Planning Your Retirement
Take the uncertainty out of your later years
Whether you see retirement as a time for relaxation, or the opportunity to do what you have always wanted, it takes plenty of money. That' s why it's important to plan well ahead and make sure that your finances are as tax efficient as possible. And if you're planning to retire abroad you need to think about how you'll manage your money in your new country too. It's never too soon to begin.
A lasting lifestyle
Nobody wants their standard of living to drop dramatically when they retire. Your retirement lifestyle shouldn't be dictated by poor returns from a haphazardly designed portfolio, or a small government pension. Professional financial planning advice is key to improving your chances of a comfortable retirement.
Here's how our team of International Wealth Managers can help:
- Create a holistic and realistic financial plan that keeps your personal goals in mind
- Devise a portfolio investment strategy that suits your needs
- Identify the most appropriate level of investment risk for the return you require
- Provide asset protection advice and planning
- Try to make your portfolio as tax efficient as possible
- Offer a range of HSBC and 3rd party products in a variety of currencies , including products only available offshore
- Provide advice on savings, retirement and International protection products specifically designed for highly mobile expat customers
HELP ME DECIDE
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Retiring planning: making your money last
- A 25-year-old putting away US$327 per month at 5% should have a half a million dollar nest egg by the age of 65 but a 45-year-old would need to save almost 4 times that amount -- US$1,216! -- to achieve the same. In fact, if the 25-year-old only wanted to save money for 20 years at 5%, he would only need to increase his monthly savings to US$445 to still accumulate US$500,000 by the age of 65
- Pension systems that were designed to provide for subsistence living or to supplement other forms of retirement income are struggling to fund the increasing standard of living demanded by subsequent generations. (Source: The Future of Retirement: What people want, HSBC Holdings plc, 2006)
- People are increasingly recognising that governments will not be their sole source of support in old age. In the advanced economies, there is still a strong view that governments should provide for our old age, but little confidence that they will. In the transitional economies, there is an overwhelming acceptance that governments should not and will not look after us in our old age. (Source: The Future of Retirement: What the world wants, HSBC Holdings plc, 2006)
How prepared for retirement are you?
The HSBC Group's 'Future of Retirement' report studies the various ways in which people of different generations throughout the world prepare for their later years.
Test yourself to see how prepared you are for retirement, compared with others in the country where you live.
THINGS TO CONSIDER IF YOU'RE RETIRING ABROAD
We can make it easier to manage your money
- Changes in the exchange rate may affect your income from a pension or investments based in your home country
- You should consider holding savings or investments based in your destination currency
- We can explain the implications of foreign exchange to you in more detail
- We can offer you bank accounts and arrange cards in sterling, US dollars and euro.
- Browse products and services by currency: sterling / US dollars / euro / other - Offshore bank accounts and savings accounts in a range of currencies. Open one to avoid the need to open another offshore account when you move.
- 24 hour access to your accounts / investments via Internet and telephone. Plus send money to other banks in different countries without having to go into a branch
- Offshore investments in sterling, US dollars or euro – avoid unnecessary foreign exchange charges when you invest in your local currency
- Guide to moving abroad – find out what you should do before leaving your home country
- Free country guides to help you plan your move
- Information on the tax implications of retiring abroad
- On the ground representatives to welcome you in Dubai, Hong Kong, South Africa and Singapore
- Advice on the impact of foreign exchange
†All interest is currently paid gross. However, if you are residing in the EU, credit interest may be subject to a retention tax. As an alternative, you can opt to have your account details reported ultimately to your local tax authority.
Learn more
As with all financial planning your tax situation will depend on your personal circumstances and you may wish to refer any planning to your accountant or professional tax adviser
