Why Lee Byers Thinks a Pension Might Not be the Best Method of Saving for Your Retirement Abroad

Why Lee Byers Thinks a Pension Might Not be the Best Method of Saving for Your Retirement Abroad

Did you know that a pension is not always the best method of saving for retirement and that your personal and individual circumstances actually dictate how you would be best advised to save for retirement? This is especially true for expatriates and those wanting to retire abroad

We're almost preconditioned to accept that a pension is the only method of saving for retirement. We call older members of society pensioners' and we refer to any income received in retirement as a pension.' However, a pension in the traditional sense of the word might not necessarily be the best method of saving for your retirement whether you're hoping to retire at home or abroad.

You see, traditional onshore pensions in the UK are very structured and restricted you're limited on the amount you can save annually, how much tax relief you will get, how much you can take out in a lump sum and when you can actually begin enjoying the fruits of your saving.

These negative aspects of a pension are not the only ones either and if you're an older saver and/or you're an expat already living abroad, a pension might not be the right savings product for you. So you see, if your new year's resolution was to sort out your retirement savings, it's not necessarily as simple as starting a pension. The good news is that we're here to help!

Onshore, traditional, British personal pensions serve a purpose, have a value, are useful for many people and should not be overlooked if you're planning how you want to save for your retirement. What's more, we're not purporting to be pension or financial advisers, and as you will realise when you read this report, we would never claim or aim to offer you personal advice. Therefore, the bottom line from the outset when it comes to your finances and especially saving for your retirement is that you have to have personal, qualified, financial advice.

Your adviser may well explain to you that you're perhaps beginning your retirement savings too late to benefit to the max from a pension that invests in higher risk stocks and shares. The usual path with a pension is that investors have their funds moved into less volatile instruments and underlying assets the nearer they get to their chosen retirement age. This is so that their retirement pot is as protected as they would like it to be.

Your adviser may well explain to you that as an expat, there are ways you can perhaps get a more flexible retirement savings scheme open such as a Qualifying Recognised Overseas Pension Scheme (QROPS). This could suit those who don't want to be restricted to buying an annuity with their pension savings when they retire, and for those who maybe want to save more than they could now that they have moved away from home and are perhaps earning more.

Your adviser may suggest you look at completely different alternatives to any of the traditional pension' type products. This could be best advice' for you if you're older, have a greater or lesser liking for risk or you already have a good amount of money committed to a traditional pension already.

The good thing is that there are a lot of good, solid, exciting and interesting solutions out there for the long-term saving of your wealth. Banks, building societies, fund managers and investment brokerages all tend to reward those who will commit their money for the longer-term well! The slightly less than good news is that as you are an individual with individual money needs, you have to seek personal advice. This can seem like a hassle, and it can put people off getting their finances in order

The thing is though, the longer you put off pension planning, the longer you put off making a regular savings commitment and the longer you look around for the best returning investment solutions out there to suit your personal financial needs, the more opportunities you will waste to make your money work harder and more effectively for you for longer.

So, why put off that pension planning any further find out which solutions are right for you, how you can benefit to the max, which method of approach you would be best adopting to save for your retirement, and how you can position your future well, financially speaking. To do so, get qualified, personal, expert financial advice. Ensure anyone you trust to advise you is regulated, qualified and recommended!

If you would like to receive personal advice, you can always get in touch using our expatriate financial services and we will find the right person to help you.

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