Drawing on your Super: an absolute last resort.
So far, stimulus measures totalling $213.6bn from the commonwealth, $11.8bn from the states and $105bn in RBA-government lending have been designed and implemented.
Given the size of the current stimulus measures, questions were raised around whether we had reached the conditions where you should be accessing your Super which was ultimately the focus of our live webinar on Friday in our new weekly series, From the Bunker.
The questions from the webinar and the presentation itself are below for you to watch. Each Friday, we will hold a live Q&A on an important topic and welcome your questions. This Friday at 10:30 am AEDT we will be discussing the effect of COVID-19 on the US, creating a risk for Australia, with a focus on the US employment figures.
You can view a recording of the webinar here:
Questions asked:
(Use the Chapter feature in the video above to jump to the question)
14:50: Should one make additional personal contributions into Super at this moment?
20:40: Given the COVID-19 situation, do you think Vanguard will still enter the Australian Superannuation system?
28:06: Is there an easy way to calculate fees as a percentage?
Frequently Asked Questions about this Article…
The current stimulus measures include $213.6 billion from the commonwealth, $11.8 billion from the states, and $105 billion in RBA-government lending. These measures have been designed and implemented to support the economy during the COVID-19 pandemic.
Accessing your Superannuation should be considered an absolute last resort. It's important to evaluate all other financial options and seek professional advice before deciding to draw on your Super.
Deciding whether to make additional personal contributions to your Super depends on your individual financial situation. It's advisable to consider your long-term financial goals and consult with a financial advisor to make an informed decision.
The article raises the question of whether Vanguard will still enter the Australian Superannuation system given the COVID-19 situation. However, it does not provide a definitive answer, suggesting that this is still a topic of discussion and speculation.
Calculating fees as a percentage of your Superannuation can be done by dividing the total fees by your account balance and then multiplying by 100 to get a percentage. It's important to regularly review these fees to ensure you're getting the best value for your investment.
The 'From the Bunker' webinar series covers important financial topics, including the impact of COVID-19 on the economy. Each session includes a live Q&A where participants can ask questions and gain insights from experts.
You can participate in the 'From the Bunker' live Q&A sessions by joining the webinar each Friday at 10:30 am AEDT. It's a great opportunity to ask questions and learn about current financial topics.
The upcoming 'From the Bunker' webinar will focus on the effect of COVID-19 on the US and the potential risks it creates for Australia, with a particular emphasis on US employment figures.