SMSF And Retirement Planning

SMSF And Retirement Planning

If you want to save up for retirement, an SMSF is an option that you might want to consider. Having control of your superannuation investments and aligning them with your retirement goals is a practical approach. Because self-managed super fund allows a certain level of control, flexibility, and transparency, investors are attracted retirement investment choice. The value of your savings in the fund will determine the quality of your retirement.

To get the best out of an SMSF it is best to match your investments choices to your retirement goals. Even if self-managed super fund follow almost the same rules as other super accounts, super fund investment options for members and trustees are more extensive, which may help you match the right investments for your retirement planning and goals. The flexibility of Superfund structure allows members to tailor fit investments and tax that suit their lifestyle and goals.

Tax strategies that can help maximise your savings as you save up for retirement, can be implemented in the self-managed superannuation fund structure. These include: management of the accumulation and multiple pension accounts, salary sacrifice, withdraw and re-contribution, transition-to-retirement pension, spouse splitting and contributions reserves.

Super and tax strategies that can be implemented vary according to the assets, income, retirement goals and age of members or trustees. Selling assets in the accumulation phase may require the members to pay the capital gains tax but if you sell the assets during the retirement phase, they are tax-free.

Build a super fund that works for you. Superfunds give you control and allow you to time your purchases or sale of assets. They give you the freedom to decide on when to buy or sell. It is, however, important to remember that there are responsibilities associated with running a self-managed super fund to comply with the obligations that come along with managing it and to avoid tax penalties.

Self-managed superannuation funds are effective in growing your wealth for retirement. However, they are costly to run and may not give you financial benefit if it is not the right type of investment for your needs. Before deciding to set up a self-managed super fund, be sure to assesses your entire financial situation and see if a self-managed superannuation fund is the best solution. You should also prepare a recommendation that assess trustee capability and set protections in place. Finally, give your trustees support to ensure that they are compliant with their obligations and the laws.

To take control of your retirement planning, understand what an SMSF can bring to your retirement. Self-managed super fund can do more than just hold members’ retirement funds. They will also allow you to take control of your retirement investments, help you borrow funds within the self-managed super fund, protect your assets, plan your estate, be a tax effective investment choice and allow you to make your own research and let you get expert advice.

Putting your retirement investments in an SMSF will give you greater control in growing them to support your retirement lifestyle. They also offer flexible estate planning options. Superannuation funds allow investment flexibility.

During your retirement planning using your self-managed superfund, it will be best to talk to professionals who are more adept to the industry. It would also be wise to get an SMSF auditor to help you make sure that all your moves are within the rules and regulations.

If you have more questions about SMSF and retirement planning, talk to us.

Kingston Knight Audit are the Auditor Melbourne experts to contact when dealing with your trust account audit, SMSF Audit, financial statement audit,  and internal audit requirements. Contact us today, Kingston & Knight Audit offers a free telephone consultation to establish how we can best help you achieve the assurance and compliance you require.

Call our Melbourne team today on 03 9088 2242, or email us via