Retirement Planning in the Contemporary Context
If you read the financial sections of the newspapers you could be forgiven for thinking that younger people today are likely to be ill prepared for retirement and that there is little to nothing anyone can do about it.
However, there is no reason why, if a young person is able to put aside regular monthly savings and is diligent about how and where they invest them, they should not be able to adequately prepare for a financially free and secure retirement.
Are You Prepared for Medical Costs in Retirement?
How much money will you need for medical costs when you retire?
Unfortunately the medical costs burden is much higher than many might imagine: a 65-year-old couple retiring in 2019 in the US will need to have saved $280,000 between them in order to meet the health and medical costs they will face through their retirement years.*
Individual retirees face a similar financial burden: $150,000 for women and $135,000 for men. These figures contrast sharply with what people predict they will need: around half expect their medical costs will be below $100,000 and 33% said they have no idea how much they will need.*
Opening up About Money - Easy or Not?
How comfortable are you talking about money? A recent survey by KBK Wealth Connection found that 44%* of Americans would rather discuss religion, death or politics with a loved one than the practical details of their finances.
Whether it is through embarrassment or fear of upsetting the applecart, such reticence can have profound consequences on future financial security and especially on retirement plans. This is why it is vital that you find a financial advisor who you feel comfortable talking to – if you can't discuss money with your partner or children, at least you should be able to discuss it with a professional.
Five Top Tips for Cross-Border Investing and Retirement Planning
The most important thing you can do as a either a resident alien or non resident alien in the US, or as an American citizen moving abroad, is to take advice in relation to your cross-border investing and retirement planning options.
Here are five top tips from Blacktower (US) LLC to help you ensure that you and your finances do not fall foul of the Foreign Account Tax Compliance Act (FACTA) and some of the more impenetrable facets of wealth management and retirement planning in the US.