Why its important to plan your next retirement move now…

Financial security in retirement doesn’t just happen. It takes planning and commitment. Your retirement planning is a crucial part of your future, yet fewer than half of Americans have calculated how much they need to save for retirement.

Take a look at our top tips for planning your retirement future in the USA…

1) If you haven’t already- start saving for retirement now.

Its never too late or too early to start saving for retirement. 9 in 10 working people in the USA believe they should be saving for retirement, but less than 75% actually are! If you’re in the 25% that don’t have any type of retirement savings you should consider starting a retirement account today. Working with a financial advisor and understanding your financial health and future goals can be a great first step in this process.

2) Work with a Financial Advisor to calculate how much you will need in retirement and set retirement goals.

Not everyone needs a financial advisor but when it comes to saving for retirement working with a Financial Advisor can help you clearly define your retirement goals and help you build a plan to reach these goals. Many people incorrectly believe that working with an advisor is costly, however working with a fee-only advisor can often save costs in the long run. This is because all fees are transparent and fully disclosed before any advice or guidance is given.

3) Make saving for your retirement part of your budget.

Keeping track of money coming in and coming out every month makes good financial sense and allows you to easily identify extra money every month that can be contributed to your retirement. Eventually, retirement savings should be added as a staple part of your monthly budget.

4) Contribute to your employer’s retirement savings plan

This is usually a 401(k) and is set up by your employer. If you contribute the minimum, your employer will match this amount every paycheck. This is 100% return on your investment. So don’t pass it up!

5) Set up an Individual Retirement Account (IRA)

You can have an IRA as well as your employers 401(k) and in some cases an IRA can have lower fees that your employers plan. If so, you can max out this contribution. But be aware of contribution limits and work with your financial advisor to ensure your IRA is invested in the most efficient way.

6) Understand how much Social Security benefit you will receive

It is not wise to soley rely on social security benefit for your retirement. However, this does not mean it shouldn’t be part of your retirement planning. Its important to understand how much you will receive and at what age you will receive it.

7) Take advantage of international opportunities, such as overseas workplace pensions or UK State Pensions.

You should take advantage of any international opportunities you may have. For example, if you lived and worked in the UK for more than 3 years you may be entitled to the UK state pension that you can receive directly to your USA bank account (this is in addition to your USA social security). Its important that you understand all your retirement options worldwide. Therefore, you can make the most of any money you are entitled.

This is where your LDN Wealth international financial advisor is uniquely qualified. LDN Wealth can guide your next move and prepare an international retirement plan for you. Contact Us Today to learn more!

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LDN Wealth is an independent registered financial advisor throughout the United States, LDN Wealth has partnered with top specialist international service providers to help UK Expatriates and US residents with their Pension Transfers and Financial Planning needs.