Retiree to mate at the newsagent yesterday as stock markets around the world continue to wobble:
"You work hard all your life, go without to build a nest egg, and then whoosh - your investments start to disappear because fat cats on Wall Street decided to gamble with other people's money.
I don't know where it's going to end. I just can't take a trick"
I have to feel sorry for the bloke as the Herald Sun yesterday ran with the following:
"MORE than $100 billion has been wiped out of Aussie superannuation funds as the global financial meltdown worsens.
At yesterday's close of business the average balanced superannuation fund had lost almost 12 per cent during the past year, according to estimates by research firm SuperRatings.
The losses are being caused by a writedown in share values as markets around the world continue to take a beating.
The Australian market took another 0.6 per cent dive yesterday.
Property markets and other investments are also now suffering as many investors lose confidence and consumers cut spending.
"Some people will have lost 20 to 25 per cent during the past year depending on their investment option," SuperRatings managing director Jeff Bresnahan said.
"Bad news just keeps pouring out of the United States which affects their market and, in turn, our market.
"The reality is most of us are 55 per cent invested in the sharemarket so these sharemarket falls are feeding straight through to our super fund returns," he said. "But it's getting really serious for those people in and around retirement."
At yesterday's close of business the average balanced superannuation fund had lost almost 12 per cent during the past year, according to estimates by research firm SuperRatings.
The losses are being caused by a writedown in share values as markets around the world continue to take a beating.
The Australian market took another 0.6 per cent dive yesterday.
Property markets and other investments are also now suffering as many investors lose confidence and consumers cut spending.
"Some people will have lost 20 to 25 per cent during the past year depending on their investment option," SuperRatings managing director Jeff Bresnahan said.
"Bad news just keeps pouring out of the United States which affects their market and, in turn, our market.
"The reality is most of us are 55 per cent invested in the sharemarket so these sharemarket falls are feeding straight through to our super fund returns," he said. "But it's getting really serious for those people in and around retirement."
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