It’s safe to say that the world has changed forever this year as the coronavirus crisis triggers monumental shifts in economies across the world, businesses and personal finances.

However, what hasn’t changed is that we all still want a comfortable retirement with financial security, and at the age we choose.

It IS still possible.

The extent of the economic fallout from the COVID-19 pandemic has disrupted all aspects of our financial lives, with many people extremely anxious about their retirement plans.

More geopolitical uncertainty is on the cards, which will subsequently drive markets and, as such, financial plans.

Nevertheless, although financial strategies must be reviewed to ensure they are suitable for this new era – which includes a strong likelihood of negative interest rates and volatile markets – it is still absolutely possible to enjoy a comfortable retirement.

However, in order to achieve this comfortable retirement, you’ll need to adopt and maintain certain good habits.

These are saving, investing and being tax efficient. I call this my ‘SIT’ process, and all three principles are crucial to securing financial freedom over the long-term.

The amount you save from every payday whilst still working is one of the most important factors in how much retirement income you’ll have available.

I find that, in my experience, people are just not saving enough to be able to enjoy a similar lifestyle to their current one during their retirement.

Therefore, taking this into account, it’s worth noting that for those get paid monthly, there are only 120 paydays in a decade.

There are numerous savings solutions to help master the art of saving effectively. However, the sooner you start the easier it will be to reach the desired and/or required level of savings.

Unless you are on track to inherit a substantial amount of money, saving alone will unlikely be sufficient.

Having the right investment mix within a properly diversified and regularly reviewed portfolio is fundamental for long-term financial success.

Although financial markets are constantly fluctuating, history has shown us that over the longer-term their performance is consistent, they tend to always go up.

If you are not invested, you won’t benefit from the potentially substantial returns you could have received to boost your retirement income.

Furthermore, being tax efficient is the third key factor in successful retirement planning. There are legitimate ways to lower your tax burden, which could amount to huge savings over the years.

Although the world has changed dramatically over the past months, I believe that if people follow the SIT principle, they will be on the right track to a comfortable retirement.

Indeed, financial freedom in retirement doesn’t have to be a pipe dream, despite these extraordinary times we’re living in.

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