One single virus migrated throughout the entire world and made people confined inside their homes. Unfortunately, it is not at all like a happy holiday rather a monotonous one.
Repeated lockdowns brought job crisis, economic ups and downs and even created tension in several families where the source of fund lost their connection.
In such a situation, where the source of income is nothing, and the amount of pending debts is getting high day by day. It becomes completely difficult to save on retirement fund.
Rather, even if there was a retirement fund, it became the only cash source to run the family. Undeniably, the pandemic hit hard and broke the backbone of savings. Fortunately, the lending marketplace has flexible lending offers like unsecured personal loans in Ireland, where borrowing is not complicated for tough expenses.
How long lockdown due to pandemic impacted on retirement savings
Unfortunately, the pandemic situation affected majorly on savings. It has been observed during the statistical report that in Ireland, almost 40% of people lost their job during the lockdown. Among them, 20% belongs to the 40+ age group.
While most people of this age group start to save for after retirement life and plan different investment plans for their upcoming financial goal, their retirement fund now turned into the emergency fund.
Actually, loss of job and loss of income made them stop saving money for superannuation. Thus, it is initiating a completely unsecure future.
From the very beginning of the pandemic, there were no other ways instead of lockdowns, which confined people at home. Companies are shut down, and even no salary has been credited. But to run the family and pay the bills and house rents, there is a fund requirement. Even some people used to mortgage their house to borrow money from lenders.
Therefore, borrowers who lost job repaid from the fund which was secured for the retirement fund. Bankers reported so much news of partial withdrawals from retirement fund of banks. It is not difficult to understand how long lockdowns compelled people to break their retirement funds from such discussion.
However, still, there is nothing to despair because the age of retirement is still 20 years left. Within that period, you will be again able to save money, and with systematic repayment, you will able to handle loans for bad credit in Ireland more conveniently. The probability of possessing a retirement fund is still there if it is planned properly.
Here are mentioned some measures by applying which you will get back to retirement savings again.
How to get back to my retirement savings after the pandemic situation?
There are ample ways, and one needs to apply them in real life so that the secured superannuation can be brought back again.
- Be careful while investing in stocks:
Although the beginning of the lockdown phase stock market started to display despairing results, the scenario quite changed from the very beginning of the second half Of FY2020. It started to bloom again.
For this reason, many investors who earned good profit earlier by investing money in the stock market again get back to their job. But be careful while choosing stocks because the pandemic is still not over, and the chance of loss is still associated with the stock market.
Moreover, many miscellaneous stocks behave like high profit but actually will turn all the investment into ashes. However, these type of stocks sometimes create magic but for a short time investment.
During incorporating a retirement plan, let’s stay away from the charisma of short term return rather than look for long term investment for assured income.
- Contribute the best possible amount:
Undoubtedly, pandemic hit hard on all your savings plan. Therefore, when the situation is getting normalised day by day, let’s not sit silent but start with a good amount of savings. Besides, if your company provides the scope of contribution for a retirement fund, then utilise it in its best way.
Make sure you have increased your part while saving for superannuation. Generally, employers and employees share this fund where employers always ease an employee to contribute as much as possible.
Instances are where people enjoy a good amount of money after retirement by contributing to the retirement fund.
- Try to hold the job for long:
Whether you have planned to take early retirement or not, let’s drop the plan and stick to the plan of working for a long time. We are not saying to continue work even if not possible for you, but getting a good backup will be a good option.
However, the retirement age is considered as 60, and after that, you will be unemployed.
In that time, you can focus on various passive incomes as it offers good scope to every person to earn money. Even one can start involving himself before retirement too.
- Go for easy investment plan:
Apart from investing in shares, stocks and bonds, you can also invest in other retirement plans. There are several insurance plans which are specially designed for superannuation. Besides, these plans are linked with the market and have the potency to earn a good amount, even a simple investment plan.
It is better to make use of them to get good returns and live cover. Generally, this type of insurance plan provides financial assistance apart from providing security to live. Some plans are even associated with generation after generation facilities.
- Seek expert’s advice:
You may have basic investment knowledge. Based upon that, your previous investment might get you good returns too. But the scenario is not at all the same now. While you have to secure money for post-retirement, it is better to seek an expert’s advice.
Financial advisors are best suitable for this situation as they know the market situation better than you and know the tricks to get good returns. They will assist you to help in achieving a financial goal.
Besides, they have good knowledge about tax claims and tax return policy. Therefore, apart from getting insecure assistance investment, you will also get guidance on tax payment by hiring a financial advisor.
Caleb works as a senior content writer at Financealoan for the past 3 years. He is a writing enthusiast and invests a good time in exploring and writing about financial trends. His keenness in exploring a topic to create a research-based piece is simply unmatched. He believes in including a texture of authenticity with real-time examples and facts.
Caleb’s blogs and articles reveal deep-seated knowledge and expertise. His educational qualification forms the base of his excellent command over the industry and Jargon. He is a postgraduate in Finance and is currently involved in exploring the world of the stock market.
