It is probably fair to say that most expatriates have higher expectation of their retirement, in terms of when they would like to retire and the lifestyle they aspire to, than their peers back home. Higher earnings and career prospects may have been one of the incentives to become an expatriate in the first place.
However, when it comes to providing for our retirement, too many people are doing too little too late.
The problem facing many expatriates is, what to do?
Many people will have pensions "back home" which they can not contribute into while overseas. Some expatriates may not be contemplating going "back home" at all, but are looking to retire somewhere else.
It is also common for overseas employers to add a "pension allowance" into an expatriates remuneration package to take into account that they gave up a pension to take their current job. However, quiet often this allowance just gets incorporated into the family budget and ends up going towards a bigger condo, school fees, or holidays for the family.
However, there are a number of tax efficient ways of providing for a comfortable retirement. The area is complex and choosing the right vehicle requires a detailed understanding of your personal circumstances, retirement goals and where you aim to retire to.
If you would like to learn more Retirement Planning for Expatriates contact us here.
In order to determine the best solution for you, meet with one of our advisers, who will asses your current situation, or issue that you want addressed, and will construct an effective affordable solution specially tailored to fit your needs.