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Frequently Asked Questions
People often have different ideas about how they want to spend their retirement. Many people hope to fully retire at a certain age and enjoy the fruits of their labour, or slow down and work part time, run a small business, or even take up a social or voluntary role in their community.
Unfortunately it’s too often the case that people are doing too little to meet these requirements or are simply doing nothing at all. Many people living internationally might not have access to private pensions or are forced into contributing to state pension schemes they will never be able to access.
With national pensions suffering from large funding deficits and company retirement plan continuing to offer reduced levels of benefit to their employees, we have to ask: who is going to pay your retirement income? Who is going to secure your financial future?
Today you can’t rely on anybody but yourself to secure your financial future or an income during your retirement years. Even the ability to reach your future retirement lifestyle goals will become increasingly difficult every month you fail to take action and could eventually become unattainable. This is due to the ‘cost of delay’ which simply means that the less time your investments have to grow and compound, the more money you will need to invest to make up the difference. It is the extra money you’ll need to invest to catch up that will cost you more to reach the same future financial goal for doing nothing about it now.
The first step is to realize what your future goals and targets are and how much you need to be putting away to achieve those targets. Have you ever calculated how much you should be investing for your retirement before? Or if you already have a pension or retirement plan do you know what your current investment shortfall is for your retirement?
Talking with an Argentum Advisor will help you determine what retirement goals you should be targeting based on your personal circumstances and how you can most effectively use your surplus income today to meet those goals. We specialize in providing solutions to foreign nationals living and working abroad with mobile careers and the need for portable international retirement solutions. Our advisors will consider your nationality and current tax treatment in recommending tax efficient investment solutions to you, for example:
British Nationals, or anyone who has lived and contributed to a UK based pension can benefit from transferring and consolidating their existing UK pension schemes into a SIPPs.
The main benefits are to protect the value of your pension from any scheme changes that might be imposed by your previous employer; consolidating a number of pensions into one private pension reduces the fees you are paying; a greater range of investments options and control over how your pension is invested; being able to pass on the full value of your pensions to your spouse without any reduction in benefits. At Argentum we have a wide range of pension transfer and consolidation options offered through UK based schemes called SIPPs or Self Invested Personal Pensions. One of our Advisors would be happy to explain more about the benefits and how you can get more control and value from your UK pensions at an earlier age. For any UK national with UK based pensions we highly recommend that you do review your existing pension’s arrangements to make sure your pensions are working for you and not against you.
US Nationals, or US green card holders who now find themselves living internationally and unable to continue contributing to their company 401K retirement plans: we have a wide range of solutions available to you. Depending on your current asset value and earnings we can also advise on international pension solutions that are US Qualifying and would give you a number of tax efficient benefits in the US.
Australian Nationals, we have solutions that would allow you to take advantage of recent amendments to tax rules in Australia enabling you to receive investment gains back home free of income or capital gains tax.
French Nationals, can take the opportunity whilst working abroad internationally to benefit from having the growth earned on your international investments to accumulate tax free year on year.
What ever your nationality together we can help you develop a strategy to build up the capital you’ll need to enjoy your retirement years to the full. A personal private pension is how most people today plan to cover any gaps in their retirement needs. To learn more about our services and how you can become an Argentum client, contact us today.
Before meeting one of our advisors, feel free to run through some scenarios yourself with our retirement calculator.