International Retirement Planning
The increasing mobility of expats over the past few years has meant they can be based in multiple locations over the course of their career. This can result in them receiving fragmented retirement benefits or no benefits at all. There are, however, a variety of options that expats can choose from to make sure that they are able to maintain financial independence when they retire. Some opt to stick to the scheme they paid into in their home country, whilst others look into purchasing real estate or other options tailored towards the expat community.
As is always the case with money issues, there is no one-size-fits all solution. Expats who move from country to country for short amounts of time may not always meet all the vesting and participation requirements for a local retirement plan. Furthermore, not every plan is transferable, and not every country has a social security agreement that will allow you, as an expat, to take your contribution with you or transfer it to your home country. You might not have decided on where to retire yet and, even if you have, it could be tax-inefficient if the payout of benefits was made when you were abroad. For these reasons, retirement considerations gain more urgency for expats, as no other group has as much pressure on them in terms of financial management.
International Retirement Planning (IRP) offers a great solution to expats who wishes to invest and make financial plans for their future. IRP can be fairly complex, so the kind of professional advice that you receive can bring about significant benefits. To make sure that you can afford to stop working when you want to, there are some key issues you will need to consider. These are:
What are the retirement options available to you?
Where do you want to live when you retire?
How will your retirement income be taxed in the new country of residence?
How many days will you be allowed to spend in a particular country before being deemed a tax resident?
Can you retire early?
Our IRP Team helps globally mobile expats to solve their problems. Even if you think it’s too late to plan for your retirement because you have retired or are close to retirement, we can provide solutions to help you improve your quality of life. Our services include:
Designing the best IRP model, taking into consideration your needs and desires
Explaining the specific advantages and disadvantages of each aspect
Assisting in choosing the options that most closely align with your goals
Preparing, submitting and maintaining all of your planned documents