Millions have lost their jobs over the last year due to the pandemic and deteriorating global economies. Included in this group are older professionals who were given forced early retirement. This in indeed a huge knock for professionals who cannot afford to retire yet.
What do they do?
There are various things that could be done to help ease this sudden transition into a retirement lifestyle.
Talk to your financial adviser – they are the best person to analyse your finances to see if you can afford to retire.
Evaluate your assets – take stock of all your assets e.g. your home, vehicles, jewellery, and art. Don’t forget your investments and cash on hand. You need to know if you can afford to retire now and sustain yourself. You might be lucky enough to have savings that you could live off to allow your pension pot to grow until you are ready to retire.
Downsizing – you might have to downsize your lifestyle and your living space to afford your early retirement. Look at your current expenses and see where you can cut back. You might consider selling your property and moving into a smaller and cheaper house.
If you are hesitant to sell, then you could consider renting out an annex or cottage or even a few rooms to help with income. Family could move in to help with the running costs of the household. If you are going the retirement route, then you could downsize by selling a vehicle that would not
Look for part time work – consider looking for a part-time job if you can’t find full time employment again. It doesn’t have to be in the same field. This could cover costs until such time that you are ready to retire full time, or until your state pensions and private pensions start paying out.
Turn your hobby into money – what you do in your spare time could make you money. Do you love hiking or surfing or making crafts for family and friends? Teach surfing lessons or guide hiking groups or sell your crafts. You could even use your caregiver skills for a family member and turn it into a service. Turn your hobbies into a small business to help pay the expenses. *
Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere adviser for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.
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