Lockdown – A new perspective?

The time in lockdown has given people the opportunity to reflect on what’s really important to them. It’s been a time to re-evaluate priorities and think about resetting goals for the future.

 

What about you? What have you missed?  

 

 

 

In some respects, the lockdown may have given you a taste of what retirement might be like. Admittedly, the “stay at home” policy has been a mandate whereas retirement is a choice but nonetheless there will have been distinct similarities:

 

 

 

The way you have decided to fill the time in lockdown may have revealed something about yourself and your priorities. It may be that the break from routine and going into work each day has been quite liberating. Or you may have realised that staying at home every day is definitely not for you.

 

Whichever camp you’re in, it may have got you thinking about your options regarding work in the future – working from home more, part-time hours, consultancy? If you’d always thought you might be bored in retirement but have actually managed to entertain yourself quite easily in isolation, the thought of early retirement might be starting to seem quite attractive.

 

Many people fear retiring early because they think they won’t have enough money to live off without a salary. The lockdown experience, however, may have shown you just how much less you spend when you stay at home for a few weeks. You may have realised you don’t actually need as much financially as you thought you did. You may have got used to budgeting carefully and limiting your activities. You may have realised that you could live quite comfortably off a fixed income, just as if you were living off a pension, and your savings.

 

Whatever your long-term decisions, treat this time of lockdown as a mini trial run for retirement. Use it to contemplate how your priorities might have shifted. Think about which goals you might want to re-set.

 

 

To help you with this thought process we have some free financial planning toolkits you can access and we are here if you need some professional guidance.

 

Alternatively, please get in touch and we would be happy to discuss your own planning needs:

 

planningteam@alextragroup.co.uk

 

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A PENSION IS A LONG TERM INVESTMENT, THE FUND VALUE MAY FLUCTUATE AND CAN GO DOWN. YOUR EVENTUAL INCOME MAY DEPEND UPON THE SIZE OF THE FUND AT RETIREMENT, FUTURE INTEREST RATES AND TAX LEGISLATION.

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