The top 10 dream retirement destinations revealed
A survey reveals that Spain is the most popular destination as confirmed by the nation's ex-pat retirement plans.
12:28 05 August 2014
A recent survey revealed that one in six adults are planning to spend their golden years abroad – with Spain being the most popular destination. Out of 38.8 million people aged over 18 but not yet retired, 6.4million hope to live overseas while they are drawing their pension. However, roughly half still want to stay in Europe.
According to the research, which was conducted by retirement income specialist MGM Advantage, Spain is easily the favourite retirement hotspot for Britons followed by France. The United States came in at third and Australia ranked fourth while locations in the Far East rounded out the top five.
Andrew Tully, pensions technical director at MGM Advantage, warned that moving overseas could be financially difficult for some retirees whose pensions do not increase annually because they chose to stay in a country that has no reciprocal agreement in place with the UK.
He explained his financial advice for retirees: “As an example, if you retired to Canada ten years ago, your UK state pension would now be worth 42 per cent less than if you had retired across the border in the US.”
'Or put another way, your pension would be worth £1,742 more a year by simply choosing the US as a retirement destination rather than Canada.'
What are the top 10 most popular dream retirement destinations for Britons?
- Spain
- France
- USA
- Australia
- Far East
- Canada
- Italy
- South East Europe
- India
- Portugal