Millions of individuals and companies will be changing the way they do things, either by choice or with no other options available. Perhaps you will be working from home more and thinking about re-locating to a more affordable suburb to give you extra cash on hand. Or wanting to put the steps in place to retire by the beach, or the country. Or perhaps your working hours have been reduced or, you have been made redundant. With all the uncertainty of the future, now is the time to get in touch with one of our specialised financial planners that can give you the most up-to-date information and can play a huge role in helping you achieve the life you want with the money you have.
Here are a few reasons where getting advice could really benefit you as we exit lockdown.
Dealing with Redundancy
Despite the efforts of the governments around the world to support businesses through the crisis, millions of people will have lost their jobs because of the pandemic.
As the pandemic has affected almost all industry sectors, the economic casualties of coronavirus range from temporary part-time staff to highly experienced workers. Whether you’re a pilot or a senior executive at a bank, the consequence of the pandemic could very well be redundancy.
Dealing with a loss of earnings – or certainly preparing yourself for this eventuality – is a key reason to seek financial planning advice. A financial planner can help you to:
- Manage your finances now and in the future.
- Help you to plan your retirement.
- Make the most of a large redundancy payout, including managing the tax implications and getting the best returns.
Changing Retirement plans
Research has suggested that the coronavirus pandemic has forced almost 20% of people to re-evaluate their retirement plans.
Some workers are now planning to delay their retirement as a result and on the other hand some have been forced into retirement early than anticipated.
The events of 2020/2021 could have led you to rethink your plans. Whether you are thinking of working longer or retiring earlier, seeking advice on the financial implications is crucial. With more retirement choices than ever, good advice is crucial.
Research has found that people who don’t seek professional advice before retiring are more likely to run out of cash in retirement and those clients who had taken advice were twice as confident about being able to retire when and how they would like to.
It’s clear: whatever your revised plans after lockdown, seeking advice adds value.
Protection and insurance
For the last 18 months, the news has featured tragic stories of the millions of people who have been affected by coronavirus. During lockdown, it’s forced us to reflect on our own lives, our families, and our financial arrangements. You have probably found yourself wondering whether your loved ones would be secure if anything happened to you.
Working with a planner can give you the peace of mind that you and your family will be financially stable if anything were to happen to you that impacts your ability to work.
Coronavirus has changed the way many of us think about how we live and work. One of the consequences of this period in lockdown could be significant changes to lifestyle.
With estate agents reporting a surge in demand for rural and country properties, it’s clear that lockdown has led many people to think carefully about their career, lifestyle and retirement. Of course, the common factor if you want to move home, change your career, or perhaps move to part-time working is: money.
That’s where financial planning comes in. Your financial planner can work closely with you to plan your future, to establish whether you have the resources to make significant changes, and to give you the financial confidence to move forward in the way you want to, safe in the knowledge you can afford it.
If you want to get ahead of this pandemic, our planners can help you with the financial aspects of everything we have mentioned and more, giving you the freedom to live your life the way you would like. Please get in contact if you think you would benefit from advice or call (03) 9034 4883.