In recent years, an increasing number of ex-pats have realized that if they still want to retire at the age and income level they desire, they must examine their retirement plans very carefully. Employers and the government can no longer afford once-generous pension plans like ‘defined benefit schemes’ due to the aging of Western populations.
The expat retirement planning is a process that chooses the right pension and investment plans for your needs. The rewards, however, can be very satisfying with the right approach and careful planning. Getting help from a professional retirement planning financial advisor like those at Singapore Expat Advisory can help you understand the different jurisdictions and determine which pension plan is best for you.
How important is retirement planning?
There are no restrictions on contributions or withdrawals imposed by any country. Allows for consistent mid to long financial planning without closing a pension each time you relocate country. International retirement planning offers a great solution to the transitory expatriate who, like their local counterpart, desires to make financial plans for the future. This solution eliminates the inconvenience and disturbance of establishing a new retirement program every time you move to a better country.
You have no restrictions on which countries you can contribute to or withdraw from when you retire. While you move around, the plan remains in the same location and grows tax-free in a tax-efficient investment area. As you are an ex-pat, conventional pensions aren’t as valuable as they once were; instead, they are a more versatile ex-pat pension plan which can adapt to the changes in circumstances and serve as a lifeline.