Self-managed super funds (SMSFs) provide a range of benefits to Australians looking to take greater control of their retirement savings. One key benefit is greater flexibility and control over investment decisions. With an SMSF, individuals can choose where to invest their retirement savings, including in shares, property, and other assets.
Another benefit of SMSFs is the potential for lower fees and expenses. Unlike traditional superannuation funds, which often charge high fees for management and administration, SMSFs can be more cost-effective, particularly for individuals with larger balances.
Additionally, SMSFs offer greater transparency and accountability. With an SMSF, individuals have a clear view of their retirement savings and can monitor their investments and expenses closely. This can reduce the risk of fraud and mismanagement, providing greater peace of mind.
Finally, SMSFs can provide valuable estate planning benefits. By setting up an SMSF, individuals can ensure that their retirement savings are distributed according to their wishes after their death, providing for their loved ones and ensuring their legacy is preserved.
In summary, self-managed super funds provide a range of benefits, including greater flexibility and control over investments, lower fees and expenses, greater transparency and accountability, and valuable estate planning benefits. By working with a skilled financial advisor, individuals can take advantage of these benefits and achieve their long-term financial goals.