Can you afford to retire?
If you were born just a few decades earlier, retirement planning would have been quite simple. The state and your employer would have taken care of everything. You would most likely be working in the same country and often for the same company your whole life. You wouldn’t need to worry about currency fluctuations, zero interest rates and constantly changing rules.
However, for most, these days are gone and you are facing a retirement planning challenge now and many things have changed. The state pension is nothing more than a (still welcome) icing on the cake, far from being sufficient for an average retired person’s needs.
Employer-provided pension plans are still the core of retirement savings for most people, but many employers have moved from defined benefit to defined contribution schemes, effectively transferring the risks to you.
Moreover, the idea of working for the same company your whole life is a thing of the past. Many people have worked for a half dozen employers before they turn 30 and in some cases these employers are located in different countries. Being an expat adds another layer of complexity to your retirement planning.
Uncertainty about our future and being flexible with locations, is a major strength which enables you to take advantage of a wider range of international products and creates opportunities to earn more money. However, this also means that most expats don’t know where they will live in the future and where they will eventually retire to.
Even when you have plans and preferences, various factors in your professional and personal life can change them very quickly. Changes to domestic and international policies can also have an unplanned effect, such as Britain's recent exit from the EU, which has had a huge effect on any Brits wishing to retire and permanently live in Europe.
When it comes to our future's, it's best to find out where we stand now.
To review your retirement structure or for further information, please contact me. I will be happy to help with whatever questions you may have.
Rob.
E: robert.gourlay@holbornassets.com T: (+6) 01151565649 W: www.rgwealthsolutions.com
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