Posted on: 14 Sep, 20
Welcome to our Guide to Post-COVID-19 Retirement Planning. Every day the barrage of COVID-19 news has been unrelenting. The impulse to react, and to protect what we have, is understandably strong. The pandemic outbreak and resulting financial fallout have caused considerable financial stress for many, making it difficult to decide about how and when to retire. The coronavirus pandemic has changed our concept of retirement and how we make decisions about our retirement plans based on short-term events and circumstances, and for many of us, this will have long-term consequences for our financial wellbeing and retirement.
Planning for a successful retirement should open the door to an interconnected approach rather than product-based solutions. Put simply, in order to get the best retirement planning outcomes, it is now necessary to have a strategy that gives more choices and greater flexibility. Regardless of what retirement looks like to you, the key is to be in a position financially to enjoy this time of your life, while making sure you don’t outlive your retirement savings. If you’re on the path to or currently in retirement, you will want to make sure your money goes the distance.
The Ancient Greek historian Thucydides wrote that ‘the secret to happiness is freedom’ – and now you have more options than ever when it comes to your retirement savings. The pension freedoms give millions of over-55s full control of their retirement savings.
But faced with the coronavirus pandemic many are asking: Should I postpone my retirement due to the coronavirus? Is postponing retirement the right strategy? Or does staying with my original retirement strategy make more sense? Whatever your long-term plans might be, a crisis as sudden and pervasive as the coronavirus is bound to raise such questions.
The key as you approach retirement is to keep track of your pension contributions so that you know if you’re getting close to your annual pension limits. And if you didn’t manage to set up a pension in your twenties or thirties, the good news is that it’s never too late to start putting plans in place to fund your future retirement.
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