Australian government policy changes have made self-managed superannuation funds harder to set up and maintain, with rising capital requirements and compliance costs. The speaker says to benchmark your SMSF against the government-run option's 5.9% annual return and ask whether you're actually beating the alternatives.
One thing I've noticed is that there has been a constant changing of goalposts by the Australian government, by the superannuation funds when it comes to superannuation. And so I've noticed that for people who ever set up self-managed super funds, it's become harder. People need a lot more money in there. They've got to jump through a lot more hoops. It potentially costs more to get involved in it. And there's a lot more compliance and things associated with setting up a self-managed super fund. And so when I think about superannuation, I think about control. And you've got to ask yourself the question, do you have the level of control that you need over your financial life? Can you outperform a 5.9% per annum growth rate that the government super did actually perform, for example? What you need to be looking at is going comparing your superannuation performance over the last 10 years with what other asset classes have gone and done. I think when you're taking control of your financial life, you look to take control of every single arena.
