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On this episode of The nestegg Podcast, the CEO of Industry Super Australia, Bernie Dean, shares his insights into the impact of COVID-19 on super funds.

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Bernie joins host Grace Ormsby to unpack how the economic downturn has been affecting different demographics, why many in the older age bracket are experiencing increased levels of anxiety, and what those people can do to preserve their nest egg and minimise their losses.

Bernie also delves into Industry Super Australia’s stance towards accessing superannuation early as part of the government’s stimulus measures, whether now is a good time for people with the means to contribute extra to their super, and industry fund plans for a road to recovery for both their members and the national economy.

Thanks Bernie, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Industry Super Australia are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Wednesday, 03 June 2020

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Retirement

6 ways COVID-19 is hurting self-funded retirees

By Grace Ormsby · May 14 2020

Reading:

Retirement

6 ways COVID-19 is hurting self-funded retirees

By Grace Ormsby
May 14 2020

Reading:

6 ways COVID-19 is hurting self-funded retirees

By Grace Ormsby · May 14 2020

Reading:

Self-funded retirees have been overlooked in government support measures to cope with COVID-19, an advocacy body has flagged.

According to the Association of Independent Retirees (AIR), retirees who have supported their own retirement previously are unable to benefit from the initiatives implemented by the government that support business, workers and social security recipients.

Association president Wayne Strandquist said, “Self-funded retirees who do not receive a pension or part pension or the Commonwealth seniors health card are suffering financial hardship due to the impact of the COVID-19 crisis with little or no support from the government.”

“With the introduction of compulsory superannuation, the intent of the government was to encourage more Australians to fund their own retirement and reduce reliance on the age pension.”

Mr Strandquist explained that this has meant that self-funded retirees must bear the full investment risks of their retirement savings in the sharemarket, property and fixed interest instead of having an age pension funded by the government with no risk attached.

He outlined six ways that the COVID-19 pandemic has had a serious financial impact on self-funded retirees:

Dramatic stock market falls

Market falls have reduced the balances of most superannuation funds by up to 20 per cent, with younger retirees (60-75 years of age) seeing retirement income streams shrinking by up to 10 years.

Drawdown of share investment capital

Mr Strandquist said this will result in lower returns and potential capital losses.

Lower or no company dividends

This has already been seen in the banking sector.

Investments in hospitality or tourism companies

Such investments “are at serious risk of not being recovered”, according to Mr Strandquist.

Reduced rental property income

As tenants themselves struggle with employment.

RBA cash rate

The lower bound of the RBA cash rate being reached has resulted in the banks’ fixed interest and bank interest rates being close to nil.

“All of this means that many self-funded retirees with assets above the age pension threshold are now receiving less income than the full age pension and do not qualify for the Commonwealth Seniors health card and the $750 income supplement,” Mr Strandquist concluded.

Are you a self-funded retiree that has been affected by any of the above? How are you coping with the current crisis? Let us know in the comments below or contact us confidentially here.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.