Moving forward with retirement in uncertain times
If you’re planning on retiring in the near (or near-ish) future, the Covid-19 pandemic is likely adding an extra layer of uncertainty to an already challenging life transition. For some, the economic fallout of this crisis may mean that they have to work for longer than planned – or conversely, that they have to go into mandatory unplanned retirement.
Now, perhaps more than ever, it’s critical to pay close attention to your retirement savings – and to explore how to get the best value in terms of lifestyle when you are ready to retire. If you’re in the process of planning for your retirement future, here are a few things you may want to add to your to-do list:
1. Speak to your financial advisor or bank about your options. This will give you a clear picture of your current situation and can help you make any necessary adjustments to your retirement planning as well as prompt you to reduce unnecessary expenses. It may even encourage you to have some tough conversations with your children about the decisions they need to make to safeguard themselves in their retirement years.
2. Check whether your retirement planning makes allowance for emergencies like market downturns and health scares. Retirees who have planned ahead for these types of situations seem to adapt more quickly in stressful situations, and tend to find transitions into new environments less stressful.
3. Look for innovative products that are tailored specifically to retirees and seniors. For example, Evergreen Lifestyle offers a flexible pricing product, which gives seniors the opportunity to purchase a life right at a reduced list price if they are unable to sell their family home at their desired price.
While Covid-19 may have affected your retirement plans, there are still opportunities to achieve the retirement lifestyle you’ve hoped for. So, stay positive and explore the various solutions suited to your circumstances.