For many this period marks the beginning of a period of dependency on relatives and friends for financial help.
Whereas many friends and family members may be willing to bail you out this may not always be the case.
With time they may begin to see you as a burden relying on them each month end.
Luckily for Australians they do not have to undergo all these issues as they can set up a fund that will help finance them in their retirement years.
A Self Managed Super Annuaration Fund (SMSF) is a way to help you become dependent on yourself in your later years.
An SMSF is set up by four or more people and aims to help them become financially independent in their later years.
With the group of four people one is able to have a control over their funds and how to use the funds.
This is advantageous as it helps one to make healthier investment decisions as to what and where they can invest their money.
With your SMSF fund you have a variety of investment choices from which to choose.
You could choose to invest in property or shares and bonds.
This gives your money greater flexibility in terms of the choices of investment ventures.
SMSF funds also enjoy low tax rates making them a better choice for many Australians.
This is unlike other saving schemes that attract high interest rates leaving one with almost nothing to go home with.
Another benefit of having an SMSF account is that property bought using these funds is safe from bankruptcy, foreclosing and such other legal claims.
This means your investments are always safe even in times of financial instability.
These accounts can only be set up by a maximum of four people.
The pleasure of opening these accounts is that one chooses who to include in their scheme.
This means you have control over who joins your scheme.
This helps to save a great deal of time and money as you only get to choose trustworthy individuals who you are sure will help propel you to greater heights of financial prosperity and not ruin your financial future.
This being a kind of bank account, it can also be used to help you secure insurance and even pay for it.
In some cases however the SMSF account may come with an insurance cover meaning you do not need to go for insurance.
An SMSF fund is a great way to secure and invest for a brighter future as it helps to help you save and invest money for future emergencies.
This saves one from becoming a financial burden to friends and family.
With four of your closest and trustworthy friends you can get to secure a better financial future for yourself in your later years at very affordable rates that are charged at very low tax rates.
Go on and set up an SMSF today.