According to a study by the University of Melbourne, only 53% of Australian couples and 22% of Australian singles are on track to achieve a reasonable level of income in retirement.
Even with compulsory superannuation, which has been in force in Australia since 1992, many Australians still don`t have adequate provisions in place to have the level of income they will require in retirement.
Retirement planning becomes even more important once you move offshore and are outside the compulsory superannuation scheme back in Australia.
Even working offshore you still have the option of contributing to your super scheme back in Australia. However, is this the best way to make sure you are covered? And is this the most tax effective way to ensure you have sufficient funds in retirement?
What other options are available to you as an expat? This is a question that all expats should explore once they start working outside of Australia.
The wonderful benefits of living and working offshore and the extra income you can earn can be harnessed very effectively in a myriad of schemes offshore. These schemes ensure you take advantage of this opportunity and either ensure that you have sufficient funds for retirement, or to make sure that you return home without a black hole in your retirement plan from your time overseas.
Even if you do still contribute to your superannuation whilst offshore, it is prudent to look at other options available to you; to ensure you plug that gap and don`t fall into the percentage of people who won`t have the necessary funds to live the retirement theywish for.
At Globaleye, we have expert advisors who can sit down with you and look at you current financial situation and see if there are any gaps that we can assist with. We can also help you with advice on the tax implications of any sort of savings plan or insurances you take out whilst offshore.
It is never too early to ensure you have the correct mechanism`s in place for a secure retirement.
During the months of September & October Globaleye is running a promotion for AusCham members – Sit down with your Globaleye AusCham representative Jaime Tuckwell and should you become a client then Globaleye will give you 14 months Caravelle Classique Club membership at the Caravelle Saigon including 2 complimentary nights’ accommodation, a special offer when golfing at VGCC plus a variety of benefits and discounts at your favourite Caravelle Saigon bars and restaurants.
Contact Jaime Tuckwell at Globaleye on 08 3520 2073 or email firstname.lastname@example.org to organise a no obligation meeting to review your financial situation.
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