Over the past few years, more and more people have come to realise that they must examine their plan for retirement very carefully if they still wish to be able to retire at the age and income level they originally desired.
Gone are the days of your employer, or the state, looking after you in your ‘golden’ years. Ageing Western populations mean that employers and the state can simply no longer afford the once highly generous pension plans such as ‘defined benefit schemes’.
Expats move from place to place and this transient lifestyle goes very much against their Expat Retirement Planning needs. This often prevents them forming coherent financial plans, and retirement planning is commonly the key area that suffers.
Currently, if you make use of an ‘indigenous’ domestic pension scheme, you may not gain access to the funds or move the money before reaching retirement age. What it means is that you build up small amounts, in various places and companies, which do not add up to what you would have been entitled to if you had worked in an equivalent role, in one place, for an equivalent period of time.
It can also become very complex managing these numerous pension pots under different countries and employer systems. Some expats also find that they are unable to predict exactly where they will eventually retire. Whether they will remain an expat or return back home is often a difficult question to answer!
An International Private Retirement Plan to supplement your employer and state provision.