So, we have chosen to leave the European Union, and regardless of which way you personally voted, it is time to roll up our sleeves and get on with it. When it comes to saving for retirement, the good news is there aren't any major changes to personal pensions anticipated. However, certain sectors are expected to fare better than others, at least in the short to medium term.
Now could be the perfect opportunity to revisit some good savings habits and, as always, remind ourselves that pensions are a long-term investment.
Think about your time horizon, diversify and check your portfolio regularly
How long is it until you want to access your pension? As we said, some sectors have done particularly well since the Brexit vote, while others have struggled. You can read more about the impact on different types of investments here.
You may be heavily weighted in a sector that isn't performing as you had hoped, but that doesn't necessarily mean you should rush to change your investments. Sure, if you are only 6–12 months away from retirement, you may need to take a more immediate view, but if you are 10 or 20 years away, you may be better off ignoring the current volatility.
Investing in a range of funds can protect you when some of them underperform. Learn more about how to invest when the market is volatile.
Most importantly, remember this is not a post-referendum strategy; these are simply things you should be doing in regards to your retirement saving on a regular basis.