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Spain is top destination for retirees

Adam Williams
Written By:
Adam Williams
Posted:
Updated:
24/08/2015

More retired people move to Spain than anywhere else in the world, a study conducted by a retirement provider has found.

Despite economic turmoil in the Mediterranean country, Spain remains the top destination for retirees to move to. Provider Retirement Advantage found 24% of over 50s retired to the country.

It was ahead of France – where a fifth of retirees moved – and other southern European nations like Greece and Turkey.

The poll, conducted by YouGov, found that people looked for cheaper living costs and lower housing costs when choosing their ideal destination.

Outside of Europe, some 22% of retirees moved to North America while 15% opted for the Far East.

Andrew Tully of Retirement Advantage said many retirees were looking for a place in the sun, but warned people not to underestimate the cost of buying and moving abroad.

“We all dream of year round sunshine and an easier pace of life when thinking about retirement, and a number of us are hoping to enjoy that with plans to move abroad,” he said. “Cheaper living costs and potentially cheaper property than the UK can be a strong draw, and you might well be attracted to living in your favourite holiday destination.

“However, thinking that a holiday spot can also be your ideal retirement destination might be hit with flaws. Without the right planning, savings and advice, you can quickly get caught out by local tax laws, exchange rates and other financial arrangements, turning a retirement dream into a potential nightmare.

“You might also get a nasty shock later in retirement when you find your UK state pension does not increase annually because the country you choose to retire to does not have a reciprocal agreement in place with the UK. As an example, if you retired to Canada ten years ago, your UK state pension would now be worth 41% less than if you had retired across the border in the USA.”

Top European retirement destinations
1st: Spain (24%)
2nd: France (20%)
3rd: South East Europe (9%) (e.g. Greece, Turkey, Cyprus)
4th: Portugal (6%)
5th: Elsewhere in Europe (6%)


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