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.
Investment advice and investment advisory services offered and provided through Blacktower Financial Management US, LLC. This communication is for informational purposes only based on our understanding of current legislation and practices which are subject to change and are not intended to constitute, and should not be construed as, investment advice, tax advice, tax recommendations, investment recommendations or investment research. You should seek advice from a professional 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.