We can spend too much time wondering about problems that don’t seem to be solvable, leaving tough decisions until later. Here are a few areas where a financial plan might help!
- help you to consider the costs and benefits of tough decisions like whether to sell your existing properties
- provide advice on whether you are on track to provide for a reasonable and financially secure retirement, and point out where adjustments are needed
- provide cashflow forecasts to help you visualise your likely income and cash movements annually, and throughout your retirement ;
- help you decide between property vs financial investments and getting the balance right;
- help you consider your options for investing and protecting your wealth, and in a tax-efficient way;
- help you plan for passing on or gifting your wealth to your loved ones or charities.
And in particular, if you are moving country or retiring abroad:
- Consider whether any investment related residency programs are appropriate and relevant for you, in the country you want to retire or move to;
- help you understand the impact of local taxes and your costs of living in the new country:
- Assess how your pensions income will be taxed in future;
- advise how to manage your investments in the most tax-efficient way, taking into account how your total wealth will be taxed in the country you’re moving to, and versus the country you are moving from
- how to take advantage of income tax concessions or new lower-taxing regimes being offered in your new country
- identify if you are being taxed in two countries and what to do about it, and understanding your tax reporting obligations
- connect you with other important professionals where required, like a commercialista, tax lawyer or immigration lawyer, for example.
Overall a good financial plan can provide you with clarity and the peace of mind that comes with having a plan and knowing there is very little that might fall through the cracks.
Feel free to be in touch with me to discuss your concerns and plans.