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Have you set your financial goals for the new year?

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As the new year approaches, you may be pondering over your resolutions for the next 12 months – including your health, personal growth, and your finances.

Whether you’re a UK expat living in New Zealand or a Kiwi who has returned home from the UK, here are some investment and retirement goals worth considering.

Give your investments a check-up

Investing requires meticulous planning. As we step into the New Year, it can be an opportune moment to not just make resolutions but also set realistic, actionable financial goals.

  • Diversify your portfolio

You have probably heard about the importance of diversification plenty of times. By spreading your investment across different types of assets and regions, you can mitigate risks and maximise opportunities for gains. If you’re looking for expert guidance, keep us in mind. We can work with you on a diversified portfolio based on your risk tolerance, financial goals, and other unique circumstances.

  • Automate investments

Consistency is one of the challenges of investing. If you’re manually transferring funds into your investment, and sometimes forgetting, it can be a good idea to set a fixed amount to be automatically transferred from your bank account into your investment account each month.

A key advantage of consistently contributing the same amount each month is a strategy known as "dollar-cost averaging." This means you purchase more units of an investment when prices are low, and fewer units when prices are higher. Over time, this can potentially lower the average cost per share of your investments, and going someway to mitigating the impact of market volatility.

  • Review performance

Take some time on a regular basis to go through your investment returns. Are you on track to achieve your goals? Reviewing doesn’t necessarily mean making changes, but it’s important to keep an eye on how things are tracking.

Once again, get in touch: we can help you interpret the data and might suggest tactical changes if needed, like rebalancing your asset allocation or diversifying into new investment avenues.

Remember, temporary setbacks shouldn’t deter you from your long-term objectives. Financial markets can be volatile in the short term, but historically, they have tended to grow over extended periods. That’s why, if you have a long-term investment horizon and your personal circumstances haven’t changed, it’s generally essential to maintain a long-term view when reviewing your portfolio.

Goals for your retirement planning

Whether you’re decades away from retirement or just a few years out, these are some practical steps you can take in 2024.

  • Increase contributions (if you can afford it)

Start by checking how much you’re on track to save if you continue with the same level of contributions. If it’s not enough, one of the most effective ways to boost your nest egg is to increase your contributions – provided you can afford to do so; remember every bit extra helps build that retirement nest egg.

  • Reassess your retirement age

If you’re not on track to save up enough funds by age 65, and retirement is getting closer, you have the option to reassess your retirement age. Some people choose to work a few more years if they’re healthy, perhaps in a part-time capacity. This allows them to continue saving up, while reducing the time they need to cover their living expenses solely from their savings.

  • Consider a UK Pension transfer

If you haven’t transferred your UK pension to New Zealand yet, this can be another key consideration. The decision on whether to transfer or not comes down to your unique situation, and it can have a significant impact on your financial future, so it’s important to understand all the nitty-gritty details.

That’s why we’re here. At Pension Transfers, over the past 20 years we have been providing tailored advice to thousands of people like you – from assessing whether a pension transfer aligns with your goals, to facilitating the actual transfer and offering ongoing consultation. 

Like to talk?

Click here to contact us, email or give our team a call at 0800 UK 11 NZ.


Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.