Blackrock CEO, Larry Fink, has warned that retiring in your 60s may become impossible for the majority of workers. If you want to choose when and how to retire, retirement planning is the only way.
Retiring in your 60s: an impossible goal?
People are living longer and the cost of living is rising. Both these factors are having a major impact on the ability of governments around the world to provide state pensions to individuals.
We have already seen recent rises in retirement age in many countries including the UK, France, and Ireland and this trend is likely to continue.
It doesn’t seem fanciful that young people starting on the career ladder now will have to work into their 70s in order for state pension systems to be sustainable.
In his annual letter to the company’s investors in March 2024, Blackrock CEO, Larry Fink warned ‘As populations age, building retirement savings has never been more urgent’.
We couldn’t agree more. So, have you started planning for retirement?
What is retirement planning?
If you have plans to retire in your 60s or earlier, it is up to you to make it happen and the way to do that is with retirement planning.
Retirement planning is the process of determining your retirement goals and the actions and decisions necessary to achieve those goals. It involves evaluating your current financial situation, estimating future expenses, and creating a strategy to save and invest for the long term.
Two of the most important decisions you’ll need to make when you start retirement planning are:
- When do I want to retire?
- How much income will I need to see me comfortably through retirement?
You’ll also need to review your potential sources of retirement income such as pensions, savings accounts, investments, rental income, and social security benefits.
Effective retirement planning should also consider potential risks and uncertainties, such as inflation and healthcare costs, to ensure financial stability and peace of mind in your later years.
If that sounds scarily hard, don’t worry, help is at hand!
How to plan for retirement
Planning for retirement can be a complex and daunting task, but you don’t have to go it alone. In fact, we strongly advise that you don’t, especially if you are an expatriate living abroad with cross-border issues complicating your financial situation.
It’s far better to work with a professional financial adviser who will give you personalised guidance and expert insights tailored to your unique financial situation and retirement goals.
Of course, it’s important to work with a reputable advisory firm with a proven track record of advising clients in situations similar to yours.
Eight advantages of working with an Infinity financial adviser
- A financial strategy tailored to your needs: Infinity offers personalised financial plans that consider your unique circumstances, including your expatriate status, future relocation plans, and long-term retirement goals.
- Local expertise: Infinity’s financial advisers have a wealth of experience working with expatriates in Asia and a clear understanding of international investment opportunities, tax laws, and regulatory requirements.
- Tax optimisation: Our advisers can help you navigate the complexities of international tax regulations, ensuring you make the most of tax-efficient strategies and avoid potential pitfalls.
- Access to global investments: Infinity’s partnership with Evelyn Partners gives our clients exclusive access to a diverse range of investment options across different markets, helping you build a robust and diversified portfolio.
- Regulatory compliance: We take compliance very seriously here at Infinity. Our dedicated compliance officer, Duncan Taylor, ensures that our financial services are fully compliant with local and international regulations.
- Currency management: Managing currency risk is crucial for expatriates to protect their investments and financial stability. We will tailor your investment strategy to mitigate currency fluctuations. Our services include offering a diverse range of investment options in multiple currencies to help safeguard your assets against exchange rate volatility.
- Estate planning: Infinity financial planners can also assist in developing comprehensive estate plans that address cross-border inheritance issues, ensuring your assets are protected and efficiently transferred to your desired beneficiaries.
- Peace of mind: Infinity’s impeccable track record and a legion of satisfied clients give you the confidence and peace of mind that your retirement planning is in good hands.
Retirement planning: you need to start now
A worry-free and financially comfortable retirement is a universal aim, but it’s becoming harder and harder to achieve. One thing is for sure, it won’t happen by accident. It takes years of planning and that is why you need to start as early as possible.
If you haven’t started your retirement planning yet or are concerned about reaching your retirement goals, now is the perfect time to take action. Schedule a consultation with us to discuss how we can create a robust, personalised plan that maximises your chances of success.
Let us help you secure choices in retirement, because who wants to be the septuagenarian forced to work against their will?
A leading provider of expat financial services and wealth management services across Asia.
