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Keeping your retirement on track despite Covid-19

Retirement has changed drastically in the space of a few generations. Lifestyle choices and how you take your retirement have evolved. More and more workers are considering a ‘phased’ retirement. And there are now more choices than ever when it comes to taking your pension income.

As well as these factors, you’re also having to deal with the effects of the coronavirus and how it may have impacted your retirement plans.

Thinking about how you want to retire is important when considering the effect the pandemic may have. According to research conducted by Aegon, ‘traditional retirement’ has changed to ‘transitional retirement’ with 50% of over-50s now looking to ease themselves into life after work. This transition could have a positive influence on how you keep your retirement on track, despite the impact of Covid-19.

If you’re approaching a point where you want to cut back your work commitments, the shift towards a transitional retirement means you have far more freedom. This freedom is something that can benefit you greatly when planning the next stages of your life.

However, you will have challenges to overcome, and options to consider:

  • How will coronavirus impact your retirement plans?
  • When do you want to retire?
  • What do you want from your retirement?
  • Do you have enough savings to support your goals?
  • How will you take an income from your pension?
  • Will your income last for the rest of your life?

Looking ahead to retirement

Retirement is an exciting time and something you’ve been looking forward to. However, it’s normal to have concerns, especially with the impact of Covid-19.

But planning and understanding the lifestyle you want and how your income will let you achieve this can put your mind at rest.

Understanding your options, from achieving your aspirations to accessing your pension, is crucial to your wellbeing and fulfilment. Preparation is key; it can help you get the most out of your life and retirement provision once you decide to give up traditional working life.

Get in touch

We’ve put together this guide to provide you with things you can do to keep your retirement on track in these uncertain times.

If you’ve got any further questions, we are here to help. Call one of the Sovereign team on 01454 416 653 or email hello@sovereign-ifa.co.uk to begin your journey.

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I’ve worked for well over 20 years in financial services; in that time, you get to know the good guys from the bad. The Sovereign team have integrity, a caring attitude and all the planning skills to back it up. No hesitation in recommending them for your financial planning needs. 10/10. Paul Dean, Bristol
For once we weren’t bamboozled by ‘financial-speak’. I was impressed by the way the Sovereign team took pains to see that we were keeping abreast of matters: some of which are, to the uninitiated like Christine and me, rather difficult to follow at times. It is comforting to know that our money is in capable hands. Vince and Christine Robertson, Thornbury, Bristol
Many thanks indeed to the team at Sovereign. They have consistently given us excellent service and quality advice. They have always been flexible and have tailored their service to our changing needs. Mr and Mrs Latimer, Thornbury, Bristol
During my many years of association with the Sovereign team they have dealt with my wife and I in a most professional and courteous manner. Their ability to explain complex financial matters in a simple way has enabled us to make informed decisions and build up a successful investment portfolio. We have no hesitation in recommending Sovereign to friends and family. Indeed, my son and daughter are now clients. Stephen and Diane Haines, Thornbury, Bristol
Sovereign provide financial advice in a very different way to any other adviser I’ve experienced. Their total focus is about ‘the vision’ (not just mine, but my husband’s too) and absolutely not about policies. They have taken time to understand what we want to achieve and have provided observations, ideas and advice that have really focused our attention on how we can reach the end goal. Thanks to Sovereign, we have a clear view of what’s possible and what we need to do. We know they’ll be supporting us every step of the way. Lorraine Jones, Cleeve, North Somerset
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    Get in touch

    01454 416 653

    Sovereign IFA Ltd, Unit 4, Thornbury Office Park, Midland Way, Thornbury, Bristol, BS35 2BS

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