Thinking about a lifestyle change?

The coronavirus has affected all of us in different ways. Many of us are more than ready to get on with our career, running our business or following our profession.

But some of us are thinking quite the opposite, and even wondering if we can avoid the return to the office, the commute and the pressures of work altogether.  We may want to spend more time enjoying the things that make life worth living.

At Continuum we are looking at the ways that could help you changing your lifestyle.

How can you change your lifestyle?

The first question is whether or not you can afford to give up work.

If you are aged under 55, the chances are that you would find it difficult. Your home is probably not paid off, your children are an ongoing expense, and you may not have enough invested or in your pension pot to become a person of leisure. However, you may be able to change the work you do, or the way that you do it.

The lockdown has demonstrated the potential of working from home. With the right IT provision, many of us have actually become more productive working at home. Employers may find increased productivity comes alongside not needing so much expensive office space to accommodate everyone at once. Some are seriously looking at making WFH part of their standard operations for at least part of the week.

You may be able to work from home part time. A dedicated home office is a major asset, and looks more professional than the kitchen table when it is time for a video conference.

If you are in your 50s, the answer may be different. Most private pensions can pay out at the age of 55. You may be ready to retire – if you have built up enough cash and can put it to the most effective use.

The financial answers

Of course, what you can actually afford to do will depend on your financial position, which is where Continuum could help. Most of us who want to leave the 9-5 behind will want to retire. Early retirement is actually easier to arrange than you might think, as long as you set it as a financial goal, and with the help of a Continuum Adviser, have a detailed financial road map to reach it.

You will probably need to pay off your mortgage, but the key is to make the most of your pension.

At Continuum we can work with you to plan how you will build up the pension pot you need to choose how and when you will retire – how much you need to save, and the best ways to invest for security with growth. Then we will show you the best ways to make your pot work harder to provide the income and the security you need.

The one thing to remember is that the earlier you start, the easier it is. The longer pension savings have to grow, the larger your pension pot and retirement income can be.

Getting some help

Whether your plans are a move to a house with a home office or retiring early, things are easier with some expert support for your finances.

At Continuum we can help find the financial answers you need, whether you are looking for a way to cut the cost of your next move, setting out long term plans to build up a sizable pension pot – or making the most of the pension savings you already have.

The information contained in this article is based on the opinion of Continuum and does not constitute financial advice or a recommendation to suitable pension or investment strategy, you should seek independent financial advice before embarking on any course of action.

The value of investments can fall as well as rise and you may get back less than you invested.

Accessing pension benefits early may impact on levels of retirement income and your entitlement to certain means tested benefits.

Accessing pension benefits is not suitable for everyone. You should seek advice to understand your options at retirement.

Your home may be repossessed if you do not keep up repayments on your mortgage