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Expat financial advice: Why should I have a 6 month emergency fund?

Whenever I speak to clients about investing, I always talk about having an emergency fund equivalent to 6 months of expenses first. Sometimes life can present you with a situation where you need quick access to money and without a financial safety net it can threaten your financial well-being and cause a great deal of stress.

Retiring to Canada from the UK – 5 things you need to know

Are you looking to retire to Canada from the UK? I recently started working with a client who did so. Here are 5 things he told me that he wished he knew before doing so.

How to use Inheritance Tax Loss Relief to reclaim IHT after a stock market fall

In recent years, as asset prices have marched higher, Inheritance Tax Loss Relief has generally been overlooked. However, at times of volatility in global stock and bond markets, such as we have seen this year, it is definitely a subject that is worth revisiting.

How to find a lost pension

It has been estimated that there could be about 2.8 million lost or forgotten pension pots in the UK, worth an average of £9,500 each. I.e. over £26.6 billion in total. This is hardly surprising. The days of working for one employer for 40 years and then retiring with a gold carriage clock are over. Research suggests that average workers will now have 11 different jobs during their life. As people move from job to job more and more frequently,…

How to use margin lending to maximize your retirement fund (+ 5 key benefits)

There has been much chatter in the media recently about Elon Musk’s purchase of Twitter. One of the less-covered aspects of the story is the fact that he is funding a large part of the deal through margin loans. But, what are margin loans and how can we mere mortals use them to our benefit too? Margin loans (also known as lombard loans) are an effective way for individuals to borrow low cost, short term money.

Financial Advice in Poland: 4 things you need to understand about UK pensions

The idea of a pension is relatively straightforward. It is the trading of a lifetime of hard work in return for some degree of security in retirement. At the end of the day, whether in Poland or the UK, what most of us want is to enjoy our retirement years without counting the pennies or groszy. Unfortunately, the reality is that, thanks largely to decades of government meddling, pensions can be incredibly complicated.

8 cyber security tips to safeguard your retirement plans from scammers

This month (October) is cyber security awareness month. What has cyber security got to do with your retirement you may ask? Everything, is the answer. Online scams are everywhere. I read about them all the time. You don’t want your well-thought-out retirement plan being torpedoed due to a lack of online hygiene. With that in mind, here are 8 tips for ensuring that you stay safe from scammers.

Expat Finance 101: 10 Reasons You Should Have a Will

You have probably been told on numerous occasions that you should have a Will. Indeed, doing so may have been on your mental to-do list for months or years. However, you haven’t yet gotten around to it. This may just be due to the hustle and bustle of day-to-day expat life. It may be that you aren’t really sure how to get started. Nonetheless, making a Will is one of the most important things we can do.

What should I do with my offshore investments when returning to the UK?

When it comes to preparing your offshore investments for a return to the UK, the most important thing is to ensure you start planning as early as possible. Most tax specialists recommend that you should ideally give yourself at least a full UK tax year between deciding to move home and actually making the move. Aside from the obvious reason of being well prepared, the reason for starting the planning so far in advance is that things rarely run smoothly.

Expat Financial Advice: How do I manage currency risk?

When we live back in our home country, managing currencies is all pretty straightforward. We are paid in our home currency, we pay your bills in our home currency, and most of our investments are likely in our home currency. In this case, we generally have very little currency risk. The problem we have as expats, however, is that we have too many choices.

Expat Financial Advice: What is a Property Trust Will?

A property trust will (also known as a property protection trust, an asset protection trust, a family protection trust or a property preservation trust) keeps your home safe for your loved ones after you die. It does this by placing your share of the property in a trust, so that the people you want to benefit from it can – but without owning it. With a property trust will, your spouse can still live in the home you share after…

Can I save into a UK pension plan if I live abroad?

Yes, you can live abroad and save into a UK pension scheme. However, there are limits to the tax relief you can claim on your contributions. If you move overseas, for the next 5 tax years you can still make pension contributions of up to £3,600 a year and get tax relief. This assumes you have no earnings taxed in the UK. If you continue to have earnings taxed in the UK, tax relievable contributions can be based on these…

How much money should I have saved for retirement?

Unfortunately, there is no reliable rule of thumb when it comes to the amount of money that should be saved for retirement. It all depends. Every situation is unique, so this number is different for every person, and it depends on your individual circumstances.

Are we heading for a recession?

A recession is coming. There is a 100% chance that there will be a recession in the future. Unfortunately, there is almost a 0% chance that anyone can accurately tell you when it’s going to start (or end). Unlike in King Belshazzar’s feast, the economy doesn’t write on walls.

Have you lost your job before you are ready to retire? Here is what to do

One of the biggest threats to a well thought out expat retirement plan is losing your job before you are ready to retire. You have it all planned out. You are hitting your peak earning years. The costs associated with raising children have started to decline. Now is the time to start socking away some serious funds to boost your retirement… and bosh!!!! Out of the blue, you are staring at a P45. Your employer may have imagined that they…

3 Different Ways to Access Your Pension

Pension flexibility, introduced in 2015, provides those wishing to access their “defined contribution” pension funds with a wide choice of options. Now, as well as buying an annuity, there are two other methods called Flexi-Access Drawdown (FAD) and Uncrystallised Funds Pension Lump Sum (UFPLS). But which option to select?

The importance of properly nominating beneficiaries

A beneficiary nomination is a crucial step in ensuring your wishes are respected when it comes to the distribution of your pension or life insurance benefits. By nominating beneficiaries, you can ensure your assets are passed on to the right individuals. Completing a beneficiary nomination form provides clarity and helps prevent any misunderstandings or delays after your passing.

Can I transfer my UK pension to Poland?

Navigating UK pension options while living in Poland can be complex, especially post-Brexit. Whether you’re looking to transfer your UK pension to Poland or explore alternatives like an international SIPP, understanding your choices is crucial. This guide outlines the best solutions for managing your UK pension while residing in Poland.

Should I take a lump sum from my pension? 4 reasons why you should think twice

It is common for those reaching age 55 to withdraw the maximum 25 per cent tax-free cash lump sum from their pension. Many do so in order to splurge on the holiday of a lifetime, make home improvements, pay off a mortgage or help out children or grandchildren. However, the question should be asked: would people be better off leaving that money invested and withdrawing their pension gradually over a longer period instead? Here are 4 instances where the answer…

A deeper look at inflation

With UK inflation at 5.5%*, quite simply, if you are saving for retirement your money is going to have to work harder to keep its value Let’s say you were planning to retire on savings of £500,000. If prices go up by 10% before you retire, you’ll need to save an additional £50,000 to have the same retirement you had planned for. This means that either you will have to save more or you will need to delay your retirement.

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