Here's how the Pademic has changed your view on retirement & work.
I'm sure we're all aware that 2020 will be a year where we have all had more time than usual to review our circumstances. Depending on your job and where you live, it will impact how you feel about your current situation and if you need to make changes. (Which most of us have done over this last year)
Already we are seeing so many changes as many of us are relocating from cities to more rural areas where we have more space and a good wifi connection which allows us to work from home part of the time. This is particularly true of the older part of the workforce, while those who are younger still want the hustle and excitement of the city.
Pre- Covid, Asia has been encouraging wealthy foreigners to retire in their country. (Including myself where I had bought a retirement visa.) But unfortunately, many of us will now be reviewing retirement in these countries as we have all been locked out of our usual country of residence for nearly a year.. with no end in site, even though we have bought a retirement visa...
The Pandemic has also only highlighted the differences between well managed and very poorly managed countries, showing both the positives and negatives of different jurisdictions to live and work.
Over the next decade, many countries will struggle to pay back the money they have spent during the Pandemic causing significant unemployment in certain countries. Already unemployment is increasing in a lot of countries and finding new jobs may involve you having to travel or a move abroad.
Certain countries are already actively making changes to boost their economies which will create new jobs and opportunities.
So, what should you be doing to keep up with this change?
Things happen so fast it is difficult to sometimes know what to do but generally doing nothing is not the answer. If you have retirement or Investment plans you have not reviewed for some time you should check them out now.
Things to check for will be where they are currently invested and if they are being actively managed to reflect an ever changing world.
Increase your skills!
If you have been unfortunate enough to lose your job, maybe it is a good time to increase your skills so as to keep busy and research contacts who can help you.
Have you been having second thoughts?
If the pandemic has caused you to rethink where you might retire and when, make sure to do some research and consult with those who can help.
2020 will be a year we will all remember for decades to come. As we approach a new year, make sure to take the time to review where you are with your retirement plans and ensure they are best placed to grow in a ‘new world’.
I have been advising internationally mobile people for three decades, and am an expat myself. If you find yourself in a situation where you're having second thoughts about your retirement plans, give me a shout.
OR, even if you'd just like to have a chat, connect with me on linkedin and drop me a message! I always love to hear from you.