For many years, we at 50 Plus books have encouraged pre-retirees to plan for their future retired life. We even produced a DIY guide to planning. https://retirementbooks.com.au/shop/reference/retirement-work-book/
One of the first elements of retirement planning is of course to sort out your finances. In these Covid 19 times it has become even more important. Many will be facing unemployment or reduced employment. This drastically affects retirement savings. Sadly, many may never work again or receive the same level of income from pre Covid times. Some may have to contemplate putting off retirement for a little longer.
It is imperative to plan for this and other eventualities. Here are some suggested steps:
- Talk to a trusted advisor, professional or a friend about your current level of finances.
- Obviously, know your finances, both your incoming and outgoing. Work out how they will be affected if you are no longer working.
- Work out your housing and lifestyle priorities. Where and how you are going to live is paramount.
- And don’t forget to talk to the significant others in your life, whether they are partners or children.
This is all hard stuff to deal with while there’s so much uncertainty but it will help you sort out a way forward. Our books, available for sale on this web site, contain lots of useful information.
Here’s an article with some further comments and tips relating to the pandemic’s impact on many peoples’ retirement . https://mozo.com.au/savings-accounts/articles/twenty-three-per-cent-of-aussies-delay-retirement-due-to-covid-19-says-colonial-first-state