Super funds are reporting an increase in members contacting them to inquire as to whether their retirement savings are going to be OK.

According to comparison website CHOICE, the consensus from experts is not to panic at the impact of the coronavirus on the sharemarket.

It’s a stance also advised by the Barefoot Investor, Scott Pape.

He considers it a “bad idea” to try to move your super around to counter any impacts from the coronavirus.

“If you look at history, these tragedies impact people, but they’re short-term health crises, not long-term financial crises. In the long term, we know the sharemarket goes up,” he said.

Looking to previous public health crises such as Ebola, SARS and swine flu, the sharemarket has historically rebounded strongly, it was outlined.

You should still be reviewing your risk strategy

Despite repeated calls against panicking, Mr Pape is of the opinion that now is as good a time as any to be reviewing your risk strategy.

CHOICE has reiterated the accepted wisdom “that younger people can have their super invested with a more high risk/high return strategy when retirement is some way off and they’re still accumulating retirement savings”.

For those who have already built up their retirement savings and are in a later stage of life, a more conservative approach (with less exposure to shares) might make more sense.

For this cohort, “you don’t want to be the person exiting the market just after a crash”.

“Should you be doing anything with your super?” Mr Pape has reflected.

“Yes.”

But should it be in reaction to the coronavirus?

“No, it should be about making sure you have the appropriate risk for your age and your risk tolerance,” he urged.

The Barefoot Investor advises that anyone who is approaching retirement should build up a “cash buffer” to keep some of their nest egg out of the way of market volatility.

And for anyone who is under 40, Mr Pape said they can “be cheering the market going down”.

“The stock market’s on sale and we know the stock market always goes higher,” he said.

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