Changing priorities in a post-Covid world

There’s no doubt that the last two years have given many people time and opportunity to reassess their priorities and consider how they want to spend the rest of their lives, which often begins with thinking about moving into retirement. The pandemic forced us to bring work into our homes, which got many of us thinking about how much longer we want to centre our lives around it.

Work-life balance

The division between home and work has become less clear. Many people have found themselves working longer hours from home and having little opportunity to “switch off” without the physical separation of work and home life. Maybe you have less time to spend with your family or doing the things you enjoy. Work-life balance is increasingly difficult, and you may be considering retiring early.

Some people may be considering a phased retirement, gradually transitioning out of work over a number of years – for example, cutting back hours or moving to a less demanding role. This is a good option for those who aren’t quite ready to commit to full retirement and who enjoy the structure that working life necessitates. There’s another angle to this, too – with rising inflation rates, we’re seeing some people opt for this as a way to manage increased living costs and keeping a foot in the door of working life, whilst accessing some of the freedom that retirement offers.

Or perhaps it’s simply a case of a permanent change in the way you work. Hybrid working may now be the norm, and you can rethink where and how you want to live.

A change of plans

You may have already had it planned out, but the chance to reflect on things might have encouraged you to bring it forward or push it back – and that’s absolutely fine. There’s no one-size-fits-all solution – the important thing is making sure that, whatever your goals, you have a plan in place to make them possible. And that’s a big question to ask yourself as you consider these options: “is it financially possible?”

A major part of the decision-making process will be a financial one. There are many options and opportunities to consider. As you’ll know if you’re already a client with us, financial planning can help you understand the lifestyle you could achieve if you did step back or how other assets can bridge an income gap. If your plans have changed and you want to look into whether it’s possible to adjust your timelines, give us a call and we’ll talk it through with you.

If you have family or friends who are going through a similar situation, pass on Nicola’s details to them and we’d be happy to have a conversation with them to see if we can help them gain confidence and clarity over their future with a plan centred around their goals. We can put together a plan for where their income will come from, expenditure, structuring any pensions and investments, and making sure that it’s all on track for the life they want to lead.

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