The 10 places Brits most want to retire to. Is it a good idea?
Where would you like to live out your golden years of retirement? Are you perfectly content with the drizzle, hassle, and complaints you have enjoyed during your working life in the UK?
Or would you rather set out for pastures new?
If you’ve had enough of Blighty, you’re not alone, because 6.4 million people who are currently working in Britain plan to retire elsewhere. And now a survey has revealed the top ten dream retirement destinations for brits.
Europe dominates much of the top 10, with Spain a particularly popular choice. However, almost half of all of those planning an overseas retirement said that they’d like to live further afield.
Check out the top 10…
The figures were revealed by MGM Advantage, which pointed out that it was important to choose your destination wisely, because in some places your state pension will be frozen, while in others there will be tax liabilities, and elsewhere you may find the exchange rate working against you.
Before making a decision as to whether you will retire overseas – and if so, where you will go, it’s essential to do your research. There are seven important steps:
1) Get an estimate of your state pension, and find out whether it will increase with inflation, or whether it will be frozen once you emigrate to your chosen destination.
2) Research what benefits and public services you are entitled to in your new home. Consider whether you will need health insurance.
3) Do the maths to work out how much you will have to live on – taking exchange rates into account.
4) Look into the cost of living in your chosen destination.
5) Get independent advice, so you know exactly where you stand.
6) Decide what to do with your property in the UK. If you decide to rent it out or leave it empty, make sure your mortgage provider and insurer are informed.
7) If you decide to go, tell HMRC, so they can let you know of any tax liability you have in the UK – and can arrange for your UK pension to be paid in accordance with the rules of the country you are going to.