Retiring Abroad? Here's Why You'll Need an Offshore Savings Account
There are plenty of reasons to pick an international destination once it is time for your retirement. You might want to soak up the sun in a tropical country, enjoy a much lower cost of living or simply pick out a destination with incredible scenery.
Whether your dream retirement involves strolling along secluded beaches just steps from your home or teeing off from a golf course a short drive from your condo, an offshore savings account can make your overseas retirement dreams a real possibility.
You Can Pay for Everyday Expenses With Ease
If you are gearing up to move to an international destination, then you’ll need to get used the idea that you’ll be paying a whole new collection of bills and expenses for everyday life. You might need to pay your utility bill, your rent, your mortgage, your grocery bill and a whole host of new expenses in a foreign country, and your domestic savings and checking accounts don’t always work out for those costs.
Opening a savings account in the offshore destination you now call home, such as Belize, allows you to easily handle expenses when they crop up without worry.
There is No Need for Costly Currency Conversions
If you are still using your domestic credit cards or debit cards to pay for things overseas, then you might have noticed that currency conversion fees are slowly eating up your savings. Currency values are flexible, which means that conversion rates fluctuate.
Rather than paying fees for the conversion and potentially losing money each time the market moves, consider opening up an offshore savings account in your choice of foreign currency. This could be much cheaper in the long run since you’ll have access to the currency you actually use on a daily basis without the need for conversion.
Offshore Accounts Diversify Your Holdings
In retirement, when you are often no longer bringing in a regular income, it is important to keep your existing assets safe and secure. If all of your net worth is in a single currency, a single country or a single industry, you could be leaving yourself vulnerable from a financial standpoint.
Rather than allowing this, consider opening up an offshore savings account. An offshore account can be the key to diversifying your assets and providing you with significantly more peace of mind.
Lifestyle Savings Accounts Can Boost Your Interest Potential
Although you can find traditional savings accounts offshore, many retirees can benefit most from a lifestyle account. These accounts offer increasing interest rates as your balance grows. These impressive interest rates can climb to 0.5% APR, allowing you to watch your balance grow over time.
Lifestyle savings accounts are best for retirees because at this stage in life, many individuals have a sizable amount of cash saved as well as the desire for steady, consistent growth with no risk. Depending on how much you have in terms of savings, the interest alone could be a significant source of income.
Offshore savings accounts can be beneficial no matter what your age or where you live. However, retirees ready to move overseas can especially benefit from this smart financial move. Contact us to find out more.