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Brits who are heading abroad for their retirement have revealed the hotspots that are tempting them; of course, there\u2019s more to think about than just the destination of your new home.<\/p>\n
For some approaching retirement, leaving the UK behind for different climes is a dream. Whether it\u2019s the weather, culture or the desire for a change of scenery that\u2019s driving your retirement plans abroad, there\u2019s a lot to think about; starting with the destination.<\/p>\n
New research from Retirement Advantage has revealed the hotspots that are tempting British retirees and the motivations behind the life-changing move. Perhaps unsurprisingly given its enviable weather, accessibility from the UK and expat population, Spain was crowned the number one place to settle in retirement. It\u2019s a position Spain has consistently held since 2013 but the survey discovered there are many other countries Brits are opting to head to across Europe and further afield.<\/p>\n
The Nation\u2019s nine favourite retirement destinations for 2018 are:<\/p>\n
There are, of course, many reasons to consider enjoying your retirement years outside of the UK. The research found that among the top reasons for considering retiring abroad this year were the prospect of a better lifestyle, a cheaper cost of living and better weather than in the UK. With money and lifestyle key driving factors for many retirees, it\u2019s crucial to accurately assess retirement income and outgoings before making a decision.<\/p>\n
You may have calculated that your pension in the UK is enough to provide you with the lifestyle you want; but will this be the same if you were living abroad? To accurately assess your finances before you move abroad there are many things to weigh up, here are five key areas you should consider:<\/p>\n
1. Pension income<\/strong><\/p>\n For most retirees considering moving abroad, there are two types of pension to consider; the UK State Pension and a Workplace Pension or Personal Pension.<\/p>\n Firstly, if you\u2019re eligible for the full UK State Pension, this can be accessed in any country in the world. However, it may be frozen at a certain rate. The State Pension is linked to the cost of living in the UK, but if you\u2019re living abroad you\u2019ll only benefit from these increases if your new home has a reciprocal social security agreement with the UK. So, if you\u2019ve been planning to move to Australia or New Zealand, for example, your pension won\u2019t increase, even if the cost of living does.<\/p>\n If you have a Personal Pension or Workplace Pension, you\u2019ll need to check your personal agreement before moving abroad to understand any restrictions that may be in place.<\/p>\n 2. Tax liability<\/strong><\/p>\n Tax laws vary from country to country, and, in some cases, you may still need to pay UK tax too. It\u2019s essential to get professional advice on what your tax liability would be if you moved to another country, allowing you to understand your income and outgoings. If you\u2019re unsure of whether you will need to pay tax in the UK, HM Revenue and Customers (HMRC) can help.<\/p>\n 3. Exchange rates<\/strong><\/p>\n You\u2019ll also need to account for exchange rates fluctuating. You might receive the same monthly income from your pension, but currency rates may mean the amount you have to spend can be volatile. It\u2019ll also affect the value of other cash you may have, such as those sitting in a savings account. It may work out more effective to withdraw and exchange lump sums rather than taking set amounts at monthly intervals depending on the foreign exchange market and your plans.<\/p>\n 4. Cost of living<\/strong><\/p>\n While the cost of living may be cheaper in some of the top retirement destinations for UK expats, it is still something you should spend some time looking over and delving into specific areas. You may, for example, find that your utility bills are reduced but that your grocery shopping will increase. Taking a look through your current budget and where the bulk of your expenditure goes while in the UK can help you convert this into a cost of living in the new destination with your lifestyle in mind.<\/p>\n 5. Healthcare<\/strong><\/p>\n You\u2019ll want to check the cost of healthcare in the country you\u2019re considering moving to, taking into account any existing medical conditions and potential issues in the future. It\u2019s likely that the healthcare system available in the country you want to retire to will be very different to that offered in the UK, and you may need to pay the full cost of treatments should you need them. If this is the case, healthcare insurance may prove to be a wise decision.<\/p>\n The UK does have healthcare arrangements with some countries, but these can vary significantly. A country-by-country guide<\/a> is provided by the NHS.<\/p>\n If you\u2019re considering retiring abroad, there\u2019s a lot to think about alongside the excitement of researching the local area that\u2019s captured your attention. Whether you plan to make the move in the next 12 months or are planning a decade in advance, speaking to us can help create a financial plan that will make the most of your assets and income, allowing you to fully enjoy settling into your new home.<\/p>\n","protected":false},"excerpt":{"rendered":" Brits who are heading abroad for their retirement have revealed the hotspots that are tempting them; of course, there\u2019s more to think about than just the destination of your new home. For some approaching retirement, leaving the UK behind for different climes is a dream. 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