Offshore banking solution for over-55s?

Offshore banking might be the solution for problems faced by over-55s, as a new report reveals the majority are struck by unexpected expenses that could eat into savings placed in more traditional vehicles.

Research from Aviva revealed 92 per cent of those questioned faced this problem, indicating offshore savings accounts - which ring-fence deposits to ensure maximum returns with minimal tax charges - may help guarantee quality of life when individuals with private wealth retire.

Clive Bolton, 'at retirement' director for the insurance group, noted post-work income is normally fixed, which is why older individuals might be harder hit by rises in living costs.

For those hoping to live abroad in later life, offshore banking might also be convenient, as it can be more flexible when it comes to non-nationals and the rules governing managing assets contained in an account.

The government recently removed the requirement to annuitise by the age of 75, a move which should allow Britons with private wealth greater flexibility when it comes to retirement income and investment. ADNFCR-2318-ID-800056643-ADNFCR