Saving Money as an Expat Retiree – Is It Possible?

January 17, 2020

Many of us dream of a life in the sun once we retire. Living out retirement as an expat offers good health and the chance to live somewhere warm and beautiful in your golden years. However, is it also possible to save money as an expat retiree? You never know when an emergency will require you to dip into those savings. Let’s take a look at how best to save your money at this stage in your life.

Sort Out Your Pension

You have worked hard over the years and you have no doubt built up quite the pension pot as a reward. Many people assume that they can simply move abroad and start withdrawing the pension without issue. However, there is a chance that something might go wrong. The last thing you might want is to get stuck in a foreign country with no access to the money you earned over the years.

Before you retire, speak to a specialist at Tailor Made Pensions. They will be able to look through everything to do with your pensions documentation and get it ready for a life abroad. You should not consider making the move abroad until you are certain that you will be able to access your pension without any issue. They can advise you on any changes which might be needed.

Choose an Affordable Country

One of the easiest ways to save money in your retirement is to choose to retire to a country which is much more affordable than the one you are leaving behind you. There are many amazing countries all over the world which offer cheap living expenses.

If you are spending less on your rent or mortgage and less on food and utilities then you will obviously have more left at the end of the month. Some might prefer to spend this extra expendable income but saving it where you are able to could have some massive benefits in the future.

Maintain Your Investments

Some people like to cash in and withdraw their investment portfolio entirely when they reach retirement. However, you should still have years left when you retire and you need to think about keeping yourself comfortable for that entire length of time.

Any investments are still likely to generate income if you keep them active. Choose some of the ones which have always performed well to continue managing. They will hopefully generate some extra income for you on top of your pension. Putting this extra money into the right savings account will keep it in a safe place should you ever need it for an emergency.

Don’t Stop Saving

With the right lifestyle choices, you should make sure that you always have some money set aside come your retirement. By having this money put to one side, you can be certain that you are always able to have a little money to draw on should anything happen. From repairs around your home to emergency plane tickets home or medical bills, it is always advisable to have a little extra money somewhere!

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