Your retirement will be well earned after decades of hard endeavour and contributing to the economy and the local community.
Whilst access to the pension and utilizing a superannuation account will help matters, there are limitations that are enforced on these systems.
Retirees under these conditions cannot realize their true potential, but there is an alternative solution at hand.
With the help of self managed super fund accountants, clients in their 50s, 60s and 70s have access to a specialist firm that branches out of the normal parameters that are placed on them in a highly regulated and traditional environment.
Here we will look at these specialists in more detail, weighing up their service benefits against regular accountancy practices for retirees.
Potential to Borrow for Investment Purposes
The idea of speculating to accumulate might have taken a blow in the wake of the 2008 Global Financial Crisis, but in a carefully considered environment, why should clients limit their potential? Self managed super fund accountants can empower you to access loans for property or to acquire shares in the expectation that the retirement pool will gradually grow over time. There are some rules and regulations that come inherent with these requirements alongside some risks, but smart trust holders who have sound advice can branch out.
Controlling The Tax Element
Self managed super fund accountants will sit down and ask you about how you would like to structure your income stream upon retirement. From allocated earnings to the pension and tapping into reserves, trustees have greater power to decide upon their tax rate to influence the bottom line. Across the board more individuals who opt into this system have a 15-20% drop in their tax rate through a SMSF, ensuring that a large portion of the dividends of their strategic decisions are not given to the federal government.
Freedom of Choice for the Portfolio
Breaking off the financial shackles is an element that allows self managed super fund accountants to maximize your potential into retirement. Want to leverage commercial property that you believe will rise in value over the next decade? Include that in the portfolio. Wish to utilize your cash resources, term deposits and shares as part of the same package? That can be arranged as well.
The freedom of choice is almost limitless for a SMSF as it can be a source to strategise and think long-term about growth and expansion. This is not seen with run-of-the-mill firms and basic SFs where limits are regulations place barriers on growth – a resource that is dependent on the choices of others external to yourself.
Cutting Down Unnecessary Costs and Fees
Those retirees who are moving across to a pension might end up having to sell off assets or use them as leverage to balance their budget. This is a result of significant super fees that are imposed where the element of a capital gains tax (CGT) comes into play. With the help of self managed super fund accountants, all of your investments such as stocks and shares are balanced. There are no needless fees and costs placed on the client in this example.
Combining Accounts With Groups
A standard accountant that looks after superannuation needs for clients will only be able to manage individuals in isolation. There is nothing that can alter this very stagnant system, but the case is very different for self managed super fund accountants. Family members or close-knit groups who have similar circumstances and investment interests can link their fund under one banner. This can increase the potential in growth because there will be multiple interests situated in one location.
Self managed super fund accountants are looking out for your best interests as you transition from full-time or part-time work into retirement. Whether you are self employed or contracted to a company, you deserve to have access to a qualified operator that will expand the portfolio and allow others close to you to reap the dividends. Speak with a local firm today and see what they can offer you.