When life gives you lemons
Covid-19 has turned our world upside down, forcing us to halt our fast-paced lifestyles and spend months at home.
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 £19bn 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.
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.
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