The Coronavirus Pandemic has blown off course the retirement plans of millions of workers who had five or less year left of their working lives. Fidelity, the well-known investment house reports that two-thirds of those expecting to retire in the next five years have seen their savings fall this year.
The overall mood is not helped by expectations of dividend cuts as company performance suffers and economies shrink and great uncertainties about market stability plus the threat of a second wave of the virus.
Whether the gap now between one’s expected pension pot and any new projection is a bridgeable one or a chasm, those with five or less years to retirement are recommended to take financial advice before making any decisions. There may be other options available, other than deferring retirement or accepting the need to take on an element of part-time work.
Since 2015 the rules on pensions have been relaxed allowing for greater flexibility and a more creative mix of investment choices to help provide retirement income. These choices are dependent on each individual’s circumstances which is why speaking to a financial adviser, like Fryer Glass is advisable in the first instance.
To contact one of the expert team at Fryer Glass to discuss pensions, call 01276 301103 or email [email protected]