The uncertainty and speculation surrounding COVID-19 have impacted financial management, amongst many other things. Stock markets continue to remain volatile and unpredictable, and bank interest rates are on a steady decline. These are among the two major asset classes popular with Indian investors, and invariably form a major chunk of every retirement portfolio.
Investors need to take a proactive approach so that their financial plans and aspirations are not jeopardized due to the uncertainties brought on by the pandemic. Here are a few strategies to consider, to deal with COVID-19’s impact on your retirement plans.
This is not the first financial crisis, and surely won’t be the last one. Even though the situation might seem scary, avoid making irrational decisions that can have an adverse impact on your long-term portfolio. Liquidating fundamentally sound investments, discontinuing SIPs or dipping into your retirement pool to pay for unexpected expenses can set back your retirement goals by years.
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Remember, any meaningful wealth creation takes time. You need to stay patient and stay the course by investing regularly.