Has your experience of life during the Pandemic made you reassess what it important to you?
The pandemic has forced everyone to re-examine their finances – be it dealing with a pay cut or how to best use cash saved from being at home. Some people may be trying to manage the ups and downs of investment markets, or could be using the time to make a career change.
A lot of the work a financial advisor does is to find out what really matters to people –both in the here and now, and with a view to mapping out goals for retirement.
People in their 50s and 60s are taking a look at how the Covid 19 Pandemic has changed their outlook and how they spend money. Some people may decide to move house, or move country, to be closer to family members, children or grandchildren. Others might want to take early retirement if they can afford to – or make a career change, perhaps not by choice. Many have realised that making some changes is a good idea.
Creating a financial plan can help make those changes easier.
Has the Pandemic affected how you see your retirement?
2020 may have been a taster of what retirement could be like – lockdown has seen many people stuck at home without much to do. They may now realise they want the funds available in retirement to give them the freedom to live life to the full. Life in lockdown may have also been a useful test to see how far your money would go during the ‘passive’ stage of your retirement – in the later years. This could give you the confidence to spend money during the ‘active’ phase of your retirement or to ‘gift’ money to family.
Whether you want to re assess your current retirement plan, or create a new one, perhaps the pandemic will have shaped your decisions for the future.