We focus on the internationally mobile workforce in Switzerland, therefore you may have built up pension entitlements in different countries. International pension planning involves considering each of these pension systems when planning for retirement, navigating tax laws and regulations, and ensuring that benefits can be managed in line with your goals and objectives. It requires careful research and planning to optimize retirement income.
When planning for international retirement, our job as Financial Planners is simply to help you:
- Determine where your pension benefits are held and what benefits have you accumulated.
- Assess the legal and regulatory requirements of the pension scheme so we can outline the options for the future management of the pension, including the ability to transfer the pension to a plan structure more suited for your needs.
- Design the plan structure with regards to the investment management options and income withdrawal options available.
- Select investments based on your objectives and risk tolerance.
- Implement and monitor the pension to ensure its continued suitability for your needs.
How will my retirement income be taxed in the country where I plan to retire, and what are the tax implications of receiving retirement income from multiple countries?
The tax implications of retirement income in a foreign country will depend on the specific tax laws and regulations of that country, as well as any applicable tax treaties with your home country. It’s important to consult with a tax professional who is familiar with both countries to ensure that you are aware of all the tax implications of your retirement income.
How will changes in currency exchange rates affect the value of my retirement savings and income in the country where I plan to retire?
Changes in currency exchange rates can have a significant impact on the value of retirement savings and income in a foreign country. It’s important to consider this risk when planning your retirement and to have a diversified portfolio that includes investments in both local and foreign currencies.
What are the options for transferring retirement savings from one country to another, and are there any restrictions or fees associated with these transfers?
There are several options for transferring retirement savings from one country to another. However, there may be restrictions or fees associated with these transfers, depending on the countries involved and the specific financial institutions used. It’s important to research and compare these options to ensure that you are getting the best possible deal.