10 Jun 2019
The retirement plan for expats
It is very common for those expats who worked in various countries to have a complicated retirement arrangement. They may have several pensions all over the world. It is likely the pensions are in different currencies, banks or financial institutions. Furthermore, they may have a high transfer cost. It is much challenging for them to manage their pensions than the general. However, everyone needs a retirement plan to secure the autumn years. Expats are not exceptions as well. Even though it is a challenging task for the expats, there are ways to make thing easier.
Before relocating to a new country, expats may need to discuss the pension with the HR managers. Many large employers nowadays offer international pension plans to their mobile employee. Those plans are payable in multiple currencies and allow you to choose between several different investment possibilities according to your preference. If your employers are willing to offer you such a plan, you have to go through the details and pick the one suits you the most.
If your employer is not going to provide you an international pension plan, you may need to take care of your retirement provision yourself. Other than that, you may consider other options like life insurance or investment in the property to secure your future life. It is also essential to be aware of the cost of living in the place you will retire. You may need to pay extra attention to the possible taxes, the eligibility of receiving from the social security fund as well as the healthcare cost.
Many people may not see the urgency to start planning for their retired life, but the truth is the earlier you start planning, the more likely to enjoy a higher quality of life later. No matter accepting the pension plan offered by your company or arranging by yourself, you should start planning in an earlier stage to secure your own future.