Page 42 - Property Portfolio - November 2019

How to retire to

Spain with financial

peace of mind

Many retirees, however, are looking for income;
By Kelman Chambers, Partner, whether it is receiving regular payments or taking
Blevins Franks ad hoc withdrawals. Besides planning for that,
you need to protect the capital that generates the
Anyone recently retired or approaching income, so have to be careful about managing
retirement is entering a new and exciting phase risk. You should aim to earn at least enough
in life. While some worry retirement will be capital growth to keep pace with inflation over
boring, many embrace the freedom it offers. If time to help maintain your spending power
you have chosen to retire in Spain, you probably throughout retirement.
fall into the latter category!
It’s a fine balance. The starting point is to obtain
Spain certainly offers a beneficial lifestyle for an objective assessment of your risk tolerance.
retired expatriates, but long-term financial Together with a good understanding of your
security is crucial to help you enjoy your aims, circumstances, needs and time horizon,
retirement years. To achieve this, you need to this is key to ensuring your portfolio is suitable
take a good look at your finances and the way for you. In any case, diversification is central to
you hold your assets. Your situation is totally managing risk within your defined tolerance.
different now from your working days in the
UK, so be prepared to make some adjustments. Taxation
All that free time in retirement costs money! You
Savings and investments can help maximise your income through strategic
You may have built up a successful portfolio tax planning. While tax mitigation opportunities
of savings and investments over your working are limited when paying PAYE on your salary,
life, but your circumstances and objectives were how you hold savings and investments can make
different then. With a regular salary coming a significant difference to retirement income.
in you could afford to take more risk when Take note that UK tax planning is unlikely to be
choosing investments and focus more on growth. effective in Spain. ISAs and UK bank interest,

42 Portfolio