Self-managed Super: Are your mid-30's the new mid-40's?
With the ability to pool your super with up to four potential fund members (including yourself) coupled with advancements in technology and an emphasis from quality service providers on streamlining the compliance process for trustees, the message is clear; ‘SMSFs are no longer only a bastion for wealthy retirees’.
Recent ATO statistics revealed that the Self Managed Superannuation Fund (SMSF) sector grew approximately 29 per cent from 2010 to 2014. Although the vast majority of members (approx. 82 per cent) are aged 45 and older, the sector is now seeing significant growth in the 35-44 age bracket; something that is expected to continue to shape the future direction and delivery of services to SMSF trustees across the industry.
Given this influx of younger trustees, it begs the question: has the number of young people with the wealth to justify operating a SMSF increased or are SMSF’s simply becoming more accessible? Further research would indicate that this interest is less due to greater wealth levels in this age bracket, but a greater generational awareness of the importance of planning for retirement.
Whilst opinions are varied over how much is ‘enough’ to consider starting a SMSF, it is clear that the investment flexibility & opportunity afforded by operating a SMSF is not being lost on this demographic that may traditionally have been considered ‘too young’ to think about a SMSF.
If you wish to discuss having a SMSF or you already have a SMSF and aren’t happy with the current service you receive contact Super on 1300 255 457 and one of the team will contact you to arrange a meeting to explore this further.