As the pandemic with its related restrictions and uncertainties drags along, we are seeing more clients changing their near-term plans and goals. Initially, many of us simply deferred activities, presumably for a few months while the pandemic (hopefully) ran its course. Now, with no clear end to the pandemic nor any return to something approaching normalcy in sight, people are making significant changes to their plans. These changes are wide ranging and appear to have affected different age groups in markedly different ways.
These changes can be very significant, including changes in employment status, residence location, major purchases and the like, all driven by the impacts of the pandemic. Other types of changes, also important, focus more on our leisure time, including reduction or elimination of participation in entertainment and sporting events, vacation travel, and of course dining and other socializing. All of these factors affect our personal levels of stress and any sense of well being and that, in turn, will definitely affect our planning going forward.
If you are feeling that the pandemic has changed things enough that you should consider making significant changes in your life plans, talk with your friends and family and don’t forget to reach out to your advisers as well. For those of us who are advisers, remember that when advising clients on their planning for investment, retirement and other aspects of their lives, we need to be aware of these changes that clients may be considering (or may even have avoided considering) so that we can best advise them on how to adjust their planning to meet changing needs and expectations.