The failure to save effectively for retirement has been a key feature of contemporary society, and one that was explored in depth during a 2013 HSBC study. Focused across 15 global markets and canvassing the opinions of more than15,000 respondents, it suggests that while the average retirement length is now eighteen years the majority of individuals only have enough funds to sustain them for a decade.
This represents a significant chasm, and while the economic recovery has gathered momentum in recent times there is still work to be done if citizens are to enjoy a fulfilling retirement. This is particularly true if you have a desire to move abroad once you have finished work, as this requires significant investment and the ability to create a quick and cost-effective relocation.
How to relocate in a Cost and Time-effective Manner
With this in mind, what practical steps can you take to expedite your move abroad without compromising your existing budget? Consider the following:Â
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Consider Selling your Existing Home
Occasionally, there may be instances where your move is directly hindered by a minimal budget and a lack of resources. As a consequence, you will need to take proactive steps that enable you to raise funds quickly and efficiently. One option would be to sell your existing, UK-based home, although this only applies if your move is permanent and there are no additional plans for the property. If selling is a viable option, you should look to partner with a specialist home-buying business such as I Buy Homes and negotiate a deal that can be completed within a matter of days. While these companies can reduce the cost of selling your home and help you to achieve your goals in an extremely time-effective manner, they will expect to pay a price that is slightly below market value so you will need to make allowances for this.
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Budget Precisely and Allow for all Potential Costs
Once you have an understanding of your cumulative financial resources, the next step is to create a budget and finalise your fiscal plans. While this will vary for each individual depending on factors such as location and the nature of your move, it is crucial that you budget precisely and allocate figures to every potential cost. By developing a ‘worst case scenario’ budget for your move and taking the time to create accurate financial plans, you will negate the risk of unforeseen costs while also creating a viable contingency plan. This should prevent you from overspending, or at least highlight any potential financial issues before they come too problematic.
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Prioritise Costs and Relocation Tasks
Above all else, it is important to realise that international relocation is a long-term plan that requires considerable attention to detail. It is also unrealistic to expect that the entire process can be completed within a matter of weeks, especially when you factor in tasks such as decorating your new home and adapting to your newly adopted culture. So before you attempt to access innovative design ideas while also planning the time-sensitive logistical elements of your move, you should make a clearly defined list that prioritises each individual task and cost. This essentially creates a comprehensive to do list and financial action sheet, which simultaneously lets you track your physical progress and expenditure. It also helps you to develop a realistic time-frame and ensure that all urgent tasks are completed as quickly as possible.
