There are many different opinions on this subject. Like any other actuary, my answer is "it depends". Apart from the financial perspective, members should also look at their investment knowledge and appetite to have control over their retirement savings.
If we focus purely on the financial perspective, our submission to ASIC provides some good guidance. In summary, you should have over around $150,000 if you are going to self manage the fund, and over $260,000 if you want to seek investment advice that you wouldn't have otherwise required.
The key point that many commentators miss is the higher returns available on term deposits on SMSFs compared with fixed income returns in public offer funds.
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Greg Einfeld has over 20 years’ experience in the Australian Superannuation and Financial Services industry. He has MEc and MBA degrees, is a licensed financial adviser, a qualified actuary, and specialises in Self Managed Super Funds (SMSF’s). He regularly presents on a variety of SMSF topics including investment, tax, estate planning, pensions, administration and strategies.