Pension planning for expats,
what you need to consider
Increasing numbers of British people are moving abroad to enjoy their retirement in the sun. While this offers people the chance to explore new places and experience new cultures, it can be a big transitional period in your life. As such, it is important that you have proper pension planning and management to easily facilitate this move, and ensure that you live your life in the sun without having to worry about money. Here are the most important considerations for anyone thinking about making this move.
Where will you live?
Obviously, this is the most important consideration for anyone looking to retire abroad. It is also essential to consider if you will be a true expat and reside in the country of your choice, or if you will still be domiciled in the UK, as this small difference will have huge implications on your pension, taxes, investments and overall wealth management. Understanding the subtle differences between these statuses, as well as the variations in financial rules and taxes between countries will give you the best possible information when making a decision for planning your pension.
What major expenses are on the horizon?
Investing money into pension plans may be an effective way to manage your finances long term, but could leave you with a cash shortfall if you have any large financial obligations in the near future. Whether this is purchasing a property abroad, helping your children finance a wedding, or even setting up a nest egg for your grandchildren, you must ensure that any investments into pensions are managed properly given your current financial situation.
Should I use a financial advisor?
There are so many financial considerations when planning your pension, and planning towards your retirement fund while also being an expatriate only serves to complicate matters further. In order to ensure that you are meeting all the correct laws and regulations, as well as managing your money effectively, it is often useful to use the services of a financial advisor. Their expert knowledge, combined with their experience in financial and pension planning will give you the peace of mind that your money is being made to work, giving you the best possible start for your retirement in a new country.
Pension planning for expats – where to find out more
Montagu Mayer is an independent financial and investment advisory service, which provides bespoke services and solutions to British expats and international professionals. For more information about our pension planning services please take a look at our website, or to discuss how we could help you, please contact us today.
The focus of Montagu Mayer is you; the services we offer, the way we work down to the smallest detail are aimed at helping you empower your money to enjoy life and provide the future you and your loved ones dream of.
All advice is fully regulated with clear, transparent charging structures, full commission disclosure and a variety of Service Level Agreements to suit your budget.
And of course, all of that is backed up by complete regulation everywhere we operate, giving you a total Montagu Mayer experience wherever you choose to move to.
Please click on ‘Become a Client’ at the bottom of the page and complete the enquiry form and we will normally contact you within the same working day during business hours or if you would prefer us to contact you outside normal business hours then please advise and we will quite happily do so. Alternatively you can email us with details about your requirements to info@IFA-Global.com
