The COVID stories that caught your attention in 2020

By Maja Garaca Djurdjevic

December 21 2020
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2020 was far from an ordinary year. Bushfires, floods and a global pandemic have upended the lives of millions of Aussies as the economy crashed and unemployment soared.

As we farewell 2020, still scared by its many evils, let’s take a quick look at the most clicked-on COVID-related stories on nestegg.

What should retirees do about the COVID-19 outbreak?

This article, a fan favourite, attempted to answer the question: Should retirees take their money out of super in response to COVID-19?

Back in March, at the onset of the COVID crisis, younger Australians were being told to ride out the volatile patch, while older Australians that were approaching retirement were advised to look into their options.

This article, which was first published by Super Consumers, stated that those who have retired or are approaching retirement may want to think twice about their super.

“There are many more factors to weigh when nearing retirement, and your balance size, time until retirement and expenditure will all play a big part in planning.”

Will my income protection insurance cover COVID-19?

With job security and income protection top of mind for many workers in April, comparison platform Finder’s insurance specialist, Sophie Walsh, provided some information on when and if income protection insurance works.

Unsure if you are covered?

Ms Walsh told concerned workers to check their superannuation.

“Income protection may be included if you have a balance above $6,000,” she highlighted.

Beware these 5 COVID-19 scams

People try to profit even out of the direst situations, and COVID-19 has been no different.

The Australian Competition and Consumer Commission’s Scamwatch has warned that scammers are using the spread of COVID-19 to take advantage of people all across Australia who may have let their guard down.

By mid-May, more than 2,000 coronavirus-related scams had already been reported, with losses totaling more than $700,000.

This articled offered advice about how to best shield yourself from scammers.

3m Aussies ‘now on notice’: ATO uses COVID-19 data

Back in June, it was revealed that the ATO would be looking at the personal data of 3 million Australians from Services Australia as it cracked down on its COVID-19 compliance front.

The data that the ATO was preparing to scrutinise included identification details and government payments such as the JobSeeker payment, including when the benefit started or ceased.

The Tax Office said at the time that the data-matching program would allow it to identify and address taxation risks, including identity theft, or incorrect or misleading information included in applications for the COVID-19 stimulus measures.

Breaking down COVID-19’s impact on retirement outcomes

Another retirement piece made it into the top five COVID-19-related stories in 2020, as millions of Aussies chose to withdraw money from their super to offset losses incurred as a result of the global pandemic.

In April, at the height of COVID in Australia, Will Burkitt, retirement innovation leader and partner at Mercer, said the overwhelming sentiment around COVID-19 continues to be “uncertainty” – which is creating “very real issues” for many Australians throughout a number of stages of retirement.

He flagged four main groups who are set to suffer through the economic downturn associated with the health crisis.

About the author

Maja Garaca Djurdjevic

Maja Garaca Djurdjevic is the editor of nestegg and Smart Property Investment. Email Maja at [email protected]

About the author

Maja Garaca Djurdjevic

Maja Garaca Djurdjevic is the editor of nestegg and Smart Property Investment. Email Maja at [email protected]

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