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Will you Need to Keep Working into Your Retirement Years?

In fact, 64% of respondents in the United States, (54% in Europe) said that they anticipated they would have to continue working during retirement.

Begin planning for retirement early

Unfortunately, they study revealed that just 27% of non-retired individuals in the US had any form of regular savings.*

Fortunately, those with significant assets and/or income can begin the process of saving and planning for their retirement early, meaning they are likely to increase their chances of enjoying gains and wealth in the future.

Pension and retirement account planning are another area for individual retirement savers to address. More than half of those surveyed in the United States said that they expected to receive less or roughly the same amount as they put into their retirement accounts, while a disturbing 19% said that the question of how much retirement income they would receive was “not relevant to me”.

ING’s press release in the US highlighted how an increased focus on savings and investment apps, alongside online financial tools, could help address hurdles encountered by savers as well as helping to support retirement planning. ** However, the uptake in users of such tools is still relatively low.

US cross-border retirement planning expertise

Blacktower in the US can help you decide upon the retirement planning strategy that best advances the financial interests of you and your family while also taking full account of your unique cross-border situation.

We can help with all the cross-border implications of the following types of accounts:

  • IRAs
  • 401(k)s
  • 403(b)s
  • Defined benefit plans
  • SIPPs and QROPS

Contact us today for more information.

*  All figures are taken from:

https://think.ing.com/uploads/reports/ING_International_Survey_Savings_Retirement_Saving_Challenges_2019_FINAL.pdf Accessed 11-07-19

**  https://www.blacktowerus.com/images/docs/IIS_Retirement_Saving_Challenges_USA_PR_FINAL.pdf Accessed 11-07-19

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

Should Investors Try to Time the Market?

It is easy to see why many retirement investors may be tempted by the prospect of timing the market: imagine if you could ensure that you only ever invested in stocks at the time when the market was rising and only ever sold at the time when it was cresting like a wave that is about to crash.

However, your chances of timing your trading to perfection are, in reality, likely to be comparable to predicting the jackpot numbers in the lottery and chancing your retirement savings in such a way is likely to be at best a risky proposition and at worst, a catastrophe.

The reality is that there is no scientific way to time the market. This is not to say that there are no strategies you can utilise in order to protect and grow your wealth, only that these are going to be less about timing and more about foresighted planning, i.e. investing early in order to enjoy long-term gains and having a well-diversified portfolio of retirement assets that is able to withstand the inevitable volatilities of the market.

Read More

SEC Proposes Improved Information for Annuity and Life Insurance Contracts

United States-based retirement investors stand to benefit from proposed changes to the way in which information about life insurance and variable annuity products is communicated at the point of contract.

The proposals, which have been drafted by the Securities and Exchange Commission (SEC), aim to help investors be clearer about the contents and implications of financial product contracts, particularly in relation to risks, fee structures and other features of these particular insurance products.

The SEC would also like providers to make contracts available to retirement investors in multiple forms, including digital and hardcopy with supplementary information also available online.

Read More

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