Millions battling with financial hardship, relationship stress and sleepless nights
Fear, worry, and stress are normal responses to perceived or real threats, and at times when we are faced with uncertainty or the unknown. So it is normal and understandable that people are experiencing fear in the context of the COVID-19 pandemic.
The COVID-19 pandemic has affected every part of our lives and continues to have a widespread impact across all aspects of financial life. This includes retirement plans. Life in lockdown prompted many people to adjust their priorities, for example, move nearer to family, take staggered retirement or retire earlier.
Freeing up funds or releasing money tied up in your home
For some people in the future using their home to fund their retirement is likely to become more commonplace, whether that’s by downsizing to free up funds or releasing money tied up in their home through products like lifetime mortgages.
Keeping up your current lifestyle and enjoying your golden years
People planning for retirement should think hard about what they want to do when they eventually stop work. It is helpful to have a good idea of the lifestyle you want, how much it will cost and how you are going to pay for it.
The everyday choices we make all have impacts on our planet
Our changing climate is making it harder to live in many parts of the world, often affecting some of the most disadvantaged communities. People are starting to realise that change is imminent and necessary.
An emergency fund is money you put aside to cover a financial shock. This could be losing your job, or a large, unexpected expense. Building an emergency fund can help prevent you needing to borrow money or make difficult financial decisions in those moments, by giving you savings to fall back on.
Knowing what to expect can be an important part of planning for life after work
How much do you think you’ll need to fund your retirement? Of course, the answer to that question will depend on what you want to do when you stop work. Worriedly almost half of non-retirees (46%) are unable to identify how much annually they believe retirees receive from their state pension according to a survey[1].
What will the government’s proposals mean for the social care system?
The government has set out its vision for the future of adult social care. New plans were announced on 7 September 2021, for adult social care reform in England. This included a lifetime cap on the amount anyone in England will need to spend on their personal care, alongside a more generous means-test for local authority financial support.
Creating a realistic plan for achieving your objectives within a certain time frame
No matter where you are in life, you probably have financial goals you want to achieve. Planning your investment goals is essential if you’re going to have a real chance of achieving them.
