Try not to panic

Try not to panic and make snap investment decisions. Holding onto your investments, even during downturns, can be an effective strategy if your financial goals and situation haven't changed*. Here are some questions you may wish to ask yourself. 

Should you boost your super?

If you think there is opportunity in the current market, consider if you have capacity to invest additional money into super. There are limits on how much super you can contribute every year, so be sure to check whether you are nearing your limits before you contribute more.

Protect yourself

Ensure your estate planning is up to date, including your Will, Power of Attorney and your beneficiary nominations.

Review your insurance levels and ensure they are sufficient to provide an appropriate safety net in the event of illness or death. If you have income protection this may provide you with an income if you can’t work due to illness or injury. However, it does not cover loss of job.

Maintain your mental health

During times of uncertainty, it can be easy to let your mental health suffer but remember that these uneasy times do eventually pass. It’s important to maintain your sense of community and share your concerns with your partner, family and friends. You may also like to read our article on what mental health professionals do to reduce stress or our favourite exercises for winter.  

Seek advice

If you need help with any of the above super strategies, we suggest you discuss the impact of this downturn with a financial adviser and then alter your plans accordingly.

Request a call today

Join a webinar

Our Chief Investment Officer, Graeme Miller is also presenting a webinar called, 'Your volatility questions answered' in July 2022. You’ll hear from Graeme about how markets have recently performed and what the coming year may bring.  

Register for a webinar

 

*Past performance is not a guarantee of future performance. www.moneysmart.gov.au/covid-19/super-and-shares