There is no doubt about it: COVID-19 has affected every part of our lives and with the latest variant spreading like wildfire, it will continue to impact us. If your finances and all of your future plans, including those for retirement, have been disrupted, you’re not alone. Is it time to reassess your finances?
This does not constitute advice and advice should be sought in all instances before acting on it.
Strict lockdowns and restrictions forced many to adjust their lifestyle and priorities. If like others you wanted to change your future goals, it’s time to reassess your finances and shift plans.
Impact on retirement
It’s no surprise that the last few years of disrupted life have caused many people to adjust their retirement plans. Whether your income was reduced or lost completely, or if you’ve been dependent on government support to make it through the pandemic, retirement plans almost certainly would have taken a back seat to simply making it to your next cheque.
Those able to maintain a steady income were able to save money during the lockdowns since they couldn’t spend it as they usually did. And while some people fear they might need to push back retirement, others feel like the pandemic pushed them to appreciate life and are working toward an early retirement instead. The truth of the matter is, most people lost confidence in their ability to live the lifestyle they want in retirement with their current trajectory and know they need to make changes moving forward.
It seems that the nation is divided, with some feeling more in control of their future and others feeling like it’s out of their hands completely.
Changes endured
One of the trends that emerged during the pandemic is more people building their savings. Besides the fact that more people were able to save because of lockdown restrictions, it became clear just how important having a cushion is. Even if you only have enough to cover emergencies for a few months, knowing you have money reserved specifically for unexpected things provides peace of mind.
Many special events had to be cancelled or postponed, people either moved up or put off plans to move, held off on starting a new job or business, or pressed pause on other life events like starting a family.
Life changing financial decisions
Now, more than ever, people realise the importance of planning ahead and saving for the future. Don’t rush into financial decisions – take time to think and plan and seek out professional advice and support so you can ensure you have financial security to matter what comes your way. Making the right investment decisions is crucial to your financial security and will provide an income for you to use to live comfortably after you stop working. If you don’t have an income strategy or are unsure of what it is, now is the time to talk to us
Review your plans
Do you know how much you have saved in your pension pots and exactly how your investments are performing? It’s important to review your pension and retirement savings regularly to ensure you’re on track with your goals. If you need help reviewing your plans or making decisions for your financial future, don’t hesitate to contact us today.
Have you considered how your financial needs have changed?
Investments | Financial Planning | Retirement | Save Tax | Protection |
Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.