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Retirement Planning Across Borders: How ACE Helps Bangladeshi Expats in the UK to Prepare for the Future

Retirement Planning Across Borders: How ACE Helps Bangladeshi Expats in the UK to Prepare for the Future

25 Oct 2023


With a robust economy, thriving job market and top-notch education on offer, the UK has an immense appeal for the people of Bangladesh who come here, work and send money to Bangladesh from UK to offer financial aid back home – without having to pay even a single penny as fees! As a Bangladeshi migrant, you can enjoy as many fee-free transfers back to Bangladesh from the UK as you can until December 31st 2023. More on it later. 

A report by Pilot Guides stated that the Bangladeshi diaspora is one of the largest worldwide, with over 7.5 million migrants living in different countries.

The number of Bangladeshi migrants in the UK is around half a million, according to a report by the Bangladesh High Commission, London.

The influx of migrants in the UK, its economy, its expansive and accommodative job market, and its best quality education are all reasons enough to consider the UK to go to and work in. But have you ever thought about this: does working in the UK ensure your financial security even after you have retired and returned to your country of origin? Or are there other factors at play that ensure your future financial security?

Yes. You guessed it right!

It is about planning for your retirement and how you will be managing your finances post-retirement.

But do not worry. This blog is the right place to be to learn all about your retirement planning.

Retirement Planning – A Basic Insight

You have two basic financial approaches as a Bangladeshi migrant living in the UK to earn a living to send money online to Bangladesh from UK to offer financial support. One is to keep sending money to cater to the running expenses and make little savings, and the other one is to spend money in a way that takes stock of the days when you can no longer earn money. Right?

In the second approach, you plan your life in the future to have a peaceful and relaxed retirement. It may, initially, seem a far-fetched approach to plan for the invisible but yet-to-come. But then, do you not prepare for emergencies?

The time and effort you will take in so doing are worth it.

Understanding Retirement Planning

Retirement planning is a process that allows you to ensure financial stability for your post-retirement life. The process is about taking certain steps, especially financial steps, to save or invest enough that you can rely on your savings and investments once you realise you can no longer earn a living and exert yourself both physically and mentally.

It is important to note that both physical and mental exertions have been mentioned because if you are, for example, a writer, it will take mental effort to be productive. Right? But regardless of your job type, a time will come when you will be dependent and unable to work.

Sound retirement planning extends support at this time in your life.

Importance of Retirement Planning

The importance of retirement planning cannot be overemphasised because remember that whatever you earn, whatever your job is and how much financial aid you send back in your every money transfer from UK to Bangladesh, it will end one day.

A time, as mentioned earlier, will come when your income streams will begin to dry up, but not your expenses.

In such a scenario, if you have planned for such a time in your life, your expenses will be taken care of automatically, despite not being able to earn any more.

Once you have done this, you will be able to enjoy your life more, spend more time with your family and move around with a peaceful mind.

Let’s now look at the steps you can take to plan for retirement.

Steps to Plan Your Retirement

Remember that a happy, contended retirement bears different meanings for different people.

For you, it may mean transitioning from a full-fledged career to a part-time job. Whereas for others, it may mean spending more time with family, starting gardening or visiting a golf course regularly.

But regardless of its meaning, the following steps are essential to take to secure your post-retirement life.

Define Retirement Clearly

You already have an idea about retirement. But it is at best a vague idea. Right? Now jot down your priorities and create a to-do list focusing on your life post-retirement.

Evaluate Your Assets

Weigh your assets and remember that these assets are not necessarily monetary and physical. A hobby can turn into a skill, affording you the liberty to earn even in your retirement years.

Check Your Health

To get optimal benefits from your life, you wish to be healthy. Right? Make sure to visit doctors regularly regardless of the need. These regular visits can help you a long way in maintaining good health.

Make a Retirement Budget

This is the most critical part and should include your current income stream, what you need to reach the goals you have defined and set, and the quantum of debt. Create a budget based on these points and stick to it.

Learn here all about how to budget effectively.

Saving on Money Transfers

Do some research and find an online money transfer service that offers you the cheapest way to send money to Bangladesh from UK. Since it is a regular practice, sending money through costly channels can throw your financials into disequilibrium.

ACE Money Transfer’s Grand and Helping Offer to Bangladeshi Migrants in the UK

The firm has a reputation for facilitating its valued customers in multiple ways in their online money transfers. Therefore, in keeping with this tradition, the firm offers fee-free transfers to Bangladesh from the UK until the end of the year.

Imagine that you keep sending money regularly and pay a fee for every transaction; ACE Money Transfer has lifted the fee simply on every money transfer. Furthermore, the firm offers live and market-competitive exchange rates to offer an all-encompassing financial solution to migrants sending money back home.

Cut Expenses and Decide if You Still Need to Earn

It is important to begin to trim your expenses as you near retirement age so that it will help you save more. In addition, keep an eye on your expenses and decide if you still need to earn.

Prepare for the Unexpected

Retirement planning is almost akin to planning and preparing for the unseen and emergencies. Therefore, be financially prepared for the unexpected and emergencies because life has the habit of throwing the unexpected at you!

These simple steps can help you prepare your retirement plan. But remember that the time for so doing is now!

Wrapping Up the Discussion

At the heart of your retirement planning lie savings. Right? So, if you send money to Bangladesh online from the UK through ACE Money Transfer, you will be able to make savings as the process of global money transfers never comes without charges. But not when service providers like ACE Money Transfer exist, whose core mission is to facilitate your money transfers by waving the fee off and offering you live and market-competitive currency exchange rates.

FAQs

What is retirement planning?

Retirement planning is about determining your income goals after you have retired and the steps you need to take to achieve those goals. It includes identifying incomes, trimming expenses, and making savings.

Why is retirement planning important?

Retirement planning is important because you cannot work forever. A day will come in your life when you can no longer work. Your income comes to an end, but not your expenses. So, a sound retirement plan helps you on such rainy days.

What purpose does retirement planning serve?

Retirement planning serves many purposes, such as providing you with the necessary financial backup to fall back on, preparing financially for the unseen and emergencies, affording you the liberty to spend the latter years of your life as you wish to, and so on.

How do I prepare my retirement plan?

You can prepare your retirement plan by knowing when to start planning for it, what and how much of it you need to retire, prioritising your financial goals, making savings, and investing in different areas.  

Does ACE Money Transfer help me in my retirement planning?

Yes. ACE Money Transfer helps you with your retirement planning because at the heart of it lie savings, which you can ensure on your every fee-free money transfer to Bangladesh from the UK and by getting competitive exchange rates, which are difficult to find elsewhere.

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