A Guide to Retirement Planning for Expats

Thinking about your life post-employment is a bit strange since we’re all engulfed in our daily lives and deeply rooted in the present. As a result, it becomes difficult to recalibrate and look to the future, but that does not understate its importance.

This is especially true for expats who spend much of their working lives in foreign countries with varying policies, regulations, and of course, a dilemma for when expats do look ahead to their retirement years.

Since most expats do not stay in countries for very long, it is very important to plan ahead to what exactly you want after you stop working, the place you want to live and the pros and cons of every possible decision. So here is a brief guide on planning for retirement: expat edition!

Think about a personal retirement fund

A retirement fund grants you the peace to never have to worry about money when you finally hang your coat for good. It is often said that saving a little is often the way to go if you want to reach a set retirement milestone.

A dedicated retirement fund or account, preferably a fixed one, is a great first step. You can, however, choose to use the services of a expat financial advisor or personal wealth manager to help planning a roadmap for you.

Plan when you want to retire and where you want to live

Having a clear idea of when you want to stop working will help you set your milestones and plan more accurately. Also knowing where you will settle down will guide you on the kind of environment your future self would prefer, whether it’s a place you grow old in or decide to do more travelling.

This way, you will make more calculated and informed decisions on mortgages, health insurance and climate.

Check your living eligibility

Different countries have different policies and regulations on the eligibility of residence. Therefore, it is crucial to do plenty of research and planning to know what might suit you best and what might not. Tax regulations, mortgage policies and land rates are amongst the things you should consider – as well as the possibility of dual citizenship.

Property

There are varying regulations on expats owning property in different countries, so it is important to know what implications apply. Planning for the right mortgage choices and land prices will ease your troubles after you retire.

You many also find there are different rules for buying in your home country as a non-resident. These can include additional tax, restrictions on mortgages or higher interest rates.

Consider offshore investments

Investing offshore can be a great choice for your retirement checklist. Whilst you are in an offshore environment, you have an opportunity to plan your financial affairs in a tax efficient manner. This is especially important if you are in the process of building your wealth, or if you are planning to make a return to your home country.

Each jurisdiction comes with its own rules and the sooner you start tax planning effectively, the more chance you have of protecting your wealth of assets from future potential tax. Speak to a financial advisor Singapore for more information.

If you would like information on any of the above areas or any other areaa of financial planning, please contact.
Matt Baker, Managing Director, Singapore Expat Advisory
Email: advice@singaporeexpatadvisory.com
Tel/Whatsapp +65 9432 8781
www.singaporeexpatadvisory.com

Singapore Expat Advisory is an agency for Promiseland Pte. Ltd and are authorised and regulated by the Monetary Authority of Singapore (MAS).
General Information Only This article should not be construed as an offer, solicitation of an offer, or a recommendation to transact in any products (including funds, stocks) mentioned herein. The information does not take into account the specific investment objectives, financial situation or particular needs of any person. Advice should be sought from a licensed financial adviser regarding the suitability of the investment. This article has not been reviewed by the MAS.