The Covid-19 pandemic has undoubtably changed the way we work and live. Being restricted and unable to accomplish things that we once took for granted has made us more attune to what really makes us happy in life, where we want to spend our time our efforts, and how we want to invest our finances in order to safeguard and improve our lives.

One particular area that has witnessed a surge in advice requests is retirement planning. Whilst notoriously easy to put off until it’s too late, the pandemic has disrupted our lives to the point where planning ahead is now essential. 2020 will be remembered as the year we all had to reconsider our arrangements in order to accommodate the new normal, especially when it comes to our retirements.

Penguin Wealth, a leading financial planning firm in the UK, believes that these are three fundamental areas in which to ask for retirement advice as a result of Covid-19:

1. We’ve learnt a lot about ourselves due to the pandemic – add these learnings to your retirement plan
   • Thought you knew what you wanted from retirement? Undoubtably Covid-19 has made us realise what gives us happiness and makes us content, redefining what we consider truly important.
   • What did you / do you crave for or solely miss during the pandemic? Is it spending time with your children or grandchildren, travelling, or maybe it’s taking part in community driven schemes?
   • Ask for advice on how best to plan your financial future in order to ensure these are at the forefront of your retirement.
2. We’ve learnt a lot about our finances – will you have enough money to live the retirement you aspire to have?
   • Being forced to stay home may have resulted in less money being spent, but it’s likely given you a great idea of how much money you’d need during your retirement.
   • For those considering early retirement, you may realign your thinking to spend more during the early years, in order to travel, buy new property etc.
   • For those in later life, lockdown life may be a sneak peek at what’s to come in terms of spending more time at home. You should now have a better idea of how much money you’ll need day-to-day as a result of this process.
   • The question to ask yourself is will your finances accommodate both early retirement and/or later life retirement?
3. Redundancies or forced sabbaticals have provided an unfortunate insight into living within our means
   • Many people were unfortunate to face redundancy, furlough or forced sabbaticals resulting in no income. This has resulted in scrutiny of savings, assets, and other incomes to understand how to live within your means.
   • If an unforeseen circumstance meant that you were to lose income, would you still be able to accommodate the retirement you wish to have?
   • Ensure your retirement planning advisor creates a strategy whereby you can deal with the unexpected. Many people now treat a financial planner as a strategist throughout their retirement, with the planner ensuring money is spent in ways that can keep them financially stable.

2020 has made us all think harder about what we want from our futures. Is now the time to consider discussing your options with a retirement financial planning advisor?

One thing is clear – retirement planning isn’t simply for those considering stopping working. In reality, it’s a service that incorporates financial freedom planning, pension reviews, annuity planning alongside great advice that can ensure you set yourself up for what you want to achieve in years to come. Let’s take the life-learning from 2020 and ensure we set ourselves up for the best possible future.

More information

Penguin Wealth is a leading Financial Planning firm formed in 2010 by a group of Financial Planners who share the same vision and love for what they do. Since then, they have gained huge traction but have never moved aware from their mission statement, which is ‘The Financial Journey Never Ends… One Life, Live It Well’. To learn more about Penguin Wealth and how they can assist you with retirement planning, visit the website www.penguinwealth.com or email via [email protected].

Source: https://thenewsfront.com/3-ways-covid-19-has-changed-the-financial-landscape-of-retirement-and-why-you-should-act-now/