What’s Your Game Plan for Retiring Abroad?

Most people who are working in the US are toiling with the goal of retirement in mind. Especially when you get to 50 plus, you’ll want to be aiming for the retirement you actually want, not just the one you can afford.

A big part of a happy retirement for most people is finding the right location. For many, this means starting a new adventure living abroad. Tackling this daunting process can be made much easier when broken down into three major points.

Phase One: Research and Decide

If you’ve got a place in mind, you’re already ahead of the game. Perhaps you know friends who have settled in San Felipe or you’ve always wanted to live in Milan. You probably have preferences about language and culture. But before you get your heart set on a location, you should first make a list of options. What are the places you have traveled to and loved? What places have you always wanted to go to, but haven’t had the chance yet? Make your list and then research the heck out of them.

You’ll luckily be able to sidestep needing to learn about labor laws, but there are plenty of financial considerations you’ll need to educate yourself on. When Googling each place, consider searching for these financial concerns as well:

• Insurance - My GIO personal life insurance plan, for example, covers me when I travel abroad, but it would need to be replaced if I were to move back to the US. Retiring in Australia is a one of my top goals, so I will need to switch to an Australia based insurance plan, but this is not the case for all destinations.
• Currency value - Some areas are much more expensive to live in than others. Your dollars will stretch further, for instance, in Mexico than they will in Britain or Australia. Make sure that you’re getting the most out of your savings.
• Tax laws - Directly related to the value of your currency is how much of it you can expect the resident government to claim in taxes. Pay special attention to how much of your remaining income will be taxed under local law.

Now that you have an orderly metric ton of information in front of you, you can make an informed decision about where you’d like to end up. This should be the fun part; it may even allow you to take that vacation to the place you’ve always wanted to go! I don’t recommend settling on a decision without having visited the area yet, so save up for a short getaway and go see how the locals live. Looking at all of the information you’ve found, make a decision and stick to it.

Phase Two: Preparation

Ok, so you’ve chosen your new home and you’ve learned a lot about it. In the early stages of planning your international retirement, your first priority should be to determine how much capital you’ll have at your disposal. Consult your financial planner (or get one) so that you suffer no illusions about the kind of lifestyle you can afford. Then plot out the cost of living in your new home.

Put in place a financial structure for your new country. This might include investing in their market or setting up accounts with various institutions. During this time, you’ll also want to make sure that you’ve found an insurance provider, bank, and lawyer that you trust in the area.

Bear in mind that you should always leave a chunk of money in your country of origin. If you’re called back for any reason, health problems or family emergencies, you’ll need to have an emergency stash. This is also useful for planning your estate. If you’d like your assets to be passed on to your progeny, it will be much easier to ensure they get their inheritance if you’ve left at least some of it in their country.

Phase Three: The Move

Moving within a country can be costly. Moving internationally will prove at least twice as expensive. The expenses add up quickly: shipping, transportation, storage, visas, and the miscellaneous costs of food, hotels, etc. Most retirees will need to find a home that is smaller and more affordable, so consider downsizing.

On top of this, you must account for loss of US Medicaid eligibility, but chances are there will be some sort of medical assistance for retired folks in your new home. Social security is also a concern, but you can check this list of foreign countries serviced by American embassies and consulates and get information about social security benefits.

A great deal of your money lost in transit will be due to property transport and the damage that occurs therein. First, take stock of what you absolutely need to take with you. Obviously, sentimental objects that make your home your own are necessary, but it will most likely be best to sell most belongings and buy new ones once you arrive in your new home. Also, keep in mind that your new country probably doesn’t sell many of the items and brands that you’re used to, but this isn’t the end of the world. For example, Australia doesn't have red Solo cups but the white ones work just as well.

With careful consideration, you can patch up the cracks through which your hard-earned capital might fall through when moving abroad to retire. Particularly when retiring, it’s vital to account for every penny. You might still have some income from a pension or disability, but you’ll primarily be living off of savings and social security. This doesn’t need to be a precarious situation, however. It will most likely be the best time of your life.

Chris Jensen is a “fair dinkum” financial adviser with GIO.com.au. He enjoys traveling all over the Australian continent, picking up the colloquial slang, and planning his retirement there in the next twenty glorious years.

Small Business Stalled by Cash Flow Crisis

Almost half of small companies in the UK have been hit by a cash crisis – for 50% of the small businesses polled by Everline in 2013, money was not readily available to pay for essential financial obligations and expansion was put on the back burner. Regular access to cash flow is crucial. For example, small recruitment agencies set up to handle a specific need in the area are finding it hard to progress beyond making ends meet. If you run a small business, what solutions do you have to avoid cash flow problems and move forward?

Cash Flow Problems

In the survey, 29% of respondents said that a lack of cash flow was restricting their business expansion. An additional 23% of businesses had put marketing initiatives on hold, and 28% said they paid suppliers and other businesses late because of a lack of access to cash. These cash shortages occurred at least once a month, and the main problems happened when clients or customers paid late. 

Bank Loan Solutions?

It is all too easy to fall into the cash flow trap. You run your business efficiently, but if you have no access to cash when you need it, you quickly run into problems. It only takes a few suppliers to pay late or several customers to forget to pay, and you end up stalled, with no money to go forward. Sometimes the only solution seems to be a business loan, but it is increasingly difficult to access loans in the current financial climate, and debt in the form of bank loans can be difficult to sustain. Fortunately, there are other solutions to free up your cash flow and maintain a healthily functioning business. 

Look in a Different Direction

For example, outsourcing functions such as payroll can help streamline your business and make it easier to access cash when you need it. Outsourced payroll services are designed to take the payroll off your hands, so it is guaranteed to be paid. You can then use the cash to generate new business. This access to ready cash flow is vital for recruitment businesses and other companies that need to deliver payments regularly on time. In fact, when you think about how to set up a recruitment agency, one of the first things you need to consider is how you will make payroll.

Additional benefits of outsourcing payroll include no need for a payroll team and, therefore, a reduction in wage overheads. You also do away with other hidden costs such as postage, stationery, and printing. Once you have outsourced financial functions such as payroll, you can develop marketing and sales strategies and concentrate on how to grow the business rather than how you are going to find the cash to meet your regular payment commitments.

Outsourcing can have many benefits apart from not needing to house your payroll team in your office. You only have to pay for the service provided and not for additional expenses like sickness and holidays for team members. You can operate from a smaller office with less overhead for heating and light. You don’t have to provide office equipment and furniture. Perhaps the biggest benefit is that you gain from having a professional, knowledgeable team that specifically understand payroll. It is far better to have a specialist team that is up-to-date with the latest legislation than to have a ‘Jack-of-all-trades’ in your office who has to juggle many jobs at once. Outsourcing shouldn’t be viewed as a cheap option, rather a far better resource than you could otherwise provide.

Of course, this kind of service must be used responsibly, and it is important to know how you are going to ultimately pay your bills as well as the cost of the outsourcing. Outsourcing is no match for sound financial planning – when you prepare for the future, you increase the chances that you can cope with unexpected costs and obligations.

Source: http://www.telegraph.co.uk/finance/yourbusiness/10504363/SMEs-in-the-grip-of-cash-flow-crisis.html

Image attributed to FreeDigitalPhotos.net David Castillo Dominici

Planning For Your Retirement In 2014

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Retirement is one of those life milestones, with millions of Americans thinking about and planning their retirement at any one time. For a generation, 2014 will be the year they finally retire from the workforce, to live out the rest of their lives in leisure. For others, it will mark the first time they think about retirement, and about setting money aside for their future. In 2014, planning for your retirement is essential to make sure you can live a comfortable existence when you are no longer earning money on a regular basis. But what steps should you be taking to plan for the future, and how can you specifically plan ahead for your circumstances in retirement?

Before you can start to put plans in place to provide for your pensionable years, you need to think about how much it will cost to survive in your current lifestyle. Write down your essential living costs every month, and calculate this figure over a year. Be sure to be generous in your estimations, so as not to be caught out by initial optimism. Calculating this annual amount will allow you to work out a total amount you need to secure to fund your retirement, and you should make calculations based on a long and healthy life post-retirement. This figure is still abstract, thanks to the effects of inflation, but it gives you at least some idea of the amount of money you will need to have access to in order to fund your retirement.

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Fortunately, this doesn’t have to be a lump sum. Private employer pensions can be set up long in advance, and many people of working age already pay in to pension schemes in order to set aside some capital for their retirement. Similarly, investments you make during your working life can continue to pay you into your retirement, so there are many practically positive reasons for getting your excess money tied up now for that future. The sooner you start to plan ahead with your financial affairs, the more benefit you will be able to see from your money when you retire.

Pensions and savings schemes are often linked to market performance, and as a result, capital can decrease as well as increase. However, this money is often treated in a more tax-efficient way, and investment in the right pension or savings vehicle will ensure these risks are kept to a minimum. Ernst and Young global chairman Mark Weinberger and other executives understand these topics well, but so can you with the right amount of research and planning.

Retirement is an inevitable stage in each of our lives, and one that most people look forward to. Leaving the workplace forever is daunting, particularly in the current uncertain climate. But with the right planning and preparation ahead of the event, it can be possible to retire with enough money to live comfortably for decades to come. Whether you have pension provision in place, or whether you’re considering starting to save for your pension in the new year, planning well in advance of the event means you have the longest runway to ensure a happy, financially-sound life beyond the workplace.

How Bitcoins Can Revolutionize The World Of Finance

Bitcoin Art (Photo credit: btckeychain)

Bitcoins are a new kind of currency that shows promising value to the financial world. They are digital coins that can be exchanged between two individuals involved in a transaction without the involvement of any bank or finance company. They are used with the help of an open sourced project that enables users to review the code freely. 

This project is named – Bitcoin Miner, where bitcoins are created at a limited rate. These coins are being used despite none of the financial institutions officially approving of them. Bitcoins are assigned to you with the help of a secure electronic signature. Currently there are only 7 million bitcoins in use and the total number of bitcoins cannot exceed 21 million for security reasons. 

It is being said that bitcoin is going to grow further and become an indispensable E-commerce tool. This is strengthened by the fact that the bitcoin has emerged as the independent and transparent currency bringing about the great financial revolution. Due to the low transaction fees associated with bitcoins, many merchants prefer to use bitcoins. 

Apart from this, another advantage is this that you can make faster transactions just by paying a voluntary transaction fees in case you need to make emergency money transfers.

No Centralized Authority And Global Presence

Since there's no one individual or company involved as an intermediary who looks after or controls the transaction between two individuals using bitcoins, they are catching popularity with many users. Only a secure network is involved in the transactional process thus created greater freedom for the investors and users alike. 

Bitcoins have also managed to replace wire transfers such as PayPal and others. All that one needs to use bitcoins is Internet access, bitcoin wallet and bitcoin address of the person whom you want to transfer. All this is achieved once you create an account online that is going to be secure and cannot be frozen either.

Competitive Enough

Bitcoin offers you to make transactions through various currencies including Euros, Dollars and others. You can make easy money transfers by transferring these bitcoins to the recipient’s accounts. 

They are termed competitive because they can now be compared to the electronic mail that helps you send or receive mails from anywhere in the world or Skype , that helps you make video and voice calls and messaging to anyone across the globe.

Faster And Secure Transactions

You can easily make transactions over the distributed bitcoin networks, that too within no time. Unlike banks and other financial institutions, bitcoins never let you go through rigid and time consuming processes. 

Military grade cryptography for transactions makes payments safe for the users as only the user will have access to the private keys assigned to him to make the transactions. So you need not worry about money transfer security. It will be better to go for the best Bitcoin investment companies that are perfect for providing better results.

Conclusion

If you really want to save time with that very essential security that entails bitcoin money transfer, then log on to Invest Online Ltd. The Invest Online is termed as the best investment company that deals with all other kinds of new investments.

Top Reasons Forex Traders Fail

What is Forex? Is it an animal? Possibly, in the way that it behaves. Is it a corporation? Perhaps, many can fall from a bad investment. Simply, Forex is an abbreviation for the foreign exchange market. 

Forex does not possess the glitz and glam of the stock market, but it is the granddaddy of them all. On the outside, Forex might seem for everyone, independent of age, gender, location. You can even be retired and still try Forex. If it works for you from the start, then you are lucky. If it doesn’t work, here are the reasons why that might happen. 

More Details about Forex

On average, 4 trillion positions are traded daily. Currency is bought and sold on Forex. Forex runs 24/hrs in the major markets, of New York, London, Tokyo, Sydney, Zurich, Frankfurt, Hong Kong and Paris. With such a great opportunity, and the advent of technology, anyone can join the Forex market, and there in lies an inherent problem.  

Forex at one time was left to large corporations and individuals with large amounts of money, however, with the boom of the internet and online futures trading, anyone can open an account and trade online- average Joe. The allure of great wealth and prosperity seems attainable, but beware there are some great pitfalls of why Forex Traders are not successful. 

No. #1: Lack Of Discipline

Having passion for your industry and your field is an admirable quality. Emotions, have garnered some of the best speeches: "I Have a Dream," "Gettysburg Address," and "Kings Speech,” Each of these speeches were given in times of great anarchy, political identity crisis and personal failings. 

When trading, there is a constant motion, say if you will be organized pandemonium that is meant for principled, level-headed tradesmen. Successful traders, land enormous wins, but suffer a great deal of loss. Some of these losses are consecutive and will test the mettle of a skilled trader. 

Conversely, a series of great gains, can leads to greed. Moreover, it is how you react and address these collective opportunities that can define your character as an online investor. With two sides of the spectrum, most traders do not possess the focus and the wherewithal, to see the sensible way to approach the Forex market, which leads to a lack of vision.

No. #2: Poor Planning

Trading plans are the blueprints to success and failure. If we think of Target, Coca-Cola, each of these companies, had a distinct DNA that led to a path of success. Inexperienced traders, do surface research and ascertain a general idea of assets, risk management, without projecting for returns on investments (ROI). 

In addition to planning, some will create a detailed synopsis with charts, projections, but will not adhere to the proposed investment strategy, because a bigger asset seems to be lurking.In trading, usually the tortoise, not the hare wins the race. Without perspective, it can be confounding to adjust, to trends in the marketplace. You could be easily, pouring cement around your feet, waiting for it to dry and eventually you are- stuck. 

No. #3: Not Adapting To The Market

In order to survive in this Darwinist ideal of business, you have to adapt. Being a chameleon is an advantage, but most traders with experience, see a certain way to follow. Accepting differing points of view, you gain a broader understanding of how specific financial sectors operate. What may trade well in Hong Kong, maybe worth miso soup in London? 

There is no full-proof plan for success in trading. Granted there are indicators, but trying to apply every type of financial model to the financial markets, is like putting a round peg in a square hole. In planning, and trying to align with markets, there has to be a backup, for the backup, for the backup, so that if there is quick pivot, it's not a surprise, it is a pause to position oneself to power. 

Simply, stay rooted, you plateau. Online futures trading truly can be rewarding, risky venture that takes great fortitude, skill and planning. Principally, you want to have enough capital to truly make your investment worthwhile. Consequently, discipline is essential, because you would have studied and gain an apt understanding of the metrics needed to begin creating a solid investment plan. 

Being under-capitalized (simply not enough money to conduct business), will hinder efforts to make a successful and profitable gain, in the world of global trading. Moreover, planning and making ready adjustments are hallmarks to truly finding success in online futures trading. If your investment plan is sound, when changes eventually emerge, they are not surprises; it just becomes part of the larger plan. 

Overall, become a student to other traders, and to the various markets you intend to invest. Allow time to pass, before making hasty decisions. Gettysburg concluded strongly, by saying that government is for the people, by the people, if you then think, the markets are for the people, but its success truly lies in your hands.

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. Past performance is not indicative of future results. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. 

Role of Solicitor in Quick Property Sales

Selling a property is a very simple process nowadays. The use of internet has made the process very quick. All that a seller needs to do is list his property on some site and the buyers will visit poster’s website to check his property, and the rest follows from there. In such quick and simple steps of selling property, solicitors or conveyancers have a very important role to play. 

Role of the Solicitor:

A solicitor can help in understanding the property reports and market data, to determine the price of the property. Although this is the job of an agent, but, most people who choose to opt for quick property sale options online, do not like to hire an agent. Such people may be unable to compare the market data. But the real work of the solicitor starts once a negotiation has been done between the buyer and the seller. 

Once they have had an oral agreement, it is then time to set it all in writing. For the conveyancing process to begin, the solicitor of both the parties needs to be informed. The seller’s solicitor obtains the title deeds and all necessary documents from the seller, or the mortgage company if the situation so requires. Once that is done, the exchange of contract is the next step. 

In case the person is selling and buying a property at the same time, the solicitor has to make sure that the exchanges of contracts take place at the same time. The solicitor is responsible for drawing up the contracts and all legal documents, and the authentication of all papers. Once the deposit amount is paid to the seller at the time of exchange of contracts, the date within which the completion of the entire process of sale is to be completed is decided by the parties via their solicitors. 

To complete the process, the remaining amount is to be paid, and stamp duty that is due to the Inland Revenue is to be sent, for the transfer of the key. The solicitor can then register this sale at the Land Registry to complete the process. 

Finding the right solicitor:

In order for the smooth and successful completion of the process of sale of a property, it is important to find the right solicitor. Not all solicitors have the expertise in matters of real estate, and that should be kept I mind. It is best to avoid the solicitor suggested by the agent, if any, as the agent will possibly suggest someone with a general skill and no special expertise in respect to property related matters, and may even look for his own commission from the solicitor, which will naturally lead to a high fee to the solicitor. 

It is a good idea to go down personally to pay visits to law forms and talk to them in this regard. It is best to visit at least three firms to get a fair idea about the whole situation. There are particular firms that concentrate only on the providing conveyancing solicitors. Sometimes, solicitors may charge very high for their service. The average fee for the general services of a conveyancing solicitor should be around 500 pounds, with the Value Added Tax included in this amount. This may vary by a little. 

However, additional cost is charged based on the extra services provided by the solicitor. It is important to understand the services of a solicitor and the services being provided, to understand whether the fee being charged is appropriate or not.

While the process of selling property is a fairly simple one where buyers visit poster’s website and proceed with the process of buying the property, conveyancing solicitors are very important in the process of completion of quick property sales. But, it is important to do some background research before hiring a solicitor.