Getting Your Retirement Plan Back on Track Post-COVID-19

After years of carefully saving, directing funds into investments, and finding ways to set ourselves up for the retirement we want – it can be difficult to see those plans knocked around by things that are outside our control. But this year wasn’t something anyone was prepared for, and virtually everyone’s plans took a knock. We’re here to give some general tips on how you can get your retirement plans back on track.

Take a Breath

The sudden onset of troubles relating to COVID-19 has been a massive shock to the vast majority of Australians – and not in the least those looking forward to retirement. Money troubles aren’t pleasant. They have a knack for weighing heavily on our minds, and it’s easy to fall into a cycle of worry – but it’s important to remember you aren’t alone.

It could have been a loss of a job, an investment that took a hit, or any other mix of circumstances that calls for a readjustment. You’re not alone in this. Understand that it’s important that you give yourself time to breath, think, and make informed choices about your investments moving forward.

Figure Out Where You Stand

Whatever stage you were at in your planning pre-COVID-19 – now is the time to take a critical eye over what you have set up, and what you can change. The events of the COVID-19 pandemic have meant that many Australian’s investment strategy or preparations won’t stack up the same way they did before.

There are also plenty of plans that will play out in much the same manner, just over a slightly longer timeline. What’s important is working to get a complete picture of where you stand. Much of this can be self-driven, and the work you do here to ‘take stock’ is going to help you make solid choices about any change of retirement plans or priorities.

Talk to a Professional

Everyone’s situation is different, and you might be able to forego professional advice if you’re confident you’re across it all. But the vast majority of us stand to benefit from a simple check up with a financial adviser in the best of times, and now is as reasonable as ever.

They often won’t be cheap meetings to have, but it will certainly be worthwhile. A financial advisor can provide you with insights, help you spot opportunities, and help shape your future happily enjoying a stable retirement. Get searching or ask around for a recommendation!

Find Out What Retirement Looks Like with Centennial Living

The latest release from the Australian Bureau of Statistics on Retirement and Retirement Intentions told us that, pre-COVID-19, nearly half a million Australians intended to retire within the next five years. The simple fact is, most of these people will have been disrupted in their plans in some way or another. 

But a retirement lifestyle you’ll love isn’t out of reach. To learn more about life here with us at Centennial Living, don’t hesitate to reach out! You can get in touch with us by calling 1300 098 000 or leaving an enquiry via our contact form.

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