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Around Half of All Savers Face Retirement Income Shortfall

In the current climate, none of the traditional vehicles can be automatically relied upon. For example, 401(k)s can fail to meet expectations and may be impaired by their sometimes considerable fee burden, while expat retirement investors have additional concerns such as the high US tax burden on UK pensions.

There have been attempts to address the issue, with some members of Congress seeking regulatory reform and a requirement for financial advisers to act in the best interests of clients – the Department of Labor’s fiduciary rule. However, systemic change still seems far away and, in its absence, the need for financial advisers and wealth managers who can make a difference to the retirement outcomes of clients only grows.

There are numerous pieces of legislation attempting to address the problem (the Retire Act – Receiving Electronic Statements To Improve Retiree Earnings Act and the Retirement Savings Lost and Found Act, for example) but without widespread and sustained support the best hope for both domestic and expat retirement savers in the US is to have clear, comprehensive and consolidated advice.

Blacktower FM in the United States

Blacktower can help plan and manage your retirement assets as part of a personalised and cohesive retirement planning service that takes full account of any relevant cross-border regulatory opportunities and restrictions.

If you would like help planning for your future and would appreciate a specialist who can bring clarity and confidence to the process, speak with us today.

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

Understanding Social Security When Retiring Outside of the United States

Understanding and structuring retirement and pension plans in the United States is a difficult and complex task even at the best of times.

In fact, it is little wonder that so few British expats are able to make sense of retirement planning in the US when even US citizens struggle to do the same without anything like the same level of cross-border tax and income reporting obligations.

Things can get even more complicated in the event that as an expat you decide to eventually retire outside of the US but have built up some eligibility for US Social Security benefits; what, ask many expat wealth management clients, are your rights and responsibilities in such a situation?

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TOP TIPS – Retirement Planning for the Self-Employed

A study published by The Pew Charitable Trusts in 2019 revealed that only 13% of self-employed individuals who run a ‘one-man-band’ type enterprise are enrolled in a retirement plan, compared to almost 75% of traditional employees. Things are hardly better among those involved in multi-person firms; the study found that only 29.9% of this group were currently participating in retirement plans. *

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