When is the right age to retire?  That wasn’t a question that was ever asked.  Women retired when they were 60 and men took their retirement at 65 years.  Those were the ages at which they received their state pension.  With all the changes being implemented in the UK regarding the increase in retirement age and the additional right to work for as long as a person wants, the situation has become quite confusing.

Those people who have decided to retire abroad and who have private pensions etc are in the fortunate position of having expert advice available from the consultants at Trafalgar International.  They will be able to make suggestions based on your individual circumstances and they can also give advice regarding suitable investments.  There is a wide choice currently available for those ex-pats who want to make the best income from their hard earned savings, together with equity from property which had been taken when moving.

It is really easy to sit back in your chair, safe in the knowledge that your money which had been saved over many years, is earning good interest in the bank.  Nothing could be further from the truth.  In actual fact, money in a savings account at a bank, will only earn a very small amount, certainly not anything like enough to justify it being there.  Trafalgar International has the expertise to be able to guide you through the maze of investment and savings in order to generate a monthly or annual income.  It is also worth discussing the ongoing position regarding private and state pensions and asking for their advice.  You don’t always have to follow their instructions but be aware of their recommendations.

Anyone planning to retire in another country needs to start making provision for this as soon as the decision has been made.  There are many different ways of dealing with the financial planning which is so essential in looking forward to a secure future without needing to consider every penny.  Trafalgar International will be able to give advice regarding a start point and how to ensure that tax benefits are maximised wherever possible.

It is wise to start planning for the future at as early an age as possible.  Those families who will be moving abroad whilst still working, will need to make provision for childrens’ schooling and university fees.   Many families do send their children back to boarding schools in the UK and this is very expensive unless it is subsidised by an employer or relatives.  Spending money on education is never wasted it is an investment in your child’s future – although a well-known phrase does spring to mind “education is wasted on the young”.  Not only are there school fees which require paying, there are inevitable additional costs as well.  These are closely followed by university fees and accommodation costs etc.  The financial implications are really important to consider before arranging for a child or children to receive a public “private” school education.  The fees alone are approximately £20,000 each year although quite often there are special arrangements for those families living abroad but with the children returning to the UK for their education.  Additional to the school fees are extra costs for hobbies and music lessons, trips away etc.  Then there is the school uniform which always must be purchased from the recognised uniform provider.

There is an end to it though and for those families who are able to pay the costs involved the benefits do outweigh the financial outlay.

Those families moving abroad who are either close to retirement age or have already retired need to ensure that every options regarding private pensions, investments, income and assets have been considered carefully before decisions are made.  The Consultants at Trafalgar International have the experience to provide every client with a personalised plan depending on their individual circumstances.  There are now many ways for those of us at pensionable age to secure a considerably better tax efficient income to add to the enjoyment of spending the latter years abroad.  For those who have already retired there is the additional bonus that overseas pensions may also have the benefit of not affecting Inheritance Tax.

Those people living in UK who are planning on moving abroad when they retire, should whilst they are still working start planning their retirement “pot” and the most advantageous way of increasing their income whilst keeping their income tax liability to a minimum.   It is also imperative that the family has sufficient income for them to remain financially independent throughout the rest of their lives.

There are now many different tax benefits in transferring your UK Pension into a QROPS pension and this can be arranged.  The experts at Trafalgar International will be able to advise you about the various alternatives as they are used to dealing with the different companies and can ensure that you are given the best possible information.  The main point to consider is that there isn’t a hard and fast rule or even a box into which everyone fits.   Bearing this in mind it is essential to discuss your specific requirements with people who spend every day in assisting other clients like you, in the best way forward to making you financially secure whilst enjoying your retirement.

For those expats enjoying their lifestyle and later years in warmer climes, navigating the minefield which is QROPS can be difficult.  It is essential to take advice from experts who deal with this subject on a daily basis.  Trafalgar International will be pleased to give advice and guide those people who may be affected.  QROPS isn’t a word that trips easily off the tongue – however, the full title is even more of a mouthful.  Qualifying Recognised Overseas Pension Schemes was created in order to help Britons living abroad a way of receiving their pension within a government approved scheme.  This way all existing pension plans can be transferred into QROPS from where it can still be received by expats.  The minimum age that the retirement pension benefits can be taken is 55 years.

Those with a QROPS will quickly find that it offers significantly greater flexibility.   The majority of QROPS do not have tax deducted at source, however any tax due will depend on the tax laws of the particular country.  You will certainly benefit by the transference of pension funds abroad, so please don’t even contemplate leaving them within the UK.

Trafalgar International has the expertise to understand the complexities of QROPS.  Only by discussing the various options will they be able to suggest the most efficient method for looking after pensions and investments.  There isn’t a simple rule which satisfies everyone’s circumstances and all implications require careful consideration.

The only thing to consider is that there are many different QROPS globally and knowing the right questions and answers resolves various financial issues.  It is a difficult concept which can be made much easier by the intervention of the experts.