More and more people are choosing to be become expats in their later life and enjoy a pleasant retirement away from bad weather and austerity measures. If you have been mulling over the prospect of moving away then let us help you make that decision by extolling a few benefits of retiring abroad.
Leave our debt behind
There’s no hiding the fact that Britain is deeply in debt. The actions of the banks have led to a bankrupted nation, and unfortunately this means that your savings are at risk to inflation, thus diminishing their current value. To deal with this debt, heavy cuts and tax rises mean retirement income could be hit hard. By becoming an expat in a country with a more stable economy you can bypass this impending turmoil and enjoy your pension comfortably.
Take away the tax factor
If you become an expatriate you can also become a non-resident, doing this will bring you a host of tax benefits. Not only will you be able to legitimately avoid UK taxes, you will also be able to move your money out of the UK entirely, perhaps into an offshore location, and then have much greater freedom in terms of investing and tax reducing.
The grass is greener
Another great aspect of moving abroad is the fact that you can often enjoy a much higher standard of living than here in the UK. By researching and finding the right location, and then taking advantage of offshore options, you will be able to make much more of your savings than back at home. This will ultimately leave you with more money to ensure your retirement years are enjoyable and relaxed, and not wrought with money worries.
Finally, remember that every decision you make with regards to your retirement is down to you and your partner. You can pick the ideal destination and enjoy better weather, escape the hustle bustle of the city, and more importantly relax after a hard life’s work.
To learn more about the offshore options available after retirement speak to an IFA.