Coronavirus (COVID-19) is changing elements to the superannuation and retirement of Australians.
AMP Capital senior economist Diana Mousina and technical strategy manager John Perri discuss whether now is the right time to retire, or whether it’s better to delay retirement plans.
Watch to find out the factors to consider before deciding to retire, including when you plan to leave the workforce, your super contributions and any other retirement income, as well as what you can do to keep your retirement plans on track during the COVID-19 pandemic and beyond.
0:26 – What are some of the factors you should consider before deciding to retire?
00:47 – Due to coronavirus-related market volatility, there have been significant reductions in super balances which may cause people close to retirement to decide to postpone retirement to increase their super contribution levels
1:05 – The importance of being mortgage-free in retirement and why you should consider deferring retirement if your ability to pay off your home loan is now compromised due to COVID-19
1:27 – Ways to keep retirement plans on track during this difficult time, including the options to transition to retirement and accept a redundancy payment
2:01 – How to contribute more to your retirement savings and superannuation
3:09 – Considerations before reassessing the investment strategy of your super fund during the current market downturn
03:49 – The impact of a smaller super balance on your retirement
04:13 – Recap of the effect of coronavirus on retirement planning and what to consider before deciding to postpone retirement
Find more information, support and expert tips to get your retirement back on track: https://www.amp.com.au/support/COVID-19/worried-about-your-retirement-plan-due-to-covid-19
Original Author: Produced by AMP and published on 20/05/2020 Source