Otherwise known as a pension plan, superannuation is a way to save for retirement. There is no ‘one-size-fits-all’ approach to super: it’s important to develop a strategy that suits your unique situation and requirements.
Superannuation money comes from employer contributions and is ideally topped up with your own funds through salary sacrifice or voluntary contributions. Depending on your eligibility, the government may also add to your fund through co-contribution or low income super contribution.
What is an SMSF?
SMSF stands for self-managed super fund. This is currently the most popular type of fund within Australia’s superannuation industry. SMSFs come with a number of benefits, including:
- Greater control over how the fund’s assets are invested
- The ability to invest directly into residential and commercial property
- The possibility of borrowing funds
- The ability to pool your funds with family members
- Flexibility when transitioning into retirement
SMSFs are one of five superannuation categories in Australia and there are over 250 different funds to choose from in total. It’s highly recommended to weigh up each of the options and choose a scheme that aligns with your goals and values.
Future Assist offers superannuation advice and support, including a comprehensive service designed specifically for people with SMSFs. Our qualified experts can help you find the super fund that will best suit your needs.