You may not believe me when I say this, but retirement is just around the corner. Are you ready? Many think that retirement can be a daunting experience and many questions can arise. Will I have enough money? Where will I live? Do I want an active retirement or am I done working so it’s time to relax? Will my wealth be protected? Why do I have to pay so much in taxes.
While there are a lot of questions, luckily there are equally as many solutions. Below we have laid out several steps to follow in order to retire peacefully. Retirement should be your golden years of living. It doesn’t have to be stressful. With careful planning and taking advantage of global opportunities, you can live the retirement of your dreams.
Having a plan is one of the key ways you can ensure you will have a worry-free retirement. Your plan comes in many steps so make sure you are beginning your plan early. It’s coming sooner than you think so make sure you have your plan ready! Young people should also take advantage of their employer’s retirement plans like 401(k). One of the best parts of these plans is that the employer has the option to match your investment. Whatever percentage of your annual income you choose to invest in your retirement, your employer can match that amount. Other retirement funds include IRAs and Roth IRAs.
To have a successful plan, you want to set goals. Retirement may seem like it’s a long time away but it’s never too early to begin making a plan for how you are going to live once you completely stop working. When you plan, you will begin to examine what your goals are, not just financially, but also how you want to spend your time. You will consider where you want to live, when exactly you will cease working, and what kind of lifestyle it is you’d like to see for yourself.
After you know you’ll have the funds you need, you will also want to take care of your home, a huge asset for many families. Considering what to do with your home during retirement should be a major part of the planning process. Many question whether they should sell their home or not. If they’ve lived in the home most of their lives, raised their family, the home may be much larger than they need so downsizing could be a smart option due to the expenses that come along with maintaining a large home. You may also choose to live abroad, so having a plan for your home is a must.
You also don’t want to forget about your health and life insurance. As you get older, this becomes more and more important to your daily life. Be sure to select a plan that covers your health needs. If you move offshore, you will definitely need an international health insurance plan!
There are many reasons you should make a plan, mainly involving keeping your property safe in the event that someone wins a lawsuit against you. To avoid this, asset protection planning is key. This means taking assets and putting them out of reach of creditors, turning nonexempt assets into exempt assets.
There are several asset protection techniques you can use to keep your wealth safe. These include investing offshore using trusts and offshore LLCs. Again, you will want to plan early. Asset protection only works if the plan is in place before the issue arises. The worst thing you can do is start your asset protection plan when a claim or liability arises. You will definitely not have everything in order in time. Also, that kind of activity happening after a claim or lawsuit can be reversed through fraudulent transfer law.
Whether this means living offshore or just tapping into offshore markets, there are numerous ways for thinking outside of your home country can benefit your retirement years.
One way many retirees have found other nations have helped their retirement is through expatriating. Expatriating offers many benefits to investors that are both good for your finances and can offer an invaluable cultural experience. Expatriation may involve relocating to a jurisdiction like Switzerland, Monaco, Dubai, or Singapore. These jurisdictions are usually preferred for their low tax rates, safety, and investor-friendly environments.
By renouncing citizenship, you will no longer be subject to the tax laws of your home country and can enjoy life without the hassle of being taxed on money that you may not even be making in your home country. When expatriating, you may be required to pay an expatriating tax, like in the U.S., but that will be pocket change compared to what you’d be saving over the years.
It is often very easy for retirees to earn residency in other nations. Depending on their individual laws and regulations, some countries have residency programs specifically for retired people that only require you to prove sufficient funds for living in the country. Others grant residency through investment including real estate. This means you may be able to earn residency by simply buying the home in which you will spend your retirement.
You have the opportunity to achieve both personal and financial liberation overseas by tapping into new and developing sectors, and developed areas of investment, allowing and encouraging you to diversify your portfolio.
Offshore investment may open up a plethora of opportunities that may not be available in your own jurisdiction. There are many technological, agricultural options, etcetera, that just aren’t found in an individual’s home market. These options may offer great returns or can be a great hedging technique.
Offshore investment and funds offer asset protection as well. When choosing an offshore asset protection plan, you can take advantage of some of the best laws in the world. Creditors who are after your money will run into numerous roadblocks. By going offshore you can also use the foreign jurisdiction statutes that get you strong protection.
No matter the problem, Alpen Partners will handcraft a solution for you. We know that there is no one-size-fits-all when it comes to financial success. Our approach involves working with our clients to make a unique plan to meet their needs. Rest assured that we will work hard to guide you through the process of meeting your financial and personal goals.
Contact us to enhance your financial plan today.