Pension advice that works for you

For the majority of us our goal is early retirement, yet how many of us actually make a conscious effort to consider pension planning?

When it’s often deemed an issue that will affect us only in the distant future, it is easy to relegate the topic to the ‘back burner’ and spend our energies coping with our all-too-often frenetic working conditions, our families and fitting both into busy social lives.

Yet, providing for retirement is a major consideration and  one we all need to take a long honest look at, because it affects not only ourselves, but our families too. Deciding when we can afford to take a step back, yet maintain a particular lifestyle, requires careful pension planning.

To find out more about pension plans please contact us directly for advice.

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Pensions happy family

Problem you didn't know you had?

Every month you are not paying into a pension, you are losing out on thousands of pounds, and here’s WHY?

Pensions in the UK are extremely safe, regulated and protected, and HMRC strongly encourage all UK residents to pay into one, to do this they incentivise you and your employer to make contributions tax free. If you are opted in to a workplace It is now mandatory for you and your employer to contribute a total of 8% of your salary, (3% you, 5% employer) This then is invested on your behalf for a long period of time until you retire (usually around age 68) and is then used to provide you with an income during retirement.

When you leave the UK to work abroad, you automatically give up most of these benefits and any pension pot you had previously paid in to (or your employer) is then put on hold/frozen.

So what's the problem? Well if we look at the UK average salary of £31,500 , this means that by moving abroad you are losing out on that 8% (£2520) Okay not so bad, but now you're also missing out on the investment + growth side of things? Lets say you are 28yrs old, and that money would have otherwise invested via pension, for 40 years until aged 68, what would that be worth?

£11665 is what that number is. If you consider you maybe out here for around 5 years, that figure is easily more than £50,000 That's how much worse off you are by not paying in to a UKPension, So if you are saving more than that amount every year whilst working abroad, you are better off/doing fine, otherwise we need to talk/do something about it,

Solution

There is good news, is that if we think back to that original figure of £2520, I think we can comfortably assume that for the most part, you should be saving more than that figure every year whilst in Dubai, If you aren't, then you may need my Financial Coaching Programme, more on that later.

Making some basic assumptions (Average Dubai Salary vs 50/30/20 Rule) if your salary is1 2,000dhs a month, you should be saving 20% minimum, which is 2400 dhs x 12 months is28,800 or £5771, £478 a month.

Over the same 40 year period that £478 would be worth £81680. How? If we invest that in a tax free savings plan and make regular monthly contributions for that period. With some smart tax planning too, this would be accessible tax free, even upon return to the UK, and you don't have to wait until 68 to fully access it either.

Book a free consultation with me

Grace
I never knew I needed a financial coach/adviser until I met with Josh, not only does he keep me accountable but he explains everything properly in an easy to understand way,  he’s really opened my eyes and pushed me to achieve certain goals, couldn’t recommend him highly enough.
Joseph
Josh really demonstrated his expertise but also empathy for our situation, he really fixed things from the mess made by our previous advisor too and couldn’t be more thankful to have met him, I just wish we had met him sooner.
Rick
A real down to earth and genuine advisor who is so easy to talk to and get answers from, a complete change from previous advisors I has the misfortune of working with in the past.
Helena
We were lucky enough to meet Josh very early on when we first moved to Dubai and he really helped up with a clear and realistic financial plan, but  he was also asking questions about our values and goals in life, rather than just running some numbers.
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