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 email@example.com to begin your journey.