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.
Two months later, and it's at 5600. Looks like things are looking good. So, it's now when to go back to high growth from cash. Is this a false dawn or the road to recovery? We'll see.