Currency needs during your retirement
While retirement can be both daunting and worrying it can also be exciting and create the opportunity for you to enjoy everything you have built throughout your professional and personal life so far.
This can be a time to see more of the world, spend more time with loved ones, focus on a passion or begin a new chapter of your life somewhere else.
While for most people retirement is different there are some consistencies that exist for the vast majority.
The desire to see the world
Following their retirement, people often want to travel more with many opting to buy holiday homes overseas or move abroad permanently. With Spain, Portugal, France, and Italy all boasting hotter climates and scenic coastlines it’s no wonder that there are thought to be 750,000 brits living outside the UK and across Europe.
Retiring to a place in the sun shouldn’t mean the stress of watching your money being eaten away by poor exchange rates or international payment fees. Currency UK can help you make the most of your money, allowing you to enjoy your retirement in peace.
As can be the case with property purchases, it may take months for the deal to go through, by which point the exchange rate may have moved against you, making your dream home more expensive and out of reach. However, by locking in the exchange rate at the start of the process you can ensure you are protected against swings in the currency market.
When thinking about your pension fund, the impact that foreign exchange can have on its value isn’t something that comes up very often. However, if you elect to retire abroad, the payments from your pension can be hit by poor exchange rates, bank charges, or other overheads when the money travels from one currency and country to another. These charges might seem negligible on initial payment, but they will soon add up as repeated transactions are made and put a significant dent in the value of your pension. That’s without mentioning the potential for fluctuating exchange rates drastically changing your income month-to-month. Currency markets have been particularly volatile due to various geopolitical tensions in recent years, resulting in some pension payments fluctuating wildly in turn.
Thankfully, there are solutions. Your options include setting up a recurring payment at a fixed exchange rate, providing the certainty you need to effectively manage your finances. Whatever your needs, Currency UK can help you make the most of your pension.
To find out more about how to make the most out of your retirement funds and for support with international payments, speak to a member of our team on +44 (0) 20 7738 0777.
You can also find out more by clicking here.