Your Legal Magazine
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Are your savings benefiting you… or your bank? by Steve Iball of DeVere
You’ve worked hard all your life and you’ve consciously saved and built up your nest egg over the years. That’s wonderful. But if you simply leave your money in the bank and expect it to grow in value, you’re probably in for a bit of a shock. The reality is that savings interest rates are currently producing less interest than inflation, and the outlook for the next few years are pretty bleak. And in addition, any interest you do get is taxed at 20% here in Spain. So, if you leave your money in the bank, it may be relatively safe, but in reality the banks will benefit whilst you don’t.
We see this regularly at DeVere and are constantly asked to help, but all the while making sure that anything we do is low risk. That’s completely understandable – after all, you've been a conscious saver all these years, so you don’t want to fritter it away. One option that is growing in popularity and is Spanish compliant, is a savings scheme which can yield between 5% and 7%. DeVere work with well known and trustworthy companies such as Prudential and SEB to provide a higher rate of return. It’s very popular with retired people who want either a regular income or long-term growth with minimal risk.
Something that goes hand in hand with requiring regular income is your pension. We wrote last month about uncovering ‘forgotten pensions’ and how people are very pleasantly surprised to find out they’re due a company based pension they weren’t aware of! At DeVere we have a no-cost search service so you’d be daft not to ask! You never know!
Financial planning never stops. Your situation may change, and the economic landscape certainly does. It costs nothing to get a DeVere financial health check, so why not call us and book an hour or so. You never know, it could truly be a life changing call.
To book your free financial health check, just pick up the phone and call Steve Iball at deVere on 610 822 484 or email
steve.iball@devere-spain.es.
Female Focus
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