Self-managed super funds have their place, but those contemplating running their own super fund need to have their eyes wide open, experts warn.
Younger people with an eye to their retirements are being urged to take care after a rise in the number of under-50s running their own super fund, attracted by the promise of more control and flexibility over their retirement savings.
“The younger generation is realising the many benefits SMSFs offer, including flexibility, investment choice and control, as well as the opportunity to become more engaged in their retirement outcomes,” Steele says. Heaven says those thinking of starting their own fund have to be prepared to put in the work of running the fund, keep up-to-date with regulatory changes and take an active interest in how the money is invested.The novelty of running a fund can wear off because of the responsibility involved, he says, and large modern super funds can make many more types of investments these days than was the case years ago.
You have to be confident the costs of the fund are worth the flexibility, Heaven says. “It’s really not financially viable to run a SMSF, given the costs, unless you have at least half-a-million dollars in the fund,” he says.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Caution urged after rise in young workers managing their own superSelf-managed super funds have their place, but those contemplating running their own super fund need to have their eyes wide open, experts warn.
Read more »
Caution urged after rise in young workers managing their own superSelf-managed super funds have their place, but those contemplating running their own super fund need to have their eyes wide open, experts warn.
Read more »
Is setting up a self-managed super fund easy?With an SMSF you make the investment decisions, and you are responsible for ensuring your fund is in compliance with the legislation.
Read more »
A Roman solution to Raac’s ruin – is self-healing concrete the answer?After recent building failures, researchers are looking to ancient materials for inspiration in creating more durable materials that repair themselves
Read more »
‘They’re tougher on themselves’: the trials and triumphs of adult learner driversFear and life circumstances can make learning to drive feel impossible. But with self-compassion (and quiet streets) car anxiety can be overcome
Read more »
‘Just take a bubble bath!’ Why faux self-care won’t solve our problemsEverything from journals to air purifiers, crystal jewellery to ‘poop stools’ has been packaged and sold as the answer to stress, burnout and depression. So why aren’t they working?
Read more »