While the UK faces its sharpest incline in living costs in 40 years, the need to retire abroad has never been so prevalent. Latest research by Canada Life shows 54 percent of those surveyed would love to retire abroad for the cheaper cost of living, up from 45 percent in 2021. But which location has been voted as the very best?
Unsurprisingly, retiring within the UK is taken into account to be dearer than retiring abroad and on average, the over 50s surveyed thought it could require a monthly household income of £1,931.
The common monthly income needed to retire abroad, nevertheless, is considered around £1,430.
Andrew Tully, technical director at Canada Life said: “The dream of retiring abroad is alive and well, despite the economic headwinds and global pandemic.
“The considered a greater lifestyle and weather, coupled with a less expensive lifestyle drives many over 50s to have a desire to increase the dream holiday to a everlasting situation. The price of living crunch, if anything, has made it more likely people will jump ship from the UK.”
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The research revealed that as much as 64 percent would migrate for the higher lifestyle, with the identical doing so for the higher weather, that are very similar figures to last 12 months in keeping with the financial services company.
Top 10 locations to retire abroad
For the last decade, Spain has topped the poll as the most well-liked overseas retirement destination with 46 percent voting it the very best location. Portugal pips France into second place with 21 percent of votes.
Nevertheless, France hasn’t strayed too removed from second place with 19 percent rating this location top, placing it third within the list.
Italy places fourth best location with 16 percent of votes, while the south-east of Europe (including Greece, Romania, Serbia, Cyprus) places fifth with 14 percent of votes.
Retiring within the Far East (including China, Thailand, Japan, Hong Kong, Singapore, Philippines) is hottest amongst eight percent of voters, while the identical voted Australia and America to be top.
Latest Zealand and Turkey were voted hottest by seven percent and five percent respectively, rounding off the highest 10 areas to retire to.
For those considering retiring abroad, it’s essential to contemplate the impact of reciprocal social security agreements.
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Canada Life’s research revealed, nevertheless, that one in 4 (23 percent) weren’t aware of such agreements while only one in five (20 percent) know which countries had reciprocal payment agreements in place.
Mr Tully said: “To assist navigate the complexities around retiring abroad, it’s essential to hunt expert advice from someone who specialises in expatriate finance.”
People can seek such advice on www.unbiased.co.uk.