A few short months ago, who would have thought it? The Covid restrictions are all but gone, finally. Now is a time to re-evaluate our lives and our plans as our world gets back to where it was before the pandemic. Some aspects of our lives will thankfully fall back into an old groove, as we start socialising normally again and make travel plans for the year ahead. In other areas such as the world of work, there will be a “new normal” as returning full-time to the office may not be the desired route forward. With this re-evaluation of life and the ensuing changes, it is also important to consider how your financial future will be impacted.
Review your financial plan
If your financial plan was created before Covid struck, there are probably assumptions within the plan that need to be considered and revised. Are your work and career aspirations the same as they were? What about your expenditure? Are your objectives in life the same as they were – we’re seeing changed perspectives today among many of our clients. Some are rebalancing the importance of time over money; others are looking at planning more experiences and living life to the full as opposed to working to live. Starting with your goals, your plan develops from there.
Rethink your retirement timeline
With a new perspective after the pandemic, are you asking yourself the question, “Can I retire earlier?” If you are, right now is the time for serious planning. You might value the idea of retiring a little earlier than you previously anticipated and need to understand the implications of this. It may require saving more now, settling for a lesser lifestyle in retirement but starting at an earlier date, or some other means of funding an earlier retirement. Each potential route to an earlier retirement requires careful analysis of the pros and cons for you, to ensure you make the right choices to help you achieve your desired retirement timeline.
Review your investments
Your pension funds and other investments are the engine to helping you achieve the life you want to live today as well as your preferred retirement timeline. Once the right financial plan is developed with your goals in mind, your investment portfolio must be constructed with this plan in mind. At Acuvest, our investment process focuses on a long-term horizon, while at the same time being able to adjust to an ever-changing market environment. Our investment committee supports our in-house investment team, combining a rigorous investment planning process with deep-rooted investment knowledge and research. As the investment world changes each day, our research and education keep us at the forefront of the evolving investment climate, which in turn ensures your investment plan remains on track or is adapted to keep your financial goals within reach.
Re-assess your estate plan
One of the outcomes of the covid era is that our own mortality came a little more into focus. More than 6,000 Irish families have been bereaved because of the pandemic, and many more suffered or saw people seriously ill. While hopefully it is many years away, we know the end of our lives will come one day. Ensuring your money will pass to your loved ones as you wish this to happen and in the most tax efficient way possible requires careful planning that should be done many, many years in advance of your expected demise. This is not as simple as having a will in place – there are lots of aspects to include in a robust estate plan. Your long-term care needs and even your mental capacity later in life must be considered, as well as the opportunities for tax efficient gifting and wealth transfer both before and at the time of your death.
When you have reviewed each of these areas, you can then put the pandemic behind you and be quietly confident that your future goals in life will be achieved. And then you can go and live your life to the full, with the peace of mind knowing that your finances are enabling your goals to be achieved.
If you would like to find out more about how Acuvest can help you with your financial planning and investment planning needs, please contact Aengus Moran, Investment Advisor, on 01 634 4807 or email directly at firstname.lastname@example.org