[Podcast] Financial Fumbles: The Top 9 SMSF Mistakes You Could be Making, with Ken Raiss

If you're most like most listeners of this podcast, you're looking to secure your financial future.

I was interested to recently read that Australians think they need $650,000 in their superannuation to have a comfortable retirement.

By the way, this would only give him $33,397 annual income - to me that's not a comfortable retirement and most Australians don’t even have this in their super anyway.

I guess that's why more and more Australians are taking control of their financial future and setting up a self-managed super fund, but even that's not a guarantee of financial success.

In today’s discussion, you'll get a chance to uncover the mysteries surrounding self-managed super funds.

Ken Raiss, director of Metropole Wealth Advisory, and I talk about 9 common mistakes people make with their self-managed super funds.

Whether you already own a super fund or are contemplating getting one, this discussion is tailored to serve you some pearls of wisdom that you wouldn't want to miss.

Navigating the complexities of self-managed super funds

Today, Ken Raiss and I discuss common mistakes made with SMSFs, their importance, and the benefits and pitfalls that come with them. They emphasize the importance of having a well-devised strategy and the consequences of non-compliance with SMSF laws.

• Understanding the different types of self-managed super funds:
  • DIY
  • SMSF
  • Family SMSF
• Common errors people make with SMSF:
  • Noncompliant Binding Death Nomination
  • Errors associated with pensions
  • SMSF will errors
  • Errors in death payments to Estate
  • Incorrect SMSF strategy
  • Balancing tax errors
  • Contribution Strategy mistakes
  • Upcoming issues with the government’s $3 million super cap.
  • Not having a Plan B
• The importance of staying updated with changes in super laws to avoid non-compliance penalties and diminishing value.
• The benefits of having a written SMSF strategy and a binding death nomination are to avoid penalties and family disputes.
• The significance of an SMSF is, that it allows for the retention of assets and tax savings.
• The need for proper planning and compliance with SMSF laws to avoid diminishing the value of the fund.
• The benefits of seeking professional advice when considering setting up an SMSF.
• The importance of balancing tax and estate planning to maximize benefits.
• The consequences of recent changes in government policies that could affect SMSFs.

This episode offers valuable insights and guidance for anyone considering or currently managing their super fund.

It’s most important to stay updated with changes in super laws, have a well-devised SMSF strategy, and seek professional advice to ensure maximum benefits.

Links and Resources:

Ken Raiss, director of Metropole Wealth Advisory

Have a chat with Ken Raiss to ensure you have the correct asset protection strategies in place – click here

Why not get the team at Metropole on your side to give you holistic property and wealth advice– find out more here

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Some of our favorite quotes from the show:

“So, if you play the game correctly and legally, there are quite some advantages to building an asset based on your super fund.” – Michael Yardney

“I think what one has to remember is you don't have to know it all. You've got to know the right questions to ask your consultants.” – Michael Yardney

“So, in my mind, it gives much more flexibility than being involved in an industry fund, and at times of uncertainty, because we don't know what the future is going to look like, that flexibility must be worth quite a bit of money to me.” – Michael Yardney

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