thewest.com.au reports Super slump hits plans to retire

“Thousands of workers who had hoped to retire early in the new financial year will now have to work for another three years to overcome the losses suffered by their superannuation funds over the past year, industry commentators warned yesterday.

Jeff Bresnahan, managing director of super fund monitor SuperRatings, said with the sharemarket headed for its worst performance in 20 years, balanced super funds were on track to record losses of more than 5 per cent for the year to June 30.

Workers contemplating retirement early next financial year would be forced to accept they had significantly less income than they would have hoped for a year ago or would have to stay working for up to another three years to make up for the losses. “