Europe’s retirement income outlook
According to a February 2019 study by Ipsos for the ING Group, nearly two in five of non-retirement age Europeans believe that they will be unable to maintain their current standard of living once they retire; while half of the retired people surveyed said they had less income in retirement than they did during their working lives.
There was also some gender-split in the outlook of those surveyed: 30% of non-retired European males were optimistic about their retirement lifestyle, compared with only 23% of non-retirement European females who expressed this view.*
In fact, so many Europeans expressed doubt about whether they would have sufficient retirement income from their assets that half said they expected they would need to work during their retirement. However, 63% said that working into later life may bring social and health benefits, so it is perhaps not all bad news.*
Retirement savers need help and advice
The pension reforms of 2014 were largely only beneficial for wealthier savers with defined contribution schemes. But even this group is not necessarily immune to retirement income problems.
Anyone who has saved hard to create a pension, including those who have a career-spread of smaller pension pots, should seek pension advice sooner rather than later.
Expat financial advice for a wealthier retirement
Whatever the state of your savings and investments, seeking qualified, regulated advice is key to achieving peace of mind as you move towards retirement.
Blacktower Financial Management provides expat financial advice from its offices throughout Europe, the UK and the Cayman Islands. We bring more than thirty years of experience to our clients, helping them to protect and grow their wealth while taking full account of their unique cross-border financial situations.
If you would like to speak with us about having a review of your expat pensions and retirement investment strategy or to talk to us about other broader international wealth management concerns, contact your local office today.
* All figures taken from:
https://think.ing.com/uploads/reports/ING_International_Survey_Savings_Retirement_Saving_Challenges_2019_FINAL.pdf – Accessed 11-07-19
Much has happened since I last put pen to paper in the immediate aftermath of the referendum result and I thought it sensible to comment on some of the issues which are emerging from the ‘swirling fog’ that we experiencing. July 24th 2016, reminded me of September 12th 2001 in New York, with people walking around in shock, confused at the attack on the political and economic system. To be angry at the shock of the unexpected result and how that might affect everyone’s life is a natural and rational response, however much it might seem otherwise. Last week I wrote that the result was not a disaster and the financial system was capable of absorbing this shock, in short, my view has not changed.
Nearly everyone dreams of winning the lottery and sailing into their sunset years of retirement aboard a superyacht of financial freedom and security. The problem is, however, that simply buying a lottery ticket is very unlikely to result in anything other than the needless spending of your hard-earned money.