THIS year marks the second anniversary of the first identified case of the novel coronavirus in Jamaica and it’s safe to say that many people’s lives do not look the same as it did before the pandemic.

Michael Andre Collins, manager of the youth banking unit at JN Bank, said more people are now reassessing their retirement timelines, where and how they live and other future goals in the face of COVID-19 and the continued uncertainty.

He noted that the need to review one’s financial goals is even more relevant now that most countries, including Jamaica, are reopening and easing their restrictive measures which were aimed at fighting COVID-19.

“We seem to be moving closer toward a post-pandemic environment and it’s, therefore, important that for 2022 and beyond that everyone seeks to re-evaluate and revise their financial plan, including their budgeting, saving goals, retirement, and long-term investments,” he stated.

Collins noted that this is important for both the young and old, but seniors must pay special attention to their retirement goals and funding, especially in the face of increased financial challenges.

He noted that due to the pandemic many people were forced to delay retirement by a few years to increase their savings.

“For those who have delayed retirement, it is now important that you re-evaluate your investments,” Collins said. “Speak with a financial professional and have them assess your situation, so that you can make the right decision for your future. Also, it might not be a bad idea to delay retirement, especially if you’re in a good work environment.”

But Collins noted that if an individual’s job is harming their health or making them miserable then delaying retirement could have negative consequences. But if they’re reasonably happy with their work and they don’t have health concerns, it may be a good decision to add a few more years to ensure they have enough saved up.

Evaluate and rank major goals

After two years of social distancing and spending most of their time at home, due to work-from-home orders, many people are now thinking about renovating their houses or buying a new house altogether.

However, Collins said that before venturing on a major home improvement project or purchasing a new house, it is important to evaluate what it will really cost and how you will pay for it.

“Keep in mind that one big project could impact your ability to meet other goals, like funding retirement or college savings for your children or grandchildren,” he said.

“For example, the cost of an addition to your house may also means you will have to delay retirement by a year or two. It’s important to assess whether it’s worth the sacrifice and rank what’s most important to you. But also look at the long term as well as the short-term repercussions.”

Review prices

When putting together a post-pandemic budget, keep in mind that prices have risen due to inflation. This includes commodities, such as gasoline, food and other products and services.

What this means is that a typical pre-pandemic budget won’t necessarily work for you right now. It’s time to reassess your total monthly and annual cash flow for your household and determine what your expenses will look like with the recent price hikes.

Rebuild savings

“Building an emergency fund is still important, so ensure you’re allocating enough of your earnings to this portion of your savings,” advised Collins.

During the pandemic, many people had to dip into their emergency savings to stay afloat. It’s now time to concentrate on rebuilding your safety net, if you’re in a position to do so.

The rationale of building an emergency cushion is that if you experience another setback, such as your car breaking down, you can take care of it without incurring more debt.