Do you have a Self Managed Super Fund (SMSF)? Is it causing you more headaches than it’s worth?
I have come across quite a few retirees of late that have decided that after many years of having a SMSF they have reached a point in their life where they don’t want the hassles associated with effectively running another business.
An investment portfolio can be time consuming to manage, especially if it involves real estate and managing tenants. For some, there comes a time when they just want to relax and enjoy their retirement.
For those people who are at this point in their life, there are other options available to you. A SMSF doesn’t have to be forever. A qualified financial planner can wind it up and roll it over into a public offer or pension fund for you and ensure that you are still receiving consistent returns on your investments without the administrative hassle to go with it.
There are many public offer and pension funds available on the market and a lot that are achieving solid returns for their investors. I have many clients sitting very comfortably in retirement with this arrangement in place. I often hear from them while they are on their travels overseas, enjoying their well-deserved down time after a lifetime of hard work. I am sure I speak for all financial advisors when I say there isn’t a more satisfying moment than hearing from your clients when they are enjoying their wealth that you’ve helped them create.
There have been recent changes to SMSF’s and the advice that is given surrounding these investment options. Due to recently introduced legislation, only qualified financial planners can provide this advice for you now. So if you have a SMSF, make sure you engage with a qualified financial planner that is experienced and someone that you trust and feel comfortable with. A financial planner is just as important as your accountant and your lawyer. Make sure you choose wisely and make sure that all your key advisors are in communication with one another and achieving maximum returns and tax minimisation for you.