Home schooling, social distancing, cocooning, Joe Wicks and Zoom are items that were not to the forefront of people’s agenda at the start of 2020. For many, pensions could be added to this list.
In 2019, there was growing momentum behind the topic of pension adequacy and it made headlines on a more frequent basis. The State pension became an integral part of the general election and as Oscar Wilde once famously said: “The only worse thing than being talked about, is not being talked about.”
It was only on the 24th January that COVID-19 first hit Europe via an outbreak in France. Since that time people are reflecting more and rediscovering the more important aspects to life. Family and health are priority and a person’s financial wellbeing is intrinsically linked to both.
At the beginning of June we had over 57,800 employers registered for the Temporary COVID-19 Wage Subsidy, equating to 543,200 dependent employees.
There is no time like the present to reassess all aspects of life and in particular pension planning. Ask yourself the following:
- Will my pension contribution provide for my desired lifestyle post retirement?
- When was the last time I actually sat down and read my most recent benefit statement?
- How long will the current generous tax reliefs last for?
- How is my current investment fund choice performing relative to other investment managers?
- When was the last time I contacted my financial advisor or pension provider?
Stay in touch with how your pension fund is performing and use all of the tools to access up to date information. For example, at Zurich, we offer:
- Leading edge online communications for employers, employees and retail customers.
- Attitude to risk and financial projection tools.
- Best in class written materials and most importantly.
- Face to face meetings.
We are all living through a surreal unprecedented period. Wikipedia describes ‘The Roaring Twenties’ as: “A decade of economic growth and widespread prosperity, driven by a recovery from wartime devastation and deferred spending.”
The Roaring Twenties ended with the 1929 Wall Street Crash and included prohibition with restricted living conditions. In fifty years’ time, could the 2020’s be described as: The Roaring Twenties – A decade of economic growth and widespread prosperity, driven by a recovery from the COVID-19 crisis?
Let’s continue to reflect on personal circumstances and let’s continue to be driven with hope. Make time to review your financial security. We can all plan for tomorrow and look forward to brighter days ahead.