Escape to the country? Only if you’re lucky
Around one-third of people hope to retire either to the country (29%) or near the sea (34%), according to Hargreaves Lansdown, while moving overseas is a desirable aspiration for a quarter (27%) of people.
However, only 15% said moving to the country was something they could realistically plan for while 17% said the same for moving to the sea. Only 11% said their desire to move overseas would realistically happen.
The investment platform found that the desire to move in retirement was particularly strong in younger age groups. 45% of 18–24-year-olds wanted to move overseas in retirement. While 38% wanted to move by the sea and a third (34%) wanted to be based in the country.
However, the desire to move dropped sharply as people got older, with only 22% of 55–64-year-olds wanting to move to the country and just 19% wanting to move overseas. Moving near the sea remained popular though, with 34% saying they wanted to do this.
Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown, said: “Many of us dream of getting away from it all in retirement, but only a lucky few will be able to afford it. Spending our golden years in the country, by the sea or even overseas is seen as highly desirable, particularly among younger people. However, only a small minority expect to be able to afford it.
“While many people will have properties they can sell to help finance their dreams the process can be expensive and you may end up with less money than you thought you would. Added to this, homes in such desirable locations do not come cheap and when you look at how much cash you have from your pension and a home sale it just may not stretch far enough.
“Moving in retirement is a long-term goal that needs to be planned for. If you don’t think it’s likely you can raise enough money from the sale of your home then the extra will need to come from your pensions and other investments and it is vital you contribute as much as possible.”