If you are a bit of an adventurer you may find overseas living intriguing. As you do your research you will find many web sites, media outlets, authors, and bloggers who can help you find what’s best at a reasonable price.

France.

Another great place for terrific food and culture. France was rated as superior in the 2010 International Quality of Life Index. Their health care is also rated as very good. On the downside they do have high taxes, a difficult bureaucracy, and high prices. So it’s better to find yourself a place outside the larger cities.

Turkey.

Though on the edge of the European landscape, they consider themselves more Western than Middle Eastern country. Soon to become part of the European Union they are one of the top growing economies in the region. You can find retirement destinations in the mountains or at the seashore. Buy property in turkey if you want an exciting retirement or vacation.

Costa Rica.

A small country in Central America that is already the home to many people that have chosen the laid back life style. It has a good economy and a stable government that encourages the foreign dollar to its shores. Retirement income and real estate profits are untaxed, combine that with lush beaches and country side living, you have a perfect destination.

This is only a short list of all the possible destinations to retire at. You need to consider other obstacles to living abroad like language, government stability, and living standards. These and many other things need to be considered for such a big move.

Living overseas is going to give you the adventure of your life. It takes a certain mindset to leave you home country and live abroad. Maybe after a while you may become homesick. There is much to consider in living overseas.

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Retired seniors can struggle to make ends meet, particularly with the current inflation rates. Pensions only stretch so far, so retired seniors need to identify the best ways to save money in order to reduce their monthly spending. There are a number of ways you can reduce your outgoings simply by making a few small changes and taking advantage of special arrangements established to assist older people in the UK. Here are 5 tips to help you make substantial savings and free up more money with which to enjoy your retirement years.

 (1) Take Advantage of Free Services and Concessions for Older People

 There are many free services and concessions available for older people in the UK. It is important that you take full advantage of what has been implemented to assist you financially. Every person aged over 60 qualifies for free NHS prescriptions and eye tests. The annual flu jab, a vital defence against illness for older people, is available free for people aged 65 and over. Older people of retirement age and the disabled are also entitled to a free bus pass, which can be obtained through your local authority. There are also concessionary travel rates available for older people on trains, using a Senior Railcard, which amounts to a third off the price.

 (2) Consider Having a Water Meter Installed

 How large is your property? Do you have more bedrooms than occupants? If so, you could benefit from having a water meter installed. Installation is free of charge and there is the option of returning to an unmetered tariff free, should you find your water use makes a meter more expensive. Be sure to contact your water provider, as many will arrange a compensatory unmetered tariff if meter installation is not possible.

 (3) Save Money on Household Energy Bills

 There are a number of ways older people can reduce their household energy bills. First, check whether your energy provider offers reduced rates for older people and people claiming benefits. Also check whether you can save money by changing the way you pay. For example, some companies offer discounts if you pay via direct debit. If you are unaccustomed to computers, ask a friend or relative to help you use an online energy comparison site to find the best rates. Many have hotlines you can call for advice, for example energy helpline: 0800 074 0745.

(4) Research Your Insurance Options

 It pays to contact a number of insurance providers, many of who specialise in insuring the over 50s, to find which of them offers the best insurance deals. However, don’t neglect the mainstream insurers, who also provide some competitive prices. If you are planning a holiday, look for the best deals in accordance with your age. Many insurers have price bands which increase with five year, spaced age categories, for example 60, 65, 70+. If you have any medical conditions, many specialist insurers provide free cover for what they view to be minor ailments.

(5) Make Sure You Are Paying the Right Tax

 HM Revenue & Customs have been known to make mistakes from time to time, so it is a good idea to check that they have got your personal allowance correct. Look at your tax code. If you are aged 65-74 it should begin with a ‘P’. If you are over the age of 75 it should begin with a ‘Y’ or ‘T’. If you have a single private pension, but receive numerous coding documents, this could be a sign that you have been given the wrong tax code. Also remember that if you live on your own, you should be receiving a 25 percent discount on your council tax.

Author Bio

 George Papas is a financial enthusiast. He is currently promoting a series of Short Term Loans from SwiftMoney. You can read his work on a number of financial sites including Save a Little Money. Visit Google+ to find more info about SwiftMoney

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retirement (Photo credit: 401(K) 2012)

The statistics show half of all Americans are not saving for retirement. According to Life Insurance and Market Research Association(LIMRA), a financial services trade organization, one-third of Americans over age 50 have worked with a financial advisor.

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Retirement (Photo credit: 401(K) 2012)

Everyone knows that when you are saving for retirement that you must use tax efficient accounts like IRAs and company 401Ks. Using tax deferred growth is one of the best ways to grow your retirement nest egg.

Though tax savings accounts are the best way to invest for retirement, sometimes a taxable account is the right choice even though you will be taking a tax hit. Here are a few situations when a taxable account makes sense even though it  will cost you some taxes.

The money may be needed soon.

You may have to save for a goal that will come within a short period of time. This could be an emergency fund that you are building. Putting the money into an account like an IRA, a 401(k), or a college-savings vehicle such as a 529 just wouldn’t be practical. The reason being if it turns out you need to tap the tax-sheltered assets prior to college or retirement, you’ll have to pay penalties and/or taxes to get your mitts on those assets.

Taxable account have no rules or restrictions on withdrawals. Though you will pay taxes on any gains, there are no penalties on withdrawals.

Your not sure where the money will be used.

With tax-free or tax-defered investing we have many choices of accounts at our disposal. We have so many accounts to choose from like Roth IRAs, 401ks, 529 plans, and Coverdell accounts, all help with our investing goals. We may not know how or where our money may be needed at this point in time. We may be waiting for a child to enter or finish college. A change of job may be making us wait for another job to start and investing must stop. We could be saving up or holding money aside for a new roof or second home. All these options directs us to save in accounts that are not tax-efficient.

Planning for the future use of our money also depend on our age. If we need the money short-term, then a Roth account may work if we need the money when we are 59 1/2 or older, when we can take it out penalty free. If we our too young to use this strategy, then the money belongs in a taxable account.

All retirement accounts are fully funded for the year.

It may be the case that all retirement accounts are fully funded under IRS rules. If you still have money after using all your retirement account options then a regular investment account will have to do. Investors in 401(k) plans are limited to $17,000 in annual contributions if they’re under 50 and $22,500 if they’re over 50. IRA investors can contribute $5,000 a year if they’re under 50 and $6,000 if they’re over 50. (College savers aren’t likely to hit this roadblock, as 529 contribution limits, while varying by state, are extremely generous.) If you find yourself in the position of having maxed out all of the tax-sheltered retirement vehicles available to you, saving additional assets in a taxable account will be a necessity.

Options.

Possible ways to forgo the tax bite is to invest in tax-free municipal bonds and bond funds, they can make a compelling alternative to taxable bonds.

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Exterior of the Internal Revenue Service office in midtown New York. (Photo credit: Wikipedia)

If you are investing in a 401k you are doing a very smart thing. If your not why not? Many people do not invest in a 401k because they feel someday they made need the money. A 401k is a great way to save because the growth of your money is tax free until to withdraw it. Then you pay the taxes and hopefully you are in retirement when your tax rate is much lower. Another benefit is many employers match your 410k deposits thus doubling you money.

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