{"id":959,"date":"2021-05-31T11:00:00","date_gmt":"2021-05-31T14:00:00","guid":{"rendered":"https:\/\/www.bellvest.ca\/family-wealth-nova-scotia\/resources\/how-covid-is-impacting-retirement-planning\/"},"modified":"2025-09-22T17:28:06","modified_gmt":"2025-09-22T20:28:06","slug":"how-covid-is-impacting-retirement-planning","status":"publish","type":"resources","link":"https:\/\/www.bellvest.ca\/family-wealth-nova-scotia\/resources\/how-covid-is-impacting-retirement-planning\/","title":{"rendered":"How COVID-19 Is Impacting Retirement Planning"},"content":{"rendered":"<p style=\" font-weight: normal;\"><span>The COVID pandemic has upended everyday life and changed our view of the future. Many Canadians have also experienced some degree of financial upheaval, either through a job loss, thwarted business plans, or even time off work due to illness.<\/span><\/p>\n<p style=\" font-weight: normal;\"><span>For those nearing retirement, pandemic-related financial disruption can pose a lot of challenges. Let\u2019s look at steps you can take to ensure you\u2019re still on track to have enough during retirement.<\/span><\/p>\n<p style=\" font-weight: normal;\"><span style=\"\"><!--more--><span style=\"\"><\/span><\/span><\/p>\n<h3><span style=\"font-size: 28px; \">Many Canadians are worried about the impact of COVID on retirement planning<\/span><\/h3>\n<p style=\"font-size: 8px;\">&nbsp;<\/p>\n<p><span>First, know that if you\u2019re retired or close to retiring and are concerned about how COVID will impact your future finances, you\u2019re not alone. A&nbsp;<\/span><a href=\"https:\/\/www.newswire.ca\/news-releases\/pandemic-s-economic-impacts-leading-many-canadians-to-worry-about-their-retirement-plans-cibc-poll-810018489.html\" target=\"_blank\" rel=\"noopener\">CIBC survey<\/a><span>&nbsp;conducted in late 2020 found that 40 percent of respondents worry about how the pandemic will affect their retirement and savings plans. Twenty-three percent have been unable to contribute to their retirement nest egg since the COVID crisis began.<\/span><\/p>\n<h3 style=\"font-size: 28px;\"><span style=\"\">What should you do if your retirement plan has been impacted?<\/span><\/h3>\n<p style=\"font-size: 4px;\">&nbsp;<\/p>\n<p>Income changes, being forced to retire early, shifting priorities \u2014 few adults went through the past year without having to adjust their finances one way or another. Maybe you\u2019ve had to take money from your retirement savings during COVID. Or, perhaps you\u2019ve saved less than you wanted to.<\/p>\n<p>Whatever your scenario, there\u2019s always a way to improve your financial prospects and move closer to your goals. Here are options pre-retirees and retired adults impacted by COVID can consider.<\/p>\n<p style=\"font-size: 4px;\">&nbsp;<\/p>\n<ul>\n<li>\n<p>How can you spend less? Look at ways to reduce spending yet still enjoy your golden years. For example, going on holiday closer to home to cut back on travel costs or downsizing to reduce living expenses.<\/p>\n<\/li>\n<li>\n<p>Would it make sense to work longer? While that may not have been your original plan, putting off retirement for a few extra months or even a year can help you build up your nest egg \u2014 and give you more confidence.<\/p>\n<\/li>\n<li>\n<p>Should you <a href=\"\/should-you-take-your-cpp-early-or-wait\" rel=\"noopener\">take CPP early<\/a> instead of waiting until you turn 65? Depending on your financial situation, this may help you cover household expenses comfortably in your early 60s. It may also allow you to hold off on withdrawing from your investments for longer.<\/p>\n<\/li>\n<li>\n<p>Is your investment portfolio set up to serve your post-COVID retirement goals? Rebalancing and revisiting your portfolio&#8217;s asset mix to ensure it&#8217;s appropriate for your risk tolerance and time horizon can help you financially adjust to new goals.<\/p>\n<p><span style=\"\"><\/span><\/li>\n<\/ul>\n<div>\n<div>\n<div>\n<div>\n<div>\n<div>\n<div id=\"gac-project-data\">\n<p><span>Chances are, your plans have changed. Discuss your revised retirement plan with an independent financial advisor to ensure you\u2019re making decisions that serve your long-term goals.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h4 style=\"line-height: 2.5;\"><span style=\"\">Are you on track to meet your financial goals?<br \/><\/span><span style=\"background-color: transparent;\"><\/span><span style=\"font-size: 8px;\"><\/span><\/h4>\n<p><span>We\u2019re happy to help you navigate whatever financial roadblocks you\u2019re facing.&nbsp;<\/span><a href=\"https:\/\/www.bellvest.ca\/contact-us\/\" target=\"_blank\" rel=\"noopener\">Reach out today<\/a><span>&nbsp;\u2014 let\u2019s create a roadmap to a future you can look forward to.<\/span><\/p>\n","protected":false},"featured_media":2209,"template":"","resources-categories":[24],"resources-type":[7],"class_list":["post-959","resources","type-resources","status-publish","has-post-thumbnail","hentry","resources-categories-retirement-planning","resources-type-blog-post"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.4 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How COVID-19 Is Impacting Retirement Planning - Nova Scotia Family Wealth<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bellvest.ca\/family-wealth-nova-scotia\/resources\/how-covid-is-impacting-retirement-planning\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How COVID-19 Is Impacting Retirement Planning\" \/>\n<meta property=\"og:description\" content=\"The COVID pandemic has upended everyday life and changed our view of the future. 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