Steph from Simple Choice Super breaks down what COVID-19 means for your superannuation and finances, along with some practical tips.
Basics of how superannuation works
To better understand the impact of Coronavirus on your retirement savings, spend a few minutes to get the basic idea of how super works.
[3 mins watch]
How’s global economy affecting recent return of my super?
Most super funds invest in the share market, so when it takes a hit, so does your super balance.
[6 mins watch]
What does ‘crystallising losses’ mean?
Withdrawing from your super now means you’re cashing out during an economic downturn.
[5 mins watch]
5 things you can do to protect your retirement savings
Keep calm and carry on. Focus on what you can control and keep investing.
[3 mins watch]
Evaluating if accessing super early is the right option for you
Use the MoneySmart calculator to get a general idea of how withdrawing from your super now may impact your retirement.
[4 mins watch]
How to apply for early access to super
You can lodge your application to ATO through your MyGov account if you decide that accessing super is the right option for you.
[2 mins watch]
JobKeeper and JobSeeker explained
Understand other stimulus options that might be available to you from the government.
[7 mins watch]
The legal stuff: Information is of a general nature only and will not take into consideration your personal circumstances. You should seek financial advice before making any financial decisions relating to your superannuation or Simple Choice Super account.
