Retirement planning: Pension expert unveils stage-by-stage coronavirus crisis strategies

CORONAVIRUS: As the UK epidemic continues to cause devastation, some will no doubt be wondering what it means for the future. For both pensioners and those planning for retirement, it may be that they wonder what will happen to their pension savings.

Emergency measures have been put in place by the UK government to slow the spread of coronavirus (COVID-19), which includes a lockdown. Currently, the population must follow stringent rules about leaving their homes, with reasons for non-key workers doing so including to exercise once per day, to buy food, and to care for the vulnerable.

The coronavirus (COVID-19) pandemic is leading to devastation for many, with some sadly losing their loved ones who have died after having tested positive for the virus.

The crisis is having an economic impact too, with millions of people being affected financially.

In recent weeks, more than a million people have applied to claim Universal Credit in order to try make ends meet.

While it may be the last thing on some people’s minds at this moment in time, others may be wondering about what the current crisis could mean for their pension savings.

If you are in retirement, or planning for it from a long way out, market volatility presents challenges and opportunities. You must look at some strategies to help keep you on track.

We have had 10 years of a rising bull market and investors could be forgiven for assuming that markets would keep marching onwards. But recent volatility sparked by coronavirus concerns provides a powerful reminder that things can change quickly.

The fact that stock markets have fallen so sharply is, of course, indicative of significant selling pressure. But deviating from your long-term plan in such a febrile market environment is typically an emotional response, not a disciplined one. 

The pain of short-term losses might leave you feeling worried but there are some methods that may help you handle the situation, depending on where you are on your retirement plan.

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