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Retirees embracing life in new ways

In fact, a recent piece of research found that nearly half of all new retirees (45.9%) actually have greater outgoings in the two years immediately following retirement than they did before stopping work. Even six years later 33.4% are still spending more than they were during their working years. Interestingly, this is a trend that is not only confined to individuals of high net worth; it seems that no matter how much money you have, your chances of increased retirement spending are roughly the same.

As those expats with a QROPS in France and elsewhere can probably attest, it may be that QROPS pensions are one of the reasons that so many retirees feel comfortable enough to increase spending once they have given up work; flexible pensions give people freedom and allow for the kind of outlays – whether second homes, campervans or holidays – that are synonymous with a long and enjoyable retirement.

In fact, around one third of people between 55 and 75 say that they hope to be able to withdraw between £2,000 and £5,000 so that they can take an extended trip away, while 20% of pensioners say that they would like to withdraw from their pension so that they can make improvements or adaptations to the home.

Perhaps the biggest indicator of the shift in attitudes to retirement is to be found in the fact that many plan to access their pensions to start a business or move into a consultancy role. Finally, with younger generations struggling to buy a home, many pension aged people, including expats in France, are using their QROPS to help their children and grandchildren buy homes in an otherwise inaccessible property market.

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.

Other News

BLACKTOWER LAUNCHES NEW AMERICAN DESK TO ASSIST US NATIONALS RELOCATING TO PORTUGAL

International investment and financial planning firm Blacktower Financial Management Group has announced the launch of its new American Desk, a service that assists US expats in transferring their financial arrangements when relocating to Portugal. Gibraltar, 12th September 2022 The Blacktower Financial Management Group, providers of bespoke individual and corporate financial planning, has today announced the […]

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Britons stash over £1bn at home as interest rates on savings dwindle

I read an interesting report this week that brought a smile to my face.  It appears that over seven million Britons stash cash away in their homes, with around £1.3 billion languishing in spots such as piggy banks, teapots and even freezers. Drawn by the convenience of having cash to hand and dismayed by dismal interest rates, British adults are squirrelling away sizeable sums at home, it has been reported. 

Only 27 per cent said they were happy with the interest rates accruing on their savings, with many adults saying their children now save more in bank accounts than they do. On average, people said they would need to be able to generate at least £120 in additional interest a year to be persuaded to move their money.

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