Pension Woes For British Expats
As the growing number of retirees migrating to other countries continues, the issue on pensions being frozen by the government has been getting louder. By mere migrating, the UK government saves funds as the retirees won’t be utilizing social and medical services. However, if the pensioner migrates to a “frozen” country, they won’t have access to their basic state pension.
“Politicians and the media alike are currently fixated on Britain’s aging population. According to the Government, the UK will have 626,900 people aged 100 or more by 2080, 53 times the current number of centenarians.This type of shock statistic was released with a very concrete objective – to sweeten the pill of controversial public sector pension reforms.”
Read More From The Telegraph
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Pension Breather For British Expats
The UK Government has clearly declared changes in the UK pension legislation late last year, in which many are anticipating that it will no longer be a requirement to purchase an annuity at age 75 effective April 6, 2011.
As a result, individuals have better flexibility in mapping out their income and managing their finances once they plan to retire.
“The changes announced by the UK Government do have implications for British expats or individuals of other nationalities living in the region that have accumulated pension benefits in the UK and therefore it is important to review UK pension benefits in light of these changes to UK pension legislation.”
Read More From gulfnews.com
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Saving for Retirement
Many people choose to retire when they are eligible for private or public pension benefits, although some are forced to retire due to physical inabilities.
But as we we enjoy life in our youth, are we making the right decisions for the future? It seems that very few people actually save for fulfilling twilight years.
“More than half of the over 55s who earn between £20,000 and £30,000 a year have saved less than £30,000 for their retirement, which would give them around £165 a month to live on, according to research from insurance giant Aviva.
Clive Bolton, the ‘at retirement’ director for Aviva, said: ‘Babyboomers have enjoyed rising house prices and final salary pension schemes, but unfortunately many may still struggle to fund the retirement lifestyle they desire. People should think about how they want to spend their days, and how much this will cost.
This research also opens up an interesting debate around who should fund retirement. There may be an expectation for younger generations to foot the bill in one way or another.’”
Read More From The Telegraph
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Picturesque Panama
Tourism in the Republic of Panama kept its growth steady during the past 5 years due to the government’s move to offer tax and price discounts to foreign guests and retirees. These economic incentives led Panama to be become an perfect, picturesque place for retirees coming across the globe.
Aside from the strategic geographical location, Panama gives the other countries a run for their money when it comes to its eclectic food, tourists spots and as newest refuge for expats and retiring expats.
“ON a humid morning in Panama City earlier this year, three Americans, two Swedes, two Portuguese, two Irish and three Israelis sat down together for breakfast. The diverse group was united by a single interest: free pancakes, a standard perk at Luna’s Castle Hostel in the city’s historic district.
The American-inspired meal, along with the international crowd it attracted, is typical of the growing multicultural presence in this country, which is drawing foreign visitors as well as entrepreneurs — including the three Americans who run the mini-empire of hostels in Panama that includes Luna’s. Emboldened by low costs, easy access to imported products and the power of strong word of mouth, new businesses founded by American expatriates are popping up all over the city.”
Read More From The New York Times
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Who Said You Cannot Retire Abroad?
Retiring and moving abroad can be a delicate circumstance, but mapping in which country you’ll be able to stretch your Sterling can be an advantage on your long awaited retirement. In their survey of over 55s, the Foreign and Commonwealth Office determined that 42% were actively keen to move abroad – but money matters could hold them back. However, as we are about to reveal, you needn’t put your life plans on hold just because the pound is no longer riding high. There are places in the world where you can afford to live, and there are ways you can afford to move abroad and live elsewhere in your retirement…
Read more from: Shelter Offshore
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More British Retirees Opt for Overseas Retirement
There’s an exodus of British retirees in the past years. Last year alone, 150 thousand British citizens left the country to live abroad. NatWest Bank survey shows that most British retirees are planning overseas retirement. Many choose to work in their new environment before settling down there, while others take the chance to move after a lifetime of work in their home country. Regardless of the choices, more Britons then ever are deciding to spend their golden years with the suns and sand of more balmy countries.
According to NatWest survey, “Seven out of ten Britons who have retired abroad are happy with their new country and likely to stay there.
The poll also found that nine out of ten of expat retirees live among the natives of their adopted country rather than among fellow Britons in communities of exiles. Seven out of ten Britons that have emigrated say they are unlikely to be coming back.”
Read More From Daily Mail
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US Health Reforms
US Health Care system is about to be overhauled. Although it will take time to see the results, many believe that there will still be a large number of Americans going abroad to seek treatment, some even think this number might increase. “The long-awaited United States healthcare reform package became law last week. Asian hospitals treating American medical travelers will have to wait longer to see whether the bill will have a significant impact on their businesses, but US insurers will feel the reforms’ impact more quickly, and that could lead them to look more closely at international options.”
Read More from Asia Times Online
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New Retirement Visa For British Expats in NZ
British expats eyeing New Zealand as the place for retirement will be pleased to know that the country recently revised its retirement visa policy, wherein British expats are able to apply for residency under a new type of visa. ”There are around 215,000 British expats living in New Zealand, and statistics from New Zealand Department of Labour show that the UK is the largest source country of migrants approved for permanent residency (17 per cent). However, the rate of migration from the UK has fallen during the economic slowdown of the past few years.”
Read more from telegraph.co.uk
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UK Expats Lose Pension Appeal
With the appeal rejected by the European Court of Human Rights, expat pensioners who moved to countries without reciprocal agreement might have to wait longer to have their pension augmented. “The expatriate pensioners say they have been fighting ‘tooth and nail’ against the UK government in an eight-year court battle.”
Read more from BBC News
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Baby Boomers’ New Haven
A recent survey shows that many US “young” retirees flock to the sunny shores of coastal Mexico; and it is now where most call it their new home. “A newly released study on U.S. retirement trends in Mexico’s coastal communities takes an updated snapshot of Rosarito Beach, Rocky Point, Puerto Vallarta, Cancun and other areas where many Americans go to retire. The study’s authors say their survey marks an important first step in meeting the needs of a group that is likely to grow in size as U.S. baby boomers reach retirement age.”
Read more from SignOn San Diego
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