Covid 19 & Your Super

Covid-19 What you can Do to Bring Back YOUR Super

Covid 19 & Your Super |

Many of us have seen our Superannuation Balances fall by up to 30% since January 2020.

We didn’t even have time to do anything about it? Most times, in any market crash, it’s already too late for us to protect our retirement savings, unless you had a crystal ball to foresee the future. 

For the average person, superannuation is our escape to a stress-free retirement where we lead long and fulfilling lives? If you’re fortunate to have stable employment, over time you should build a lovely next egg to retire on.

When we see entire world economies crash, it is the average everyday person like you and me that seems to take the full impact of the economic backlash where we see our superannuation savings disappear.

Some good news looking forward is that over time, as history has shown us, markets will recover and economists are predicting a fast recovery which we are already starting to see.

There is the opportunity for all of us to take control of our superannuation and here are a few tips that you can implement immediately to start the rebuilding of your superannuation retirement savings and it’s even more important if you are young, as the savings are astronomical!

  1. Make an appointment to see a qualified, trusted Financial Adviser who can find out exactly what fees you are paying in your super fund (there are lots of hidden fees you don’t even see that he can find out for you).
  2. Once you know the fees, search around for a super fund with lower fees because sometimes, depending on your balance, the fees could be up to $5,000 a year less which is money in your pocket, not the super funds. Over time this builds up substantially and you can start to recoup the current losses.
  3. Consider making small contributions such as Salary Sacrificing or making a Personal Contribution, every little bit helps.
  4. If you make a Personal Contribution of $1,000 the Government will Co-contribute $500, that’s a return of 50%, not bad hey? That’s only $20 per week.
  5. Check out what you are invested in and make some changes to maximise how the investments are working for you.

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