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Retirement is a time to reap the benefits of our working lives, to fulfil our dreams, whatever they may be, with a nice little nest egg to rely upon. Good expat pension planning can make that happen.
Unfortunately, for a growing number of pensioners this is not the case. People are living longer, saving less and inflation is reducing the amount of income available for pension planning. Many pensioners are not only finding themselves with inadequate incomes but also with the added burden of debts that have not been cleared during their working lives.
Inflation eats into the amount of money set aside for retirement savings. For pensioners, who often spend more of their income on food, heating and power than those still working, inflation is in fact higher and has a significant impact on quality of life. If cost of living increases have not been accounted for in the pension planning process, the retirement dream can all too easily turn into a nightmare.
If there are also mortgages or other debts to be covered, the amount of disposable income very quickly disappears. Ensuring that retirement is mortgage- free can often be to the detriment of making sufficient savings for a retirement income. The financial balancing act can be a tough one to pull off for many savers without a clear plan and good advice.
Extending our working lives by a few years may seem like a practical solution to the problem. However, for those who wish or need to work beyond retirement age, opportunities are becoming increasingly scarce due to the current economic climate. Anyone relying on those extra years of income could end up facing difficult times.
Expat pension planning can present different challenges to meet the different expectations of people who have worked hard overseas and plan for a retirement which will reward that working life. Expats also have a rather unique chance to take advantage of their higher earning potential as well as the considerable tax advantages available to them.
Investment solutions for pensions are constantly developing and regulations will continue to change, making professional advice absolutely essential for successful expat pension planning. Personal circumstances and goals and objectives change over time. A good pension solution must be flexible enough to deal with these changes. Making provisions for increases in living expenses, maintaining regular savings and investment reviews and good advice from experienced advisers will help to ensure a comfortable retirement as an expat.
Pension planning becomes more challenging every year which is why, at Infinity, we focus on using our expertise to produce a clear plan based upon detailed research into each client’s circumstances and plans and match the clients’ needs to the right products.
Contact us for help with achieving the peace of mind provided by knowing that your retirement will be secure and worry free.
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