Pensions are in such a mess in The United Kingdom that just about a 3rd of employees won't have enough money saved to fund retirement until they are in their 70s.

Millions are intending to work on for up to 10 years after retirement age - some until they're 75 years old or even more.

The dread driving retirement savers is they'll outlive their money and end up spending their subsequent years in misery.

One of the issues faced by ex pat pensioners is whether to leave annuity funds back in Britain when they depart - or whether to shift their retirement savings offshore.

The most highly recommended offshore annuity is a QROPS.

The attractions of a QROPS are many for ex pats - pensions paid gross, bigger tax-free lump sums and more flexible investment options to cite a couple - but are they worthwhile for everybody?

Undoubtedly, QROPS aren't a universal retirement solution.

The key test is taking a look at current pension arrangements and how they're performing and then comparing these with an offshore alternative.

The issue is a QROPS is not an allowance plan in the sense of setting up a retirement plan or SiPP in the UK.

A QROPS is more like a trust with investment options, line offshore bonds, built in.

Investing in a QROPS is just as risky as staking money anywhere else - QROPS values rise and fall with the market like other investments.

The massive difference is choice and control. A QROPS offers a large range of commodities, shares, currencies and markets and options to take full or part control of investments. Infact, what can be held inside a QROPS is maybe infinite

Plenty of the millions delaying retirement are doing so to defer annuities in an attempt to increase the value of their funds, announces UK annuity firm LV=, which conducted the survey.

Delaying QROPS drawdown while continuing to work is available too to ex pats. For ex pats, moving cash away from the doubt of the United Kingdom allowances regime and the continued politically driven fiddling of successive regimes would appear sensible to investigate - and actually a QROPS is one doable solution to think about.

These days, it’s not uncommon to find that many baby boomers are coming into their first divorce, may have lost a business, or have found themselves mired deeply in dept.  These financial pitfalls are not just emotionally draining – they can have a devastating impact on your retirement savings if you don’t take the proper steps to protect them.  Many people faced with financial downfall turn to their savings and investments to get them out of debt or pay for that divorce.  However, if you want to reach that retirement age any time soon, then you’ll need to start over again – and we’re here to show you how.

Don’t Let Emotions Hold You Back. Debt can be depressing enough – but debt that’s caused by divorce or a medical emergency can be downright debilitating.  Don’t let your emotions get the best of you when it comes to starting over with your retirement; instead, separate your personal issues from your finances and move forward.

Get An Objective Opinion. This is where an investment advisor or financial planner comes in.  If you’ve had your money basics down pat and just need to boost your savings after a divorce or medical emergency, then go for a registered investment advisor; if, however, you don’t know how to rub two dollars together, get a financial planner to teach you the basics about money.

Don’t Second-Guess The Numbers.  Don’t live in ignorance about your overall retirement savings or your debt – sometimes facing up to what you owe can be more freeing than ignoring the numbers.  Again, get that investment advisor to help you come up with savings and investments that will get you back on track towards financial security again.

Cut Expenses. The old saying really is true: every little helps.  This means you’re going to have to comb through your expenses and get deals wherever possible.  While you may not see the benefits at first, trust us, it adds up at the end of the year.  Additionally, don’t drain anymore of your resources on major purchases – this means if you have a kid in school, have them take out student loans to finance their own education.  It’s harsh, but it’s necessary to get your retirement back on track.

Keep Working.  It might be time to push your retirement age up or earn extra money on the side – whatever option you choose, the extra income will help cushion your retirement savings.

For more information on smart retirement planning, visit www.kenhimmler.com, the IRA and 401(k) experts!

Authored by Kenneth Himmler, Sr.

What’s in your retirement savings plan?  Though you most likely have income from just one source now, which would be your job, most Americans will have the big “three” retirement income sources after they stop working – Social Security, 401(k) or IRA, and company pension.  However, you are not limited to just these sources of income after you retire from full-time work. 

Many people, when they start planning for retirement, simply begin putting away small sums of money in an interest-bearing retirement account.  However, there are other unique ways you can invest in your retirement.  Here are five that could result in additional streams of retirement income.

1. Annuities

Invest in an annuity, and you can see a guaranteed stream of income for a guaranteed amount of time.  Annuities can be purchased by a lump sum or by investing regular amounts for a period of time.  Larger insurance companies are usually the main sources for obtaining an annuity.

Once you agree to buy into an annuity, the insurance company invests your money and is able to pay you more than you paid over time.  Annuity payments can begin right away or deferred until a certain time, such as retirement.  If ever you are lucky to come into a large amount of money, say by an inheritance, putting all or most of it into an annuity can pay off for your retirement years.

2. Investment property

Want to be a landlord?  There is money to be made by purchasing income-generating property.  Investment properties can be great for those who are still 20 to 30 years from retirement.  You could purchase just one investment property as a rental home, have tenants pay rent that goes toward paying off your mortgage, and by 25 to 30 years, your investment property is paid for in full by your tenants.  Any rental income you have after retirement all goes into your pocket.

Or, another strategy may be to purchase an investment property, pay off the mortgage through rental income for 25 or 30 years, and then sell the home after it has gained much appreciation.  Invest the gains in an annuity as mentioned above, and you’ll have a great stream of retirement income.

3. Stocks

Don’t forget about investing in non-retirement savings.  Investing in growing companies, either publically traded or private corporations, can provide a good regular source of income in the form of dividends.  Though an individual dividend is usually just pennies, if you have purchased thousands of shares in diverse companies over the years, the dividends can add up to become a nice income stream.

4. Royalties

You could also earn royalties from intellectual property in your retirement years.  Write a non-fiction book.  Compose a song.  Any creative endeavor where people buy a license to use your creative invention can result in regular royalty retirement income.

5. Part-time work

Most people look forward to retirement so they don’t have to work at all in their golden years.  However, many folks realize after retirement that they are bored and want to do something with a purpose and that still makes them valuable.  Part-time work can give you a way to keep busy and follow your hobbies and provides another stream of retirement income.

Retirement doesn’t have to be limited to just the usual sources of income.  Be creative and find income streams from sources that are not always traditional.  Don’t forget to talk with a qualified retirement wealth specialist at www.kenhimmler.com or retirement asset management company at www.iamllc.biz to get the best advice you need on planning your retirement income sources.

Authored by Kenneth Himmler, Sr.