Spencer Lodge on Expat Retirement Planning Advice

Spencer Lodge is widely recognised one of the leading global advisers on financial issues for the expatriate community having worked for some of the largest financial companies in the world including deVere and Partners.

We catch up with Spencer Lodge to get some great independent financial advice for expats, talk about life after deVere and Partners and his plans to grow Fund Advisers in to a leading worldwide financial consultancy. Here’s the first part of what he had to say.

Spencer Lodge

Expat Retirement Planning Advice

A growing number of professionals of all nationalities have been moving to and working in different countries in the last decade. Whether you are a young executive or already have a diverse portfolio of global assets, you will have specific financial goals and objectives. The growing range of offshore financial products and services can help you achieve financial security and provide you with the quality of life you want when you decide to retire.

Investing in international accounts is no longer the sole premise of the rich and famous; all expatriates living abroad may now enjoy flexibility, among other benefits, by investing their money overseas. The offshore financial industry has become more popular and financial institutions from around the world have entered the offshore market as a result of rising demand. There are now many providers that offer a broad range of services ranging from saving schemes to pension and retirement plans, wealth management accounts to lump sum investment products. Let’s look at some facts.

A man who retires at age 65 can expect to live a further 19 years in retirement on average. A female at age 65 has 22 years left. This means that you could potentially spend 25% to 30% of your life in retirement and will therefore need a substantial fund to support yourself. According to recent figures, individuals aged between 25 and 44 are saving only about one third of the amount that they should be in order to support their current lifestyle in retirement. In countries other than the UK, people are required by law to make sure that their pension provisions will meet their needs in order to live comfortably, but the UK are behind in this thinking.

A good, well constructed personal offshore retirement plan should allow you to do the following:

·         Reduce or increase contributions — usually after an initial period of about two years.

·         Switch investments between different funds to respond to changes in the market, without penalties

·         Have the option of retiring when you choose to.

·         Allow you access to what you have invested, after an initial period.

·         Be realistic about how much you should be contributing.

·         Provide you with regular status checks to ensure that your prospective plan is suitable for your individual requirements.

To make sure that your pension covers you for your retirement lifestyle you would be wise to seek advice from a financial consultant who specialises in retirement planning. It is essential that you explore all avenues available so that you can live comfortably in your retirement years.

Further information on Fund Advisers please visit  www.fund-advisers.com

Spencer Lodge MD at Fund Advisers. Fund Advisers are a regulated, independent financial advisory wealth management brokerage. We are fully regulated within the territories where we have permanent offices.

deVere United Kingdom is a trading name of deVere and Partners (UK) Ltd