In this blog, PM+M wealth management partner, Antony Keen, outlines why now is an excellent time to begin financial planning for your future and/or re-evaluating your plans in light of COVID-19…
COVID-19 has turned our world upside down, and we could never have predicted its impact, which forced us to halt our fast-paced lifestyles and spend months at home.
But with so many hours to fill, why not ‘make lemonade’ and focus on financial planning? Whether that’s ensuring you’re on track for your dream retirement or making sure your hard-earned money is achieving more – spend your time wisely…
Trace a forgotten pension. Over £19 billion lies in lost pensions – could you be owed some of this? Any money in an old pension still belongs to you and can be identified using the Pension Tracing Service.
Consolidate your pensions. If you’ve had several jobs, you’ll probably have multiple pensions invested with different providers charging varying fees. In most cases (though not all) it’s worth combining these into one well performing pension to reduce costs and maximise growth.
Consider your tolerance to risk. Rather than taking a haphazard approach, ensure your savings and investments are right for you, aligning with both your future goals and desired risk level.
Keep saving. You can pay into your pension, even if stock markets fluctuate. A pension is a long-term investment, so by continuing to contribute, you can buy investments at a lower cost – benefiting as markets bounce back.
Speak to a financial adviser. Now is the time to reflect and consider whether COVID-19 has impacted your future plans. If you don’t think you can achieve your financial goals within your desired timeframe, you may need to refresh your strategy.
Careful financial planning should never be underestimated. Focusing on how to make the most of this situation, thinking positively and creating a sustainable future is a great place to start.
This information is correct as of 13 August 2020. This blog is for general guidance only. Recipients should not act upon any of the information provided without seeking specific professional advice tailored to your circumstances, requirements or needs. Please contact PM+M before making any decisions based on any matters relating to this blog.