Whichever country you wish to make retirement plans for, the end goal remains the same. You need to be prepared for life after paid work ends. Retirement planning is the process that helps you prepare for that stage in your life.

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At its core, retirement planning is about achieving financial freedom, in other words, being able to live the life you want when your regular income from work stops. This is usually done by putting processes in place and setting up sources of income that support you for life.

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Think of a retirement plan as a roadmap leading you from where you are currently to where you want to be when you retire. Of course, everyone’s journey is slightly different, so there is no one-size-fits-all approach. Ultimately, reaching your retirement goals is the product of careful financial planning.

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It’s never too late to start planning, but the sooner you start, the better retirement options will be available to you.

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We can’t predict the future, but we can prepare for it. And now, planning for retirement and having an income for life is arguably more important than ever.

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With the average life span increasing, we are spending more time in retirement. Those working abroad may not be enrolled on a company pension scheme.

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Regardless of your current situation, the earlier you start planning, the better. Having a well-structured plan in place will also give you peace of mind, knowing that your future is secure.

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There is currently no set age for retirement. However, accessing your pension can influence the age you decide to retire and your financial planning strategy.

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You can access most pension savings at the age of 55 and the UK State Pension from age 66 currently. Be aware there are plans to increase this.

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You can access your pension fund in different ways. For example, you may choose to receive a regular monthly amount. You also have the option of withdrawing a cash lump sum. Some risks come with this option, so it is advised that you seek proper financial advice beforehand.

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Statistics from the Money and Pensions Service found that 35% of retirees left their retirement planning to the last two years of their career or didn’t prepare at all. Although it can be easy to put off when you are young, there really is no time like the present to start planning your retirement.

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As the cost of living increases to a record high, so does the need to have a plan in place to ensure your financial security.

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Of course, with so many retirement planning tools and products, knowing what the best options are can be the first challenge.

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I specialise in the expat market, so we know the unique challenges you face. My bespoke strategies are tailored to your needs and can help you overcome those challenges.