Gemma Dale

It was such a standout year.

Wiped out his portfolio.

He had no opportunity to make it back.

He was back at work within 18 months.

And he was fortunate that he could do that.

Sequencing risk matters.

Those first few years really matter.

Whether you run out of super quickly or run out of money, all sorts of assets, whatever it is, really fast, or whether you get this lovely long-term return and everything's easy.

But putting that in a calculator is really difficult.

So people do have to be conscious that timing actually really does matter.

It's obviously very difficult to do.

Because you're withdrawing at the same time.

The issue is not that you lost so much.

It's that you're not contributing and you're withdrawing.

Someone who's 25, completely different impact.

But because you're withdrawing from it, you're compounding the impact of that drawdown straight away.

Thank you so much for having me.