Don’t let coronavirus derail your financial future
The COVID-19 pandemic has touched virtually every aspect of our lives, not least of which is how we save for retirement. And while the number one priority is keeping our families and ourselves safe and healthy, the next topic on most people’s worry list is the financial impact, especially if the situation doesn’t improve quickly.
Some people still struggle to make informed retirement decisions
The decisions made at retirement are big ones and have long-term consequences. Many spend years accumulating a large amount of money in pensions and other savings, but really don’t know what that might mean, how much income they can reasonably expect to receive and how best to take that income.
Preferring to remain in their own homes for as long as possible is, for many people, increasingly becoming an important part of how they view older age. There may be several reasons for this: to keep the family home, stay close to friends or remain in comfortable and familiar surroundings.
Traditional spending and saving habits have been turned upside down
Household finances, including spending and saving patterns, have deteriorated drastically since the coronavirus (COVID-19) lockdown, despite unprecedented Government support. Traditional habits have been turned upside down, and household budgets that guided our incomings and outgoings before the pandemic are no longer valid.
Undertaking what is required takes a great deal of thoughtful consideration
You’ve always dreamed about living aboard, but how do you make that a reality? The first practical step is to think about where you are in your life and weigh up which options are available to you. Factors like your age, financial situation and skill set will come into play as you consider where to explore long term. More open borders and the need to find work in the wake of the financial crash mean more people live outside the country they were born in than ever before.