members are aged below 55 and yield an average age of 46 years. SMSF are being established by younger people in their 40s, 30s and even 20s who want control.
Pooling family’s superannuation into an SMSF is also becoming increasingly popular to further save on costs and enable greater investment opportunities within their SMSF.
So changes are inevitable and can’t be controlled, and whilst industry bodies actively lobby the government to provide confidence in the sector by not making legislative changes, I have found with all changes, SMSF Trustees adapt and are still able to make it work for them. The driving force is because it’s their money for retirement.
For trustees who typically run their own SMSF, now is a good time to get a second opinion and speak to their SMSF Advisors as the 2016 budget changes require the need for greater planning this financial year.
If you’re thinking of commencing an SMSF, or would like a free consultation on your SMSF we can help with all aspects of your SMSF, from commencement, administration to wind up.
Contact Tania @ Maven Advisors on 02 6584 9201 .