Retirement planning depends on a variety of savings strategies

When it comes to planning for your long-term financial future, there is no substitute for paying close attention to detail.

Everyday cost-saving techniques and low-risk investment strategies may not appear significant, but they can turn out to be crucial components of a successful retirement plan.

An increasing number of Australians are investigating the potential benefits of self-managed super funds (SMSF) as regular funds continue to struggle in the post-GFC economic conditions.

The Australian Tax Office reports that about 7,000 SMSFs have been set up every quarter for several years, with all DIY funds combined holding about $420 billion worth of assets.

Managing director of the SMSF Academy Aaron Dunn told The Sydney Morning Herald on Sunday (November 6) that people like to take responsibility for their own fund due to the feeling of control over their investment options and retirement savings.

The key with this type of strategy is to pay close attention to detail and understand that it takes a considerable commitment to ensure you don't make any miscalculations.

Similarly, households should be aware that with some careful analysis they might be able to make all-important savings on their bills simply by changing electricity suppliers.

A switching service can help with this process and the results have the potential to be very noticeable.

Posted by Charlie Moore