Retirement

Are you looking forward to a prosperous retirement?

Are you looking forward to enjoying the finer things in life and having time to enjoy your retirement when the time comes?

One of the benefits of working in a tax friendly environment is that you can plan your finances as an expat to make best use of your resources so that the returns you achieve are maximised and that you can maintain a good standard of living when you leave work.

Research from Lloyds TSB International reveals that only 30 per cent of those who are retired say their pension income is enough to sustain the lifestyle they want. And 52 per cent of expats surveyed who are still working recognise they will have to reduce their spending substantially once they retire.

How to plan your expat retirement

As an expat, or someone who works outside of their country of origin, you can prevent this problem from arising, as you have access to a range of expat financial planning tools when saving for retirement which are not available to people who stay at home.

These can be complicated however, and you need to be able to understand all the possible options available to you in order to make the best and most informed decisions which will affect both you and your family for years to come.  If you have ever asked yourself the question, how can I invest money as an expat? you have come to the right place, as specialist expat retirement planning is our precise area of expertise.

As specialist expat financial advisors, focusing on guiding our clients in a direction which will maximise their income for the future, the consultants at Churchill & Partners can bring a new dimension to your long-term planning needs, by taking a holistic and impartial view of your finances in order to assist in the process of prioritising your financial needs.

This means sitting down with you and working through the details of your current situation, where you are now and where you want to be when you come to the end of your career, and identifying your aspirations for your future without work.  To build a retirement portfolio takes hard work and long-term commitment, however we can help you to maximise your financial opportunities in the best possible way.

You may already have a pension scheme provided by your employer, which may or may not be enough for your financial needs when you retire. You may have paid into a state sponsored pension scheme provided by the country or countries you have been residing in – however in this case, especially if you have moved country several times, this can be uncertain and difficult to keep track of. It is also highly unlikely to be adequate for your future needs.

Setting up an offshore retirement plan is therefore infinitely preferable and more likely to be able to provide for your future, and has many benefits that other schemes do not, namely portability wherever you are in the world, no tax liability, and no compulsion to buy life assurance or an annuity when you reach retirement age.

For a UK national living abroad, there are also additional options provided by the opportunity to transfer UK based pension schemes via the QROPS system, which is geared towards those with transient lifestyles not aiming to return to the UK. This has many benefits, including:

  • Inheritability
  • Better Growth
  • Lower Management Charges
  • More Favourable Tax Treatment

We already provide QROPS advice to many of our clients and can show you the best ways to safeguard your retirement by demonstrating how the financial benefits of working as an expat can work for you.  You can also read about this subject in more detail on our dedicated website page by clicking here.

All of these issues can be quite daunting to contemplate alone, and this is where we can help. By talking to us you can at the very least make a clear assessment of your needs and how to fulfil them. We can look objectively at your current situation, discuss where your priorities lie for the future, and make recommendations on how these can be fulfilled by drawing on our years of experience.

Talk to us today about financial advice for expats - you can reach us by phone: +44 (0)1245 216030, or via our Contact Us page. We will send you a reply as soon as we can - usually within 24 hours. 

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