The promise of better weather and more sunshine, combined with the adventure of exploring somewhere new draws more and more UK nationals to foreign climes every year. If you're one of the many with their heart set on a retirement overseas, it's essential that you build a robust wealth management strategy in order to secure a comfortable financial position to help

you achieve your goal.

If you're already an expat enjoying life abroad, you are very likely to have already experienced the benefits of life in another

country, such as a better salary and reduced costs of living.

As an expat, you may find that you have other financial advantages, such as offshore investments and tax breaks. These can all be combined as elements for your overall retirement planning, on top of the usual retirement products, such as pensions.

Whatever your position, good retirement planning is vital if you want to enjoy a secure financial future. By talking to one of our experienced financial advisers at Guardian Wealth Management, we can look at your pension entitlements and other available solutions to help build up a comfortable level of funds to assist you through your retirement.

Many of us dream about

retiring abroad

As long as you qualify through the national insurance contribution criteria, you are eligible to get a UK state pension regardless of where in the World you live. With so many retirees choosing to live out their days in a foreign country, there is a large proportion of ex-British nationals who receive their UK state pension even though they are permanently residing in another country.

Depending on where you live, you may be required to pay tax on your UK state pension. The tax rules vary from country to country, so if you're considering retiring abroad and qualify for a UK state pension,

it's worth looking into the tax rates in your preferred jurisdiction, in order to gain an understanding of how legislation will affect your retirement income.

It's also worth noting that, again, depending on the country in which you live, you may not receive the usual yearly increase that is made on the state pension. If you have any questions regarding how your residential status may affect your UK pension, you can call HMRC.

Fortunately, even if you qualify for a UK state pension, you may find that it's not enough to provide an acceptable retirement income for your needs. In many cases, people spend their working lives making contributions into a private or occupational pension scheme in order to accommodate for this. The problem is that transferring a private pension overseas can sometimes leave you out of pocket, with a lower additional income than you bargained for. Bank charges, transfer fees and fluctuations in currency exchange rates can add up to quite significant losses.

By seeking retirement planning advice from our independent financial advisors, you will benefit from a professional outlook and a selection of options, to help you overcome these potential issues.

You and the UK

State Pension

Things to watch out for

While building a wealth management strategy, the retirement element is often neglected. There are some common misconceptions that seem to distract from the real value of getting your retirement planning in place as soon as possible, including:

I do not need a pension - my property will provide for me

Although there have been many fluctuations in property prices over recent years, it's fair to assume that if you bought your property many years ago, there may be a large amount of equity in your home. While this can offer some sense of security, it's important to consider other factors, such as where you will live if you sell your property, and whether or not there is enough equity available to purchase an appropriate new home, and still have enough funds left over to provide for your retirement needs.

You may be considering taking advantage of one of the many equity release schemes on the market, if doing this, you need to balance out the potential benefits and pitfalls of using this as a way to as a way to provide you with an income during your retirement.

It's somebody else's responsibility

Investigations indicate that only one in three married women have their own pension scheme that they contribute to. The problem is, we never know what the future may hold - what position would you be in if you were to divorce, or if you were to outlive your partner by many years? Leaving your retirement planning for somebody else to take care of can be a traumatic and costly mistake.

Only the wealthy can look forward to a good retirement

Of course, if you’re wealthy all matters of financial planning become a little easier. But wealth is not a prerequisite for a comfortable and enjoyable retirement - the real necessity is taking responsibility as early as possible and to start making your retirement plans in good time, so that you can build the financial security that you need.

You can't trust pension schemes

Pensions suffered a lot of bad press during the 1990s, but it would be naive to think that all pension schemes are to be mistrusted. With good advice and clear information, you'll be able to find a pension product that will offer you a good return and one in which you can put your trust.

Making contributions into a pension scheme doesn't fit in with my budget

However much you may need to reassess and juggle your finances, it will cost you much more in the long run in terms of lifestyle and your sense of personal well-being if you fail to set aside a little something on a monthly basis towards your retirement. Little and often, over a prolonged period, can soon mount up to an impressive pension pot.

It's too late for me!

The sooner you start making provisions for your retirement, the better - there is no such thing as being too late. Advice from a qualified wealth management professional can help you to identify ways in which you can boost your pension and make adequate provisions for your retirement.

Retirement and You

The most common question when starting to develop a retirement plan is: How much money do I need to save?

The answer is that there is no real answer - the amount of money that you need to provide a good retirement for yourself is dependent on the amount of money that you can afford to save and how you intend to spend your retirement. This is why starting your retirement planning sooner rather than later is always the best move.

You also need to consider, if you're planning on retiring abroad, there may be no state provision for health care and other costs associated with old age and ill health. This means that you will need to include a contingency for medical care when making your retirement plans.

Another factor that can't be ignored is that your outgoings may increase once you take retirement. More time spent at home, day trips out, new hobbies and other activities can all leave a dent in your retirement income. If you want to be able to live your retirement to the full, retirement planning is crucial.

As you can see, making plans for your retirement is serious business - so let's get down to it. You can contact our advisors here at Guardian Wealth Management at your convenience, to discuss the options available for your retirement planning.

You are eligible to receive the state pension from age 65, but when you consider that the UK average life expectancy is over 77 years for a man, and 81 and a half for a woman, you will see that you potentially have a long retirement ahead of you and many years to provide for.

Finding the Right

Retirement Solutions for

You

The risk factor

A flexible friend

By choosing a flexible solution, you will have the ability to alter the amount of your regular contributions or sometimes even switch investments in order to take advantage of better benefits. If you're interested in taking an earlier retirement, a more flexible product can enable you to take a lump sum when needed.

Making it less taxing

There are many product options around that will enable you to take out a pension in a different jurisdiction to where you reside. This can offer excellent tax advantages, so be sure to ask your advisor

what options may be ava i lab le

Calculate the costs

As you’re probably aware, your pension fund manager will charge you for looking after your retirement finances. Before you commit to a product, make sure that any fees and costs are made clear to you and that you agree to the rates charged.

There are many different products on the market that can be used to help smooth the path to retirement. In order to find the best solutions for your needs, you shou ld seek professional advice to help you understand the a d v a n t a g e s a n d disadvantages of each a v a i l a b l e o p t i o n . Additionally, by sharing y o u r h o p e s a n d objectives with your advisor, you will be able to decide the most appropriate direction to take in order to meet your objectives. Guardian Wealth Management will talk you through the following considerations in order to identify the best products for you:

When it comes to investments, there is always some element of risk involved. You will need to consider your attitude to risk and ensure that you invest your money in a way that you're comfortable with. If you're already on your way to retirement, then low risk investments are probably more suitable for you, as they will provide a clear expectation of the amount of money that you will have at your disposal in retirement.

to you.

So, What Are The Options?

There are several different options

available in order to build up a healthy

retirement income, such as:

Cashing it in

If you already have a pension, you may

be entitled to cash it in. This is not usually

recommended however, as it could cost

you in lost benefits. Whatever you do,

never take this step without consulting

with a professional advisor first, as there

may be better options available.

Qualifying Recognised Overseas Pension Schemes

Qualifying Recognised Overseas Pension Schemes, or QROPS, can provide a beneficial retirement solution for expats, or anybody intending to reside outside of the UK for at least five years. There are many potential advantages to QROPS, such as investment flexibility, advantageous tax breaks, the ability to draw your money in a currency of your choice and the fact that you don't need to buy an annuity. QROPS are recognised by HMRC, so you need to check that the product you've chosen features on their list of approved schemes - however, you can transfer your UK pension into a QROPS in any jurisdiction, so you’re not restricted by location, which can lead to finding a better deal.

Self Invested Personal Pension Schemes

Self Invested Personal Pension Schemes, or SIPPS, can provide a flexible solution that opens the door to multiple investments and offer you tax benefits.

Guardian Wealth Management - Retirement Planning Advice You Can Trust

Whatever your current situation, our adv isers a t Guard ian Wea l th

Management can help you to assess your circumstances, review any pension and retirement planning that you already have in

place, and advise you on the best strategy going forward.

We operate from a number of jurisdictions across the world, giving us a valuable insight into expat financial planning and the different products and solutions available.

What's more, because we are truly independent, you can rest easy knowing that any recommendations we make have been chosen for their benefits to you, rather than for our own financial gain.

We will look at all of the different options available to you from across the entire marketplace, helping us to identify the most rewarding retirement solutions for your needs.

Alternative investments

When structuring your retirement plans, remember that there are many other types of investment that can provide a much needed additional stream of income in your retirement. You could invest in property, bonds or simply put some funds away in a good savings scheme. There are a multitude of overseas investments that can also be considered, so feel free to speak to one of our independent financial advisors to find out more.

Last But Not LeastWhen making retirement plans, you'll also need to consider inheritance tax liability and your will. There's no point putting all of these careful plans into place, only to find that in the event of your death, your family and loved ones will not continue to benefit from your lifetime of hard work. Our financial advisors can provide information and advice on making a will and inheritance tax planning.

The information here will have given you plenty of food for thought, but it’s highly recommended that you take no action until you have had a consultation with a professional financial advisor.

Retirement planning can be complex and you want to ensure that you get it right, in order to get the very best results. By seeking professional advice, you eliminate the potential risk of making an expensive mistake that could continue to have repercussions into your retirement.

If you would like help with your

retirement planning, simply contact

Guardian Wealth Management to take

advantage of our honest, easy to

understand and no-obligation

consultation service.