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Retirement Planning the Offshore Way
Planning for Retirement Abroad Why do so many of us constantly push the thought of retirement planning to the back of our minds? Reluctance…! 1 Reluctance to save for an event that seems so far away 2 Reluctance to tie oneself to an inflexible retirement plan 3 Reluctance to put much of our current income out of reach in the long term But in terms of retirement planning, defer to tomorrow what you could do today will end up costing you dearly. Every month that you put off planning for retirement, you significantly reduce the value of your potential future retirement fund.
In other words, each month that you delay your retirement savings plan, you significantly increase the amount you will need to invest to achieve the same level of retirement income as if you had started today. If a 25-year-old and a 35-year-old started saving for retirement at 55 and the 25-year-old invested £300 a month for retirement, the 35-year-old would need to increase their contributions to £803 per month. months to achieve the same goal. potential returns. At the legal retirement age of 65, the average man will still have 19 years to live and the average woman 22 years. You will have to support yourself without work and, most likely, without state income.
This means that you will spend 25-30% of your life in retirement. You will need large sums of money to support yourself in retirement in the way you have become accustomed to throughout your life thus far. Recent figures show that people aged 25-44 are saving 1/3 of the amount they should be saving to support their current retirement lifestyle. In most countries, you are obliged to build up your own pension if you want to have a chance of having a comfortable retirement. The value of the government pension you could once count on is falling every year.
Ready to start planning? If you’re an expat, you’re in a more privileged position than most – chances are you’ll enjoy higher pay and additional benefits due to working away from home. Additionally, expats have greater freedom when it comes to making investment decisions: they are not necessarily restricted by the same regulations as domestic investors. Decisions to be made The most sensible solution would seem to be to find a safe harbor to anchor your retirement investments so that you can move from one country to another as needed without negatively impacting your wealth. . However, if you decide to do this, you must decide exactly where this refuge should be.
Offshore financial centers present a viable solution – especially if you are undecided about your possible retirement destination. Basing your retirement investment offshore should mean that future movements of capital or income are not impeded. What you need to know Your personal situation is unique. Be realistic about how much you should contribute.
Consider the charges, bonuses and flexibility of any investment plan
– generally, the more flexible the plan, the higher the fees will be. Be aware that a good offshore retirement plan should allow you to do the following without penalty:
-1 Reduce contributions without penalty (normally after an initial period of one to two years).
2 Switch investments between different funds to respond to market changes. Preferably including funds managed by others outside the area of the establishment.
3 Have the ability to retire whenever you want without penalty.
4 Allow some access to invested monies (again, after an initial period). How to Find the RIGHT Solution Finding out which are currently the best products from each vendor and then manually selecting the best one based on your personal needs and current circumstances is the best idea! But how impractical!
Do you have time to do this? Do you consider yourself an expert in offshore investments and retirement planning? Where would you start? Of course, professional advice will ensure you get the right solution and will save you time and money and significantly reduce your late costs! To learn more about the solutions on the market and to learn more about investing offshore and saving for your future, visit http://www.offshoreinvestmentguide.com today. Find out how to build wealth, enjoy greater privacy, protect your assets and secure your financial future with the Offshore Investing Guide.
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