Penguin Wealth

Ask for advice on how best to plan your financial future in order to ensure these are at the forefront of your retirement. 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.

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.

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.

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.