Safeguard your hard-earned retirement savings from COVID-19 scammers
Fraudsters are exploiting fears over the COVID-19 pandemic to target pension savers and investors. The Pensions Regulator, the Financial Conduct Authority (FCA) and the Money and Pensions Service have issued a joint statement urging people not to make rash pension decisions in the wake of the global pandemic, as criminals try to exploit public fears over the market turmoil to dupe victims out of their cash.
The coronavirus (COVID-19) outbreak is first and foremost a human tragedy, affecting hundreds of thousands of people. It is also having a growing impact on the global economy. The markets have been extremely volatile as investors weigh the effect of the coronavirus against measures aimed at easing its economic impact. Therefore, it’s hard to say how this will affect investments in the short term.
Key announcements to support people and businesses
In response to the coronavirus (COVID-19) outbreak, Chancellor Rishi Sunak has set out a package of temporary, timely and targeted measures to support people and businesses through this period of disruption.
During this difficult time, fear and worry are understandable, particularly as the coronavirus (COVID-19) outbreak led to the biggest daily drop in the FTSE 100 since the financial crisis of 1987. Trying to second-guess the impact of events such as the coronavirus or the recent stock market volatility – or even attempting to make a bet on them – rarely pays off. Instead, investors who focus on long-term horizons – at least five to ten years – have historically fared much better.
Remember that pension savings are for the long term
The coronavirus (COVID-19) is having a widespread impact across all aspects of financial life, including retirement plans. The current global stock market turbulence, as a consequence of COVID-19, will no doubt be concerning for individuals whose pension savings are invested partly or fully during these volatile market conditions.
With increased life expectancy, the goal posts for what are considered short, medium and long term are shifting, more so for younger individuals. This is because someone in their mid-20s today might spend 40 to 45 years working and then have 20 to 30 years in retirement. So those in their 20s and 30s may want to consider medium-term objectives to be between 10 and 30 years, and long term as anything over 30 years.
If your savings goal is more than five years away, putting some of your money into investments could allow you to earn more from your money and keep up with rising prices. Your wealth should work in all the ways you want it to. Whatever your goals are in life, careful planning and successful investing of your wealth can help you get there. Whatever stage of life you’re at, we’ll help you navigate through the opportunities and challenges you may face.
How can I guarantee the kind of retirement I want?
Are you ‘mid or late career’ or planning to retire within ten years? If the answer’s ‘yes’, then you probably want to know the answers to these questions: ’Will I be able to retire when I want to? Will I run out of money? How can I guarantee the kind of retirement I want?’
Active steps to make sure your people are happy, healthy and financially sound
Employee health and well-being is high on many businesses’ agendas and is no longer merely an afterthought when addressing sickness absence. There is an obvious link between a happy, healthy workforce and improved productivity.
S4 Financial Ltd is an Independent Financial Advisory firm, which is authorised and regulated by the Financial Conduct Authority. S4 Financial Ltd is entered on the FCA register (https://register.fca.org.uk/) under reference 401372.