As probably everyone is experiencing (although not the same vicinity), superannuation has taken a massive blow. Particularly for myself as I have reached preservation age, I looked at my balance and almost cried, having lost more than $70,000.
I know the market will recover but as each day goes on, more and more is dropping. I’m worried I’ll be left with nothing or very little, which is depressing given I have been working 30+ years.
I’ve read that you shouldn’t change to cash now as it will crystalise the losses. Is it too late to switch to cash now to avoid further losses? What if I switch to cash now and then change back to balanced investment once the market picks up again.
If I was younger I wouldn’t worry much but I am nearing retirement. Probably within the next year or two. I guess this will change now :(
Any advice would be appreciated.