Expat lifestyle = less retirement money

For most people who are working today, retirement may seem a time of bliss – no work and all the time to yourself to do what pleases you the most. That picture can look rosy only if you have enough saved in the bank to take you on a dream vacation, maintain the lifestyle that you are used to and take care of all your medical and other bills.
But, as we get busy in today’s life, many of us forget to save what stares at us in the future – old age. And, we as expats are more vulnerable to retirement problems because of what experts say lack of financial planning and living an expat lifestyle.
A new study by The deVere Group, an independent financial advisory organisation, reveals that most expats have lost or perhaps can’t see a true picture that tells them of financial obligations during retirement age.
“More than a-third of expatriates have misplaced pension pots,” it says, as they “are typically more likely than those who remain in their ‘home’ countries to have lost track of retirement savings because not only are they likely to have worked for several employers over their careers, but also worked in several different countries. It is this scenario that creates the perfect storm for a pensions vacuum,” highlights the study.
In a global poll of almost 1,100 new and potential expat clients since January, 36 per cent admitted to having lost track of retirement funds over time.