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Expats, Do You Have a Regular Savings Plan?

It is easy to understand how the oversight can be made: being an expat on a high value salary in a foreign country with all the excitement and opportunity it brings can too easily result in a short-term and blinkered approach. Yet the reality remains that everyone faces demands on their income, and if these then become compounded by extra expenses such as school fees, nursing home fees for a parent, mortgage assistance for a child or something else, the need for the backup and liquidity of regular savings can quickly become apparent.

Now is Always the Best Time to Save

However long your stay abroad, there is never any time like the present to begin putting money into an expat regular savings plan.

Regardless of your age, the sooner you start saving, the more potential there is for growth. For example, compound savings mean that if you start saving now, not only do you have more time to earn interest, you also have the power to enjoy compound gains (the interest you earn on your interest).

Where possible, it is beneficial to put away as much as 20-30% of your salary—it might curb your spending power a little in the short-term, but over the longer-term you will have more freedom and more leverage.

And the great thing about an expat regular savings plan is that it is flexible enough to accommodate just about anyone’s financial goals: whether you are saving for a second home, a yacht, school fees or something else, you can make it work for you.

However, as with any aspect of financial planning, beginning the process of setting up your expat regular savings requires you to examine your goals, your budget and your options. This is a process best undertaken with the help of an experienced financial adviser or wealth manager.

Financial Advice and Wealth Management from Blacktower

Blacktower has more than three decades experience of helping its clients achieve their financial goals.

Ours is a holistic service—whether you want assistance with your retirement, inheritance or education fee planning or advice as to the best way to set up expat regular savings, we can help.

Contact your local office in Europe today.

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

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The biggest saving regret? Not starting sooner

Hourglass“Non, je ne regrette rien”.

Expats in France may be able to translate this famous song title to “No, I regret nothing,” which is ideally what every saver wants to be able to say as they reach the end of their expat retirement planning period and look forward to moving abroad to their own personal paradise.

But not everyone has the initiative to stay on top of their pension pot, and it might be interesting for the younger generation to hear what older workers and retirees have to say about their pension saving experiences and what they would do differently if they could turn back the clock.

With this in mind, research recently released by Aegon, which asked pension savers about which decisions regarding their pensions they regretted the most, could prove very useful and serve as a firm reminder of why sufficient retirement planning isn’t something to leave until the eleventh hour.

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Self-Employed Neglecting Their Retirement Plans

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Increasing numbers of successful individuals are forging their own path in life and forsaking conventional career routes, along with conventional pension payment schemes, in favour of the freedoms and innovations of self-employment.

Unfortunately, some freelancers and business owners are so focused on their work at hand that they neglect the necessity of pension planning – an approach that may prove detrimental in the long-run.

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