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She's On The Money
The Secret to Managing Your Super — And It’s Not an SMSF!
Oct 22, 2024
Forget the hype around Self-Managed Super Funds; they may not be worth the effort. Discover why traditional super options might be a better fit, minimizing compliance headaches. Explore the gender disparities in superannuation savings and the importance of expert management. Learn practical steps for financial empowerment, including understanding your super and reclaiming unclaimed funds. Plus, uncover simple strategies to take control of your financial future without the stress of managing an SMSF!
39:00
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Quick takeaways
- Self-Managed Super Funds may seem appealing, but the associated costs and complexities often outweigh their benefits for most individuals.
- It's crucial for women to actively manage their superannuation to address the gender gap and ensure a secure financial future.
Deep dives
Understanding Self-Managed Super Funds (SMSFs)
Self-managed super funds (SMSFs) provide individuals with the ability to manage their own superannuation investments, but this comes with significant responsibilities. Participants are accountable for their investment strategy and compliance with regulations, making SMSFs a more complex option compared to traditional managed super funds. While SMSFs offer a sense of control and flexibility, the administrative burden can turn into a DIY nightmare, especially for those lacking financial expertise. The podcast emphasizes that around 4% of Australians have SMSFs, yet they represent 28% of total superannuation assets, highlighting their appeal primarily for high-net-worth individuals due to the associated costs and complexity.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode