The SMSF market continued to grow in 2012. The number of members has now grown to 913,000 and is predicted to pass the magic 1 million mark at some stage in 2013. 36,000 new funds were created last year, the second highest on record. There are now over 478,000 funds with total assets of $458 billion. This represents an average of nearly $1m and makes up about one third of the entire Australian superannuation system.
What I find interesting is that the funds being created today look very different from the funds created in the past. Historically, new funds had many hundreds of thousands (and often millions) of dollars. Today, the average new fund has between $200,000 and $250,000.
What is happening is that more and more people are wanting to take control of their super, and realising that SMSF's are the best way to do that. They are realising that the age pension won't be enough to live on. The secret is out - and the result is that SMSF's are no longer for the extremely wealthy.
Are you considering taking control of your super and establising your own super fund? Contact Lime Super to find out more.