BE IT in search of better weather, cheaper living costs or simply a lifestyle choice, many Brits cherish the idea of retiring abroad.
A new poll run by Canada Life (a retirement and investment company) asked more than 1,000 Brits over 50 where they would go if considering a move abroad and Spain was by far the most popular destination.
Other well-received retirement destinations were France and Portugal followed by Italy ahead of Greece and Cyprus in fifth position.
Andrew Tully, technical director at Canada Life, noted that Brexit does have a big influence on people’s plans for retiring abroad and that it was important to take into consideration possible retirement “risks” whether that be local tax laws, currency exchange rates and so forth. Stressing the importance of investigating state pension entitlements before moving overseas.
According to the research, one in four expats were not aware of the countries which are entitled to a yearly increase in line with inflation per year.
“As part of the Brexit negotiations, reciprocal social security agreements have been reflected in the Withdrawal Agreement, and in the event of a no deal the UK has stated it would preserve the uprating of the State Pension,” said Tully.
That said it’s worth keeping in mind how one’s financial position could be affected by changes to these agreements, currency exchange rates and possible increases in the cost of living abroad.