“It is fine to live in the now. But the best thing about now is that there is another one tomorrow. I am going to start making them count.”
This simple yet smart movie quote should remind us all that no matter how enjoyable and spectacular our present is, we must not lose sight of our future. We know too well that it is more than relieving to get caught up in the pleasant present moment, not allowing any of our problems or concerns to take its beauty away. While it is really healthy, admirable even, not to stress out about every single detail related to our future, there is nothing wrong with making certain plans and arrangements that can protect us from unwelcome events.
People nowadays, motivated by the success of the best Australian super funds, start to perceive SMSFs (Self Managed Super Funds) as a great chance to secure their future and the one of their loved ones. Well, at least financially. If you haven’t had the opportunity to learn about SMSFs as a form of retirement planning yet, then you have found your very first source of basic SMSF education. Our team of tireless Sherlocks has gathered enough information to get you familiar with the concept of these funds and help you realize whether they are right for you or not.
We shall begin this ‘lesson’ with a short definition of an SMSF. An SMSF is a retirement fund set-up by maximum four members who are also its trustees. This means that they have both the freedom and the responsibility to manage the fund’s belongings, choose the best investment options and properly prepare several reports for the needs of the regulatory agencies. The paramount purpose of these funds is to regularly provide their members with financial compensations (or, in other words, pensions) when the time comes.
It is interesting to find out that some of the best Australian super funds are run by a group of close family members and/or friends. This option seems to be the most acceptable one for many individuals. This way, they can make sure that making relevant investment decisions and working with people they know well will be easy and smooth. However, it is not uncommon for an SMSF to be administered by professional organizations that are specialized in offering SMSF services. The choice is entirely up to you.
Yes, that’s right: whoever said that we cannot take good care of our future without sacrificing our present must had been unaware of the existence of SMSFs.