It’s an anxious and upsetting time for everyone as the coronavirus pandemic takes hold, and whilst the primary concern is health, our financial wellbeing is also important.
Since the coronavirus outbreak, global stock markets have fallen considerably and based on the current news flow, it seems that we could experience market uncertainty and volatility for some time to come. You may therefore be wondering what actions or decisions, if any, that you should be taking with regards to pension and investments.
Markets move up and down all the time and if you have an investment but don’t need the monies in the short term, then you’re probably going to be ok as in time, it’s likely that markets will recover. The same applies if you are currently paying into a pension and have several years before your planning to retire.
If you’re close to or considering retirement, you may want to check what type of funds your pension is invested in. Lower risk funds which invest in Cash, Gilts or Bonds will normally help to protect your capital whereas if your pension is invested mostly in shares, then unfortunately you will have taken a hit and depending on when you are planning to retire, you may now have to consider taking a lower income or retiring later.
Psychologists have long recommended managing stress and anxiety by determining what you can control, thinking positively and making a plan. The best advice is not to panic, but to take a deep breath and keep to your long-term investment strategy. However, in order to help people through these unique times, I am happy to offer a free, no obligation 20-minute telephone consultation to anyone who is concerned about their pensions & investments and would like to discuss these with me. Please contact me on 01428 909266 or at firstname.lastname@example.org to arrange a convenient time for me to call you.