After living through the coronavirus pandemic where many people felt stuck in limbo, unable to make plans for the future, most are trying to get back on track. People’s physical, mental, and financial health undoubtedly suffered, but now is the time to work toward healthy minds, bodies – and wallets.
This does not constitute advice and advice should be sought in all instances before acting on it.
While many healthcare workers have been overstretched throughout the pandemic, there are also many workers who have lost their jobs. If you have maintained your wage, chances are that you have been able to put more money away into savings than normal, with little else to spend it on during lockdown.
Now that restrictions have been lifted, try to maintain or even increase the money you were able to save. If you’re worried about your finances, increasing your savings and reducing spending is your first step.
Retirement plans seem to split for the over 55 crowd. Seeing the value of their pensions fall is pushing some to consider an early retirement, while others are debating delaying it.
Now is the perfect time to increase pension contributions if you can. But perhaps most importantly, you should review your retirement plan with a professional financial adviser. They can help your sort out your plans so you can decide which option is right for you – delaying retirement or retiring early.
People who are self-employed or working part-time were hit much harder by the pandemic than those able to continue working. Ensuring your investment portfolio is diversified will help guard you against current stock market volatility and general economic uncertainty. Honour your risk tolerance when considering your investments, but don’t be afraid of some risk as investing is all about the long game.
Locking in your financial stability
No matter how much or how little COVID-19 directly affected you, it has undoubtedly changed many of us deeply. It doesn’t matter in what way you were impacted, now is the time to work toward recovery and future stability.
Don’t be caught without a plan to move forward using resources available to you to help you achieve your financial stability. Get in touch with us now if you need assistance reassessing your finances.
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Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.