Retirement Planning For Expats
Although our country has some notable perks, considering the limited visa options and the higher cost of living may leave your decision teetering.
If you’re thinking about retiring in New Zealand as an expat or as a kiwi abroad, it’s essential to have a robust retirement plan in place. Navigating the transfer of pensions, other investment funds, and the tax implications involved can be arduous to say the least.
That’s where the team at MyFuture has you covered. We have worked with countless expats to develop and manage secure retirement plans and guided them through the transfer of pensions and we’d love to do the same for you.
How To Plan For Retirement For Expats In New Zealand
Retiring outside of your country of residency offers a whole other dimension of planning and depends on many factors, such as:
- Where you’re transferring from
- If you have pensions or investments in other places
- If you wish to buy a house or rent
- Which visa you may require.
When it comes to planning their retirement, a common mistake people make is thinking more about how much you’ll need versus what you want to do with it. Retirement is a time to enjoy yourself and reward yourself for a lifetime of hard work. If you focus on just reaching a number, you’re neglecting the lifestyle opportunities and value to your overall well-being.
Planning for retirement begins by getting clear on what your long term goals are and having an honest assessment of where you are at now. Then, in mapping a way forward, we determine how to allocate your resources to help you reach your goals. It also means understanding how to maximise your wealth creation opportunities and diversify your portfolio in order to manage risk.
Retirement Planning Goals For Expats
You’ve made the leap to move to New Zealand, but are you ready to make the leap to a secure retirement? It starts with working out your retirement goals in order to build a roadmap to your future.
Whether you have more traditional retirement plans to live comfortably or if you have loftier goals of a luxurious lifestyle, your retirement goals are within reach. Whichever you prefer, we’ll help you put the plan in place to get there.
It’s important to ask yourself these questions when making a plan for retirement:
- How much income do you have or expect to have to retire?
- When would you like to retire?
- Where do you want to live?
- What are you looking forward to?
- What lifestyle do you want for retirement?
- Do you intend to take any trips or make any large purchases?
- Do you want to continue working?
- Do you have any health concerns?
- What are your debts?
Once you’ve thought about how you intend to spend your retirement years, there are some more practical questions that will guide you in figuring out how much you need to save:
- How much do you normally spend from month to month?
- What is your life expectancy?
- How much money do you have saved?
- How long do you have to save and invest for retirement?
- What wealth building sources are available to you?
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When Should I Consider Retirement Planning?
If you haven’t started planning for retirement, now is as good a time as any. The earlier you start, the more time you have to secure your future and achieve your dream retirement.
Retirement planning doesn’t have to mean making sacrifices when you’re young, but it does mean investing in your future. By understanding and planning your finances, setting goals, saving, and investing, you’ll be well on your way to financial freedom regardless of your age. It can give you the freedom to spend time or money on what matters most and the confidence that your future is protected.
Retirement planning is not a rigid process. Instead, it means balancing your priorities and choosing how much you spend on the things you value most. Get in touch with a Qualified Financial Adviser at MyFuture today for a FREE no obligation Discovery Session to get the best retirement options for expats.