Whether you have an SMSF (self-managed super fund) or a public offer super fund, superannuation is essentially just a purposely built structure (technically, it is a Trust) whose sole purpose is to hold investments, so that you (the Beneficiary) can accumulate sufficient investment capital to fund your retirement.
Now we all desire to have a rich and rewarding retirement but to get there you need a long-term financial plan – and your superannuation is most likely going to be an important part of that plan. And while you may have access to other forms of support like the Age Pension the importance of your superannuation fund can’t be overestimated.
You need to know how your superannuation works so that you can get the most out of your retirement planning. If you have an SMSF there is greater flexibility and control and you have a greater choice when it comes to investing. There are some investments available in an SMSF that you just can’t access with a public offer or industry fund. An SMSF can even borrow to invest in property in some circumstances. Maybe you’re a business owner, wanting to purchase your own premises. If it’s part of your long term retirement planning, it may make perfect sense to have an SMSF and use your superannuation to purchase a business property. There are many factors which need to be considered and there’s no ‘one-size-fits-all’ strategy when it comes to super.
The best way to get the most from your superannuation is to create a financial plan with the help of a qualified financial adviser. And while you can self-manage your super, it may be more effective to work with a financial advisor to put a superannuation strategy in place. A financial adviser’s role is to work in collaboration with you to define your short, medium and long-term financial goals, and put a plan in place to help you achieve them.
And that’s exactly what we do at Opal Advice.
Our expert financial advisers can provide personally tailored strategies to achieve financial success now and into the future. We can help you:
- Decide whether an SMSF is the right retirement savings vehicle for you
- Decide how much you should be contributing to super
- Grow your super through expert tips and contribution strategies that are tailored for your unique situation
- Implement retirement income strategies using your super account
- Make catch-up contributions if you have not been able to contribute the maximum amount each year
- Investigate investment options for your super
- Decide when you should be drawing down on your super
- Understand super rules
- Stay accountable
- Save time managing your super
We can help you create the future you want with super advice that’s tailored just for you and your unique financial journey.