Career prospects, better pay and even benefits are just some of the reasons why people choose to move abroad. Most people however, like to move abroad when they retire, so that they can enjoy the rest of their life and everything that it has to offer. New opportunities do not come without penalties though. If you want to find out more about that then take a look below.
Don’t: Forget about your Pension
If you want to get the biggest benefits then you may want to look into getting an overseas pension. When you do, you can then feel confident knowing that you can take advantage of tax benefits and you won’t have to worry about providing for yourself when you make the move. If you want some help with that then Pensions for Expats can provide you with some fantastic advice.
Do: Track your Day to Day Outgoings
We live in an age where you can get instant gratification from buying something. It only takes a couple of seconds to pick something from sites such as Amazon and when you do, it will be with you the very next day. That being said, you do have to make sure that you plan out your finances as much as possible, early-on. You can easily start by making sure that you have a complete view of the finances you have now. This may be easier said than done, but if you use multiple accounts or even credit cards in other countries, then you’ll need to exercise caution.
Don’t: Forget about Currency Exchanges
You don’t have to be an expert in Forex to take advantage of currency fluctuations. If you are planning on living a life abroad then you need to give some serious thought as to how you are going to transfer your money. This is especially the case if you plan on moving your pension pot, if you want to buy a house or even if you have some retirement money you would like to invest. If you want to benefit yourself here, then it would be wise for you to set up an alert for a foreign exchange currency app, so you never miss a good moment.
Do: Focus on Saving
Living internationally will require you to grow as a person. This is great, but at the same time you also need to make sure that you are putting enough money away for yourself. It helps to start out simple here. Save up a fixed percentage of your income every month and then use automated transfers so you have it all put away long before you spend it. If you are investing, then try and have a strategy that limits your risk while also maximising your growth.
Don’t: Overlook Hiring an Advisor
It’s vital that you hire an advisor whenever you need some help with your move abroad. When you do, you can then count on them to help you with your pension, any savings that you want to take with you and the taxes that you might need to pay.
