Self-managed superannuation funds are an option for many Australians who want to control their own retirement savings. They are also known as SMSFs.

SMSFs have two primary advantages over other superannuation funds: they allow trustees to choose their own investment options, and they offer significant tax concessions. However, there are also disadvantages that need to be considered before deciding on an SMSF.

SMSFs are an attractive option for retirement savings because they offer the opportunity to invest in assets that are not available in the public sector.Investors can also tailor their investment strategies to suit their own needs and objectives.

Transparency is an important factor when it comes to SMSFs and the benefits they offer. The goal of an SMSF is to provide a vehicle for retirement savings and other investments in which the members can make decisions about how the fund is invested and what investments are made in the fund.

The cost of running an SMSF is not just the fees you pay to your accountant and financial planner, there are also extra costs such as audit fees, annual report fees and insurance premiums. A Self Managed Super Fund could end up being more relatively expensive to manage compared to the fees you’d pay in a standard super fund.

Investments come with some level of risk. There are two types of risks to consider: the risk of losing money and the risk of not getting the desired return on your investment.