Superannuation and SMSFs

Although it may not seem like it now, your super fund is likely to be your greatest asset (aside from the family home), when you approach retirement.

However, many people overlook super and the important role it plays in helping you to save for your retirement years ahead. For example, those who aren’t familiar with the structure of their super fund, may find that their super savings are held in the default (or ‘balanced’ option), which may not be ideally suited to their personal circumstances, retirement goals or objectives, or what we call your “tolerance towards risk.”

This means you could be missing out on better returns had your fund been more appropriately structured to your life-stage and circumstances, or conversely you may be exposed to a greater degree of risk than you had realised.

The Federal Government also provides a range of tax-effective incentives to encourage Australians to save more for their retirement years so we’ll make sure you’re making the most of these incentives if they are beneficial to you.

Most working people will either have a retail or industry super fund however another option is to set up your own super fund known as a self-managed super fund (or SMSF). An SMSF can offer greater control and flexibility in terms of investment choice however they also come with greater reporting and compliance obligations.

At Knox Financial we’re all about making sure your super fund is working for you.

To find out more about our approach to superannuation, please contact us.

Get instant access to our E-book on Self Managed Superannuation Funds