More Retirees shift to SMSFs and starting pension payments

Retirement Planning income goals financial plans

Retirement Planning - SMSFs

More retirees are shifting their life pension savings into self-managed superannuation funds, in a grab for control that will drive corporate and industry funds to switch strategies to stop members fleeing. Statistics released by the Australian Taxation Office showed that around 30 per cent of SMSFs starting pension payments in 2010 were less than two years old. Institute of Chartered Accountants head of super Liz Westover said that the shift in the number of SMSFs commencing pensions in their first year of existence – nearly 14 per cent of plans – was interesting. “This may indicate a greater level of control sought by Australians when they retire and have more time to dedicate to managing their affairs,” she said. As the baby boomers surge into retirement, the pension phase of superannuation is providing opportunities for the $1.3 trillion industry.
17 April 2012 Katie Walsh, The Australian Financial Review, page 7


About SuperBenefitnews

Self-Managed Superannuation Service Providers in Australia. SuperBenefit provides a wholistic SMSF assistance, education and administration service continuum - 1. “assistance” is help of whatsoever nature where our overall SMSF experience and knowledge enables us to provide assistance/help without any legal (or “license”) limitations. 2. “education” involves providing knowledge through teaching, coaching and mentoring about all matters SMSF, including (but not limited to) investment issues such as equities and property, 3. “administration” encompasses all admin aspects of legally required SMSF trustee and member record keeping including (but not limited to) audit and ATO matters. In keeping with our key point that SuperBenefit does not provide Financial Advice, where issues arise from 1, 2, and/or 3 above Indicate a need for a legally authorized provider (such as a Financial Adviser) and the client does not have their own service provider, the client can utilize SuperBenefit’s ‘Connect Assist’ … SuperBenefit, in itself, does not provide Financial Advice, but it does provide the wherewithal for great SMSF service. WE do not provide Financial Advice or any other service that requires a legally authorized provider. However, where such advice or service is required we have our ‘Connect Assist’, a SuperBenefit resource we use to connect clients to a Licensed Advisor or other legally authorised service provider. Call us 0407 361 596, no obligation FREE Connection call to see how we can help you!
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