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The biggest saving regret? Not starting sooner

What are your worst retirement planning decisions?

Aegon’s survey asked customers what they thought were their worst choices regarding their pensions. It surveyed both those still working and those who had already retired.

For both groups, the biggest regret was delaying a saving decision – i.e. not starting to save early enough or taking a break from retirement saving. Over half of workers (51%) wished that they’d started thinking about their pension savings earlier.

The second poorest decision, again ranking the same for retirees and those still working, was found to be poor financial planning. Of course, working out an effective financial plan that continues to work in your best interest is no easy task, and this may be why a sizeable proportion of respondents (14% of working people and 18% of retired people) had difficulty. What’s more, 12% of workers believed they should have been more engaged with their retirement planning, perhaps by joining their workplace pension scheme or moving out of their default pension fund to take more control over their money, and 12% of retirees were remorseful over how they used their pot.

The survey wasn’t focused solely on the negative, however. Respondents were also asked what they felt was their most beneficial financial decision, and the top answer by some margin was joining their workplace pension or saving into a personal pension (42% of current savers gave this answer). Those who actually did start saving for retirement from an early age and those who paid extra into their workplace pension also were content with their decisions, as these answers ranked as the second and third best respectively.

It has been well reported in recent press that the UK’s state pension will be inadequate for most retirees to maintain standards of living, which is why Aegon’s pensions director Steven Cameron is urging people not to delay their saving as, for many, their pension is ” the most important saving pot we’ll ever have” and something we should be building up for “as a long a period as possible”.

Aegon’s research once again promotes the idea that, when it comes to pension planning, sooner really is better, and this is an idea supported by Blacktower, as we advise our clients that it’s never too early to begin their expat retirement planning.

Get started today with pension planning at Blacktower

With a Blacktower financial adviser to guide you, your retirement planning decisions can be made with confidence, leading to no regrets and a stress-free, happy retirement overseas. Send us your details today using the form on our Contact Us page or to speak to someone in a specific country or region, you can find all the details on our Meet the Team page.

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The old system was in two parts, a basic state pension of £119.30 plus an additional pension, if applicable, with 30 years NI contributions required to get the maximum amount.  Under the new system there is a flat rate payment of £155.65 plus any protected payment for which you will need to have 35 years NI contributions to get the maximum amount.  There are also a minimum of 10 years in the NI system required to get anything at all. 

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Expats’ EHIC-Style Rights Guarantee a Step Closer

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As it stands, EHIC entitles Britons to state health care when in an EU or EEA country (European Economic Area) for treatments that are “medically necessary” as well as those for pre-existing conditions. Furthermore, as long as a person has not travelled abroad with the specific intention of giving birth there, they are also entitled to routine maternity care.

Although the Healthcare (International Arrangements) Bill does not replace EHIC it clears a pathway to a fast-track bill that will “provide the powers that are needed” in the event of British citizens’ healthcare rights being threatened by Brexit. It also means that, contrary to the fears of many expats, affording private medical insurance may not be an issue they will need to discuss with their expat financial services provider.

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