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You’ve worked all your life to accumulate your retirement savings. Now, you owe yourself a bit more time and investment to achieve all of your life priorities and retire with confidence and clarity.
In many cases for expats in Australia, it means spending some time working with a financial planner. Getting expat pension advice and retirement planning will allow you to figure out the goals you want to achieve and lifestyle you desire, and then come up with a financial plan for your pensions and investments accordingly.
Although UK and Irish Pensions and Australian Superannuations are both tax-relieved retirement savings, they differ in many ways;
Integrating them seamlessly and effectively can be a complex process that requires careful planning, though by doing this you will explore all opportunities and you’ll be in a better position to get the best outcome – and the best retirement.
It can be really difficult to do this without a structured and methodical approach. If you’re unsure where to start, talk to Jason and utilise his in-depth knowledge of the cross-border retirement intricacies including income generation, tax treaties, residency status and so forth.
Every day you’ll find new stories spouting statistics around the pension timebomb – how millions of people aren’t planning sufficiently for their retirement.
And yes, it’s true that expats often earn more than their local counterparts, and tend to accumulate more wealth ahead of retirement. What’s more, given the realities they face of planning ahead, you as an expat are usually more attuned to the benefits of long-term financial planning. But, the fact remains that nothing can prepare you for retirement planning – and you only get one shot at it.
As Jason can often be heard saying “if you don’t have a personalised plan focused on your life priorities, then you’re probably just a part of someone else’s plan and priorities.”
So, what’s the biggest piece of advice that Jason has for people?
The number 1 rule for expat pension and retirement planning: Start early, start now and prepare for the unexpected
If you’re planning on retiring to Australia any time soon, or even 20 years from now, find a financial planner you can trust as early as possible to ensure you have enough time to do everything you want and need to do, before and after retirement. Unclear intentions result in unclear outcomes.
If retirement is still some way down the line, don’t put it to the back of your mind.
Even a rough plan now is probably going to save you a lot of worry down the line – and down under. Don’t worry when life throws the unexpected at you, you’ll usually find the best plans that result in successful outcomes, are flexible and adaptable to take account for whatever life throws at you. But it’s imperative that you monitor and track your progress, be prepared to adapt your retirement plan.
Imagine you are given 5 years to live. Decide what your life priorities are, estimate what they would cost today and you’ll be able to calculate how much income you’ll need to make them happen when you retire (remembering to factor in inflation).
Next, estimate how much you’ll need to save, how much risk you are prepared to take, how long you’ll have to recover from any investment losses experienced due to a global-financial-crisis-like market event and invest from this point on to get there.
It’s important to explore what your money story is because it will highlight your strengths and weaknesses around money, the behavioural traits, and the potential pitfalls that are likely to throw a spanner in the works and possibly derail your best-laid plans.
Of course, not everyone can start saving as much as they need right away, but it pays to be aware so that you can begin working towards it.
You might find it useful to read this article on changing how you think about money.
Unlike many financial advisers providing advice on cross border retirement planning, Jason is highly qualified and experienced on both sides of the globe – and acutely aware of the challenges expats retiring in Australia can expect to face.
Information on this website is general advice and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances.
You’ve worked all your life to accumulate your retirement savings. Now, you owe yourself a bit more time and investment to achieve all of your life priorities and retire with confidence and clarity.
In many cases for expats in Australia, it means spending some time working with a financial planner. Getting expat pension advice and retirement planning will allow you to figure out the goals you want to achieve and lifestyle you desire, and then come up with a financial plan for your pensions and investments accordingly.
Although UK and Irish Pensions and Australian Superannuations are both tax-relieved retirement savings, they differ in many ways;
Integrating them seamlessly and effectively can be a complex process that requires careful planning, though by doing this you will explore all opportunities and you’ll be in a better position to get the best outcome – and the best retirement.
It can be really difficult to do this without a structured and methodical approach. If you’re unsure where to start, talk to Jason and utilise his in-depth knowledge of the cross-border retirement intricacies including income generation, tax treaties, residency status and so forth.
Every day you’ll find new stories spouting statistics around the pension timebomb – how millions of people aren’t planning sufficiently for their retirement.
And yes, it’s true that expats often earn more than their local counterparts, and tend to accumulate more wealth ahead of retirement. What’s more, given the realities they face of planning ahead, you as an expat are usually more attuned to the benefits of long-term financial planning. But, the fact remains that nothing can prepare you for retirement planning – and you only get one shot at it.
As Jason can often be heard saying “if you don’t have a personalised plan focused on your life priorities, then you’re probably just a part of someone else’s plan and priorities.”
So, what’s the biggest piece of advice that Jason has for people?
The number 1 rule for expat pension and retirement planning: Start early, start now and prepare for the unexpected
If you’re planning on retiring to Australia any time soon, or even 20 years from now, find a financial planner you can trust as early as possible to ensure you have enough time to do everything you want and need to do, before and after retirement. Unclear intentions result in unclear outcomes.
If retirement is still some way down the line, don’t put it to the back of your mind.
Even a rough plan now is probably going to save you a lot of worry down the line – and down under. Don’t worry when life throws the unexpected at you, you’ll usually find the best plans that result in successful outcomes, are flexible and adaptable to take account for whatever life throws at you. But it’s imperative that you monitor and track your progress, be prepared to adapt your retirement plan.
Imagine you are given 5 years to live. Decide what your life priorities are, estimate what they would cost today and you’ll be able to calculate how much income you’ll need to make them happen when you retire (remembering to factor in inflation).
Next, estimate how much you’ll need to save, how much risk you are prepared to take, how long you’ll have to recover from any investment losses experienced due to a global-financial-crisis-like market event and invest from this point on to get there.
It’s important to explore what your money story is because it will highlight your strengths and weaknesses around money, the behavioural traits, and the potential pitfalls that are likely to throw a spanner in the works and possibly derail your best-laid plans.
Of course, not everyone can start saving as much as they need right away, but it pays to be aware so that you can begin working towards it.
You might find it useful to read this article on changing how you think about money.
Unlike many financial advisers providing advice on cross border retirement planning, Jason is highly qualified and experienced on both sides of the globe – and acutely aware of the challenges expats retiring in Australia can expect to face.
Information on this website is general advice and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances.
Jason is unique in his approach; he understands that a happy and fulfilling retirement starts with priorities and lifestyles – not finances and taxes. He’ll help plan your retirement savings and investments accordingly.
He can also assist you with things like transferring UK and Irish pensions to Australia, finding a suitable QROPS, maximising your after-tax retirement income, Double Taxation Agreements, and much, much more.
Jason is unique in his approach; he understands that a happy and fulfilling retirement starts with priorities and lifestyles – not finances and taxes. He’ll help plan your retirement savings and investments accordingly.
He can also assist you with things like transferring UK and Irish pensions to Australia, finding a suitable QROPS, maximising your after-tax retirement income, Double Taxation Agreements, and much, much more.
FINANCIAL SERVICES GUIDE | PRIVACY POLICY
JASON O’CONNELL 2022 | ALL RIGHTS RESERVED
Jason O’Connell is an authorised representative (“AR”) of Shartru Wealth Management Pty Ltd ABN 46 158 536 871, AFSL no. 422409.
This website contains general advice only. You need to consider with your financial planner (or adviser), your objectives, financial situation and your particular needs prior to making an investment decision. Shartru Wealth and its authorised representatives do not accept liability for any errors or omissions of information supplied on this website.