The Importance of Retirement Planning

Don’t put off today what you can’t afford to do tomorrow!

Despite the worldwide pension crisis and a growing acceptance that we must plan and save for our retirement, the harsh reality is we are not saving nearly enough. Research in the UK and USA suggests that only 5% of citizens are saving sufficiently for their future. With governments already talking about increasing the mandatory age for retirement there is a serious concern that people will have to work during their golden years.

In the expatriate arena there is further concern. Besides having insufficient savings, many are simply not making full use of their offshore advantages.

The table below demonstrates the amount you need to save to achieve a retirement fund at age 60 with a purchasing power of £50,000 per annum in today’s money.

NB: The table assumes 3% inflation, 9% income growth and a 5% return after retirement. It also assumes that you have no current retirement provisions. A deVere advisor can provide you with a free personal balance sheet projection, taking into account your current pension provisions and your required annual income. Call us now on +34 93 342 9190.

But what about my State/Company Pension?

With shrinking working populations and rising life expectancies the days of relying on state pensions in our retirement are at worst over, at best numbered. Besides, for most people a state pension is simply not sufficient. In the UK the going rate is just 85 pounds a week and as an expatriate you may not even be entitled to that.

Recent headlines also indicate that company pension schemes are becoming less and less reliable. Tens of thousands of people in the UK alone are facing significant losses due to the wind up of under funded pension schemes. Even blue-chip companies are following the trend of shutting down their defined benefit pension schemes and putting the onus on the individuals to provide for their future.

Time to Act!

The chances are high that you are insufficiently funded for your future needs. The chances are also high that you are unaware of the extra issues that surround retirement planning for expatriates. To enable you to make the most of your offshore status and enjoy a comfortable retirement you need to seek advice now.

One of our advisors can review your retirement goals and produce a balance sheet analysis unique to your situation. In the event that this analysis identifies a shortfall or areas of concern your advisor will discuss them with you frankly and honestly. As the chart above shows, not acting now could mean that your retirement days are anything but golden!

deVere and Partners is the largest Independent Offshore Advisory Company of its type in the world.  With expert teams of Independent Financial Advisers in more than 30 countries, we currently have over 25,000 clients in 105 countries with in excess of $5 billion of funds under administration and management. Our advisors will provide you with all the information you require to make an informed decision about your future savings. We offer you a free and unbiased overview of your current situation and independent advice on the various savings and investments available to you. E-mail us now or call us on +34 93 342 9190 to speak directly with an adviser.

deVere and Partners – Bullet proofing your financial future!
Don’t still be working at 86!