Considering a self-managed super fund (SMSF) at age 55? Well it’s not too late, as superannuation is a lifetime investment and even if you decide to draw down your superannuation as an income stream, it still requires management. It may be later in life when you do not wish to have the legal responsibilities of being a trustee, to put in the time and effort to run a SMSF and/or the balance has reduced to a point where it is no longer cost effective, that a SMSF is no longer appropriate. In this instance it can be rolled back to a complying public superannuation fund.
There are number of issues to consider when managing your superannuation which apply to SMSFs. To find out your legal responsibilities and what is involved with running a SMSF contact the Australian Taxation Office on 131020 and obtain a copy of the publication Running a self-managed super fund – Your role and responsibilities as a trustee.
Read on to learn more about SMSFs.
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Noel Whittaker explains how self-managed super funds work.
SMSFs are often seen as a means to having more control over your retirement savings.
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Anne wants to know whether it's too late to consider an SMSF.
Barry is unsure of the process of retiring and advising his SMSF.
Keith is questioning whether he has sufficient funds to start an SMSF.