retirement | Ross Naylor

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.

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.

Financial planning for expat women

Did you know that women typically live longer than men? This fact applies irrespective of nationality. In the UK, the difference in life expectancy is almost 4 years. Women also tend to have much shorter working tenures than men, which means less time to build up retirement funds.

Should politics influence your retirement plan?

It is hard to avoid politics these days. Whether it is Brexit, Trump, BLM or the merits of how different governments have responded to the pandemic, the political coverage is relentless. With widely polarised opinions and 24-hour news reporting, it is natural to wonder whether political considerations belong in your retirement plan.

Pension access options for expats who are considering retirement

If you are an expat of age 55 or older and you are unsure about how to access your retirement savings, then the good news is there are a number of options open to you. There is certainly a lot more flexibility in this respect than when I first started advising British expats on their retirement options 20 years ago. However, alongside greater freedom in how you access your pension comes the need to make an informed decision as to…

Can I afford to retire?

You may be keen to start learning new skills and exploring the world. Alternatively, as an expat, you may have had enough exploring the world and may be keen to settle in one place. You may have lost your job or may need to stop working due to health reasons. Or you may need to retire in order to care for loved ones. Whatever your reason, the question that you have on your mind is “can I afford to retire?”.