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With so much uncertainty still surrounding COVID-19, a retirement expert has emphasised just how crucial it is for those who have already retired, or who are contemplating it, to have their health and financial needs in order.

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William Burkitt, a retirement innovation leader at Mercer, has said that even with the benefit of a month or so to consider the impacts of the pandemic, the overwhelming sentiment continues to be that of uncertainty: “Uncertainty as to how bad the financial impact to each of us and our broader economy will be.”

It’s why he believes it is crucial for people to have their health and financial needs in order.

He provided nestegg readers with six ways they can ensure they are well-equipped to deal with whatever comes their way as the crisis continues.

1. Check your health

Engage with your doctor for a full health check regularly and have practices in place to manage any issues.

2. Check your finances

Mr Burkitt recommended engaging with your financial planner or super fund adviser “to ensure you have a financial plan in place and a disciplined plan as to how to make decisions during times of crisis”.

At this stage of the COVID-19 cycle, he also stated that it is likely best for people to not switch their investments as they risk crystallising losses, and they won’t benefit from capital market rebounds.

“Engage your financial planner when practical following the end of the COVID-19 lockdown to check in that your plans are still appropriate,” he advised.

3. Be up to date with estate planning

Ensure you have your estate planning in place.

This includes a living will, enduring power of attorney, advanced medical directive, beneficiary directive and guardianship directive, Mr Burkitt reminded.

4. Live within your means

If you need to temporarily curb your spending, the retirement expert considered this as a better course than “unnecessarily spending your retirement savings disproportionately to your future needs”.

5. Reassess additional sources of income, if required

This may even include paid work, Mr Burkitt noted.

Where this is necessary, he advised forming a plan: “As to what role you may be interested in, what suits your skills and what training may be required to bridge skills gaps, and the likely availability of such roles.”

6. Look after yourself

Last but not least, look after yourself.

For Mr Burkitt, this includes the act of giving to others, “which provides you as much or more oxytocin than the person receiving your gift”.

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With so much uncertainty still surrounding COVID-19, a retirement expert has emphasised just how crucial it is for those who have already retired, or who are contemplating it, to have their health and financial needs in order.

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Older Australians are bearing the brunt of COVID-19, according to researchers from the University of South Australia.

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They’ve spoken out in response to the Prime Minister’s announcement of a six-month eviction moratorium. 

Peter Koulizos, a property and investment researcher at the university, said that while introducing a moratorium is the right thing to do to look after tenants experiencing significant financial hardship, it looks only at one side of the equation.

He highlighted that older Australians, property owners and tenants are now all feeling the heat, with one-third of Australians classed as renters.

“So, while the government is trying to support struggling tenants, it’s overlooking the impact on landlords, many of whom need to pay mortgages or rely on rental income as self-funded retirees,” he said.

“Simply asking landlords and tenants to negotiate individual arrangements to withstand the crisis is not enough,” he considered.

Mr Koulizos proposed a solution to the issue: “Initiate immediate rental assistance for tenants so that landlords do not experience flow-on impacts to their own mortgages or income.”

While banks are responding – offering six-month deferrals in mortgage payments – one of the University of South Australia’s experts considered it still not taking into account the full picture.

Dr Reza Bradrania highlighted that mortgages still continue to accrue interest over this time, adding to the overall expense.

He also expressed concern about self-funded retirees being the likely ones to feel the brunt of rental market changes.

“Older investors who have paid off their mortgages and are using rental incomes to live as self-funded retirees are at particular risk right now, as they will not be receiving any of the same supports that old age pensioners will receive.”

He said, “With no rent coming in, they’ll be in a very precarious position.”

He argued that the government should be looking to help out self-funded retirees whose income falls below that of the old age pension, and then consider an appropriate portion of the old age pension to top up their income until the situation improves.

Dr Braam Lowies, another property and housing researcher with the university, also expressed concern for older home owners.

For him, “older people on the brink of retirement represent one of the most vulnerable groups affected by the pandemic – not only due to health reasons, but also because of the future superannuation income losses”.

These people will find it extremely hard to regain these losses when they retire, Dr Lowies stated.

They may even be forced to work longer, if indeed they still have employment.

In the current pandemic, “superannuation incomes severely diluted by massive losses in the stock market and a slowdown of activity in the property market outs Australia’s older population at real risk of outliving their current retirement income”, Dr Lowies explained.

“The government must revisit the role of the family home as a variable in the asset test for older Australians, as well as prioritise mortgage holidays and rent relief,” he said.

“Everyone is taking a hit during the coronavirus pandemic – we all need to work together to formulate solutions for the common good.”

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Older Australians are bearing the brunt of COVID-19, according to researchers from the University of South Australia.

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Younger Australians are being told to ride out this volatile patch, while older Australians who are approaching retirement might want to consider their options, a consumer advocacy group has advised.

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The article, which was first published by Super Consumers, states that those who have retired or are approaching retirement may want to consider their options. 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.

Pros and cons of creating a ‘cash buffer’

Some people may be in a position to build up a “cash buffer”. This is a portion of your savings that is walled off from the ups and downs of the sharemarket.

In the short term, money moved into your super fund’s cash investment option will not suffer losses like we’re seeing on the sharemarket at the moment, but due to low growth it may not keep pace with inflation.

Most people don’t need to do anything with their super in response to the COVID-19 virus

Moving to a more conservative investment option such as cash can also lock in your losses and mean you don’t benefit when the market recovers, so it may not be a suitable strategy for anyone who has some years to go before they retire.

Industry Super Australia has stated that during the global financial crisis (GFC), people who moved their money from an average balanced industry fund into cash in March 2009 were $13,800 worse off after a year and $34,800 worse off after five years. 

This highlights the greater potential for balanced super accounts to earn more in the long term as the sharemarket eventually recovers.

Should retirees take their money out of super in response to COVID-19?

While investors might read the headlines such as “super retracts following global sell-off” and think moving their money is the best thing, this strategy locks in losses for the retiree.

Ian Yates, chief executive of Council on the Ageing, peak body for older Australians, said this is not the answer, highlighting lessons learnt during the last major financial recession.

“One of the tragedies of the GFC was that people crystallised their losses by taking their diminished funds out of super,” he said. “They then had no way of growing them back. They also lost the tax advantages of being in super.”

Any money invested in a bank will earn historically low returns. This income may also be taxed at a higher rate than superannuation.

“The really critical thing is, if it’s in super, keep it in super,” Mr Yates said. “Even if you crystallise your loss by moving it into a cash option within super, you can later move it back into a growth fund. If you move it out of super, you may not be able to put it back in again,” Mr Yates explained.

Understanding the risk level in your super

“Every super account has a different risk level, but this concept isn’t always understood,” said Xavier O'Halloran, director of Super Consumers Australia.

“There’s a spectrum of super investment options available from the lowest risk (cash) through to balanced options (generally a small amount of cash, some shares and other asset types) and to high risk (which are mostly or all shares).”

The basic idea is that younger people, far from retirement, can invest their super in more high-risk/high-growth options. Their investment will experience more ups and downs, but they’ve got time to ride them out in exchange for a better overall return.

Older Australians who have already built up their nest egg may be aiming to consolidate what they have and a low-risk/low-reward option may be more in line with their needs.

“There are a fair number of people who are retired or approaching retirement who do move their super into a cash option or more conservative asset options,” explained Mr Yates. “Those people will be nowhere near as affected (by COVID-19) because equities will be a much smaller proportion of their super.”

How you can allocate some of your super into a cash buffer

Changing investment allocations for most funds should be a simple online process.

While the process is usually easy, it’s important to understand the implications. Remember that whatever portion of your super is in cash will only grow very slowly over the long term.

Mr Yates said older Australians should seek advice about any changes to how their super is invested.

“The first advice is to talk to your fund,” he said. “Don’t take unilateral action without getting some information on options and their implications from your fund.”

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Younger Australians are being told to ride out this volatile patch, while older Australians who are approaching retirement might want to consider their options, a consumer advocacy group has advised.

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Australian retirees who sell their equities and flee to cash amid market volatility could decimate income by eight years, an industry expert has stated.

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According to Allianz Retire +, retirees who respond drastically to market corrections by reducing their exposure to markets could have long-term implications for their portfolio longevity in retirement.

Allianz Retire + head of product and customer experience Jacqui Lennon believes selling after a market fall is a common investment error when markets start behaving erratically.

“We know black-swan events like these can be incredibly scary and damaging for retirees and we also know retirees fear a loss 10 times as much as they value a gain, compared to the average person who fears the loss only twice as much,” Ms Lennon said.

“It’s completely reasonable, but after a lifetime of accumulation, their next move is the one that matters most.

“Similarly to the GFC, we’ve seen that many retirees have been flocking to cash in an extreme risk-off response. 

“But what we need to instill is that fleeing to cash or cash-like investments has the potential to severely deepen losses in the long term.”

“For those in a balanced fund, in the context of meeting goals and expenses for an ever-increasing lifespan, that’s the equivalent of wiping eight years off your retirement income,” Ms Lennon started.

In addition to avoiding a sell-down of equities as markets continue to fall, Ms Lennon urged self-directed investors to look at their exposure to defensive assets, highlighting that while a degree of risk is inherent in equity exposure, risk should also be questioned when showing up in defensive allocation.

“There really is nowhere to hide in this scenario. If investors have taken on defensive assets in the hunt for yield, and those assets are starting to look a lot less defensive under pressure, they need to ask the question, should you be seeing significant negative returns in your defensive portfolio? Is that really the place that considerable risk should be showing up?” Ms Lennon said.

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Australian retirees who sell their equities and flee to cash amid market volatility could decimate income by eight years, an industry expert has stated.

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Older Australians who are looking to have a fruitful retirement have been advised to carefully consider timing, with a bad year early on in retirement having the potential to wreak havoc on future returns.

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According to a webinar hosted by Montgomery Investments founder and chief investment officer Roger Montgomery, an investor who experiences major drawdowns early are significantly worse off than those who feel the pinch later in life.

Using the example of an investor with $2.5 million, Mr Montgomery showed the potential impacts for investors.

The impact of a poor sequence of returns has to be experienced somewhere, and in the above example, it is experienced through income (pension payment). That is, the Scenario A pension payment aggregates to $9.206 million over 30 years (or an average annual payment of $306,851) while the Reversed Scenario pension payment aggregates to $4.384 million over 30 years (or an average annual payment of $146,130). This is a difference of $4,821,451, or an average of $160,715 in annual pension payments.

To mitigate against sequencing risk early, the fund manager highlights cash strategies as well as investing which protects against downside risks.

“We believe mitigating against the risk of loss through the diligent use of cash in a portfolio, by not investing in when the market is expensive, by not investing in high-risk, high-beta companies, by avoiding those risk and investing in cash, we believe it can produce a superior outcome for retirees,” Mr Montgomery said.

Elsewhere in the webinar, Mr Montgomery shared how older Aussies who moved up the risk curve are especially exposed to the coronavirus outbreak.

Using the virus as an example, Mr Montgomery highlighted the importance of sequencing in retirement, with falling returns later in life not having the same impact as early-stage reductions.

“Sequence is essentially the order of returns you receive. What you don’t want is large losses early,” Mr Montgomery said. 

Finally, the fund manager highlighted how effective cash strategies can be used to purchase value in equities when they provide themselves.

Mr Montgomery concluded: “Look at the P/E today for the ASX 200, what you’ll notice it is where it was back in 2019 and where it was in June 2018.

“The alternative of investing in bonds is far less attractive, so we are on the lookout for value in a variety of sectors.”

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Older Australians who are looking to have a fruitful retirement have been advised to carefully consider timing, with a bad year early on in retirement having the potential to wreak havoc on future returns.

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The knock-on effects stemming from greater rates of financial vulnerability among females need to be taken seriously by society, considering their consequences are not just financial in nature, according to an investment manager.

Write comment (0 Comments) " ["fulltext"]=> string(2963) "

In celebration of International Women’s Day on 8 March 2020, nestegg is celebrating all things equality and the importance of realising women’s rights, particularly with regard to financial security.

New insights released from Fidelity International’s Value of Advice study have shown women continue to be more financially vulnerable than men, and it’s having a significant impact on health and wellbeing.

According to the study, almost half of women (44.1 per cent) do not believe they would be financially stable if their relationship or marriage were to end tomorrow.

Just 29.7 per cent of men feel the same way.

Women also indicate a higher rate of unease around job security, with more than one in three (34.5 per cent) indicating they would only be able to manage financially for up to a month if they lost their job unexpectedly.

Less than a quarter of men (23.8 per cent) held the same level of concern.

The results are “very concerning, for more than just financial reasons”, according to Alva Devoy, managing director of Fidelity International Australia.

She said “financial stress has many different knock-on effects — it impacts physical health as well as mental health, and personal relationships”.

“In our survey, more than half of women (57.7 per cent) said that financial issues have adversely affected their mental health, compared to 47.8 per cent of men,” Ms Devoy commented.

She also flagged that 41 per cent of women even reported that their physical health has been impacted by financial issues, compared to just 33 per cent of men.

And with more than six in 10 Australian women believing they may have to keep working past retirement age to fund their retirement, financial vulnerability concerns “are very valid for women”.

“With women still earning less, as well as being more likely to take time out of the workforce to raise a family, superannuation balances for women are significantly smaller,” the managing director said.

“This is a serious issue, especially when you consider that women’s life expectancy is longer.”

Ms Devoy highlighted how “closing the gender pay gap and helping women save more in their superannuation, as well as for a rainy day, are critical issues for our society as a whole, particularly in light of this year’s theme for International Women’s Day: Generation Equality”.

“Achieving more financial security doesn’t necessarily mean earning more money, but it does mean having a plan that helps women understand their financial position and what steps they need to take to feel more confident.”

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The knock-on effects stemming from greater rates of financial vulnerability among females need to be taken seriously by society, considering their consequences are not just financial in nature, according to an investment manager.

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