Many want to set up SMSF (Self Managed Super Funds) instead of going with a retail or industry superannuation fund. Why? There are a number of reasons why SMSF is more beneficial compared to other forms of funds.
The number one reason why people love SMSF is because they got full control. Just like its name, an SMSF is self managed therefore it gives you control over the decisions made in the superfund. You have the power to choose and develop an investment strategy that is tailored to your needs and have a direct say in all investment decisions, unlike other types of investment.
Another benefit of SMSF is cost-efficiency. When you run SMSF, the cost is fixed and is not dependent on the total amount of assets you have. Other superannuation funds usually charge a percentage of assets as their fees, so the higher your account balance the more you pay. Thus, having an SMSF would provide greater cost benefits when your superannuation funds/assets exceed a certain amount.
Freedom is another important benefit SMSF can give you. When it comes to a range of important decisions such as how benefits can be paid to members when they retire or how death benefits are paid in the event of a member’s deaths.
Do you want to know how to get your super? Check this: https://www.moneysmart.gov.au/superannuation-and-retirement/how-super-works/getting-your-super