Research reveals nation’s favourite retirement destinations

by Alexander Beard, on Aug 21, 2014 2:27:00 PM

New research has revealed that over 6 million UK adults are planning to retire abroad, with an even split between Europe and the rest of the world. Of the estimated 3.2 million UK adults planning to retire in Europe, Spain attracts most retirees, with 26% of the vote. France and Italy are the second and third most popular destinations respectively, with 17% and 10% of votes, followed by South East Europe and Portugal.

A similar number of UK adults (again estimated at 3.2 million) are planning to retire outside Europe to destinations further afield. The most popular destination is America, with 16% of votes. Australia follows in second place with 14% of votes. Coming in third place is the Far East, with 13% of voters choosing that as a destination, followed by Canada and India.

With over 6 million adults currently planning to retire abroad, many will quickly have to come to terms with the requirements of their new country of residence when it comes to planning for living there full time. Whilst many of the destinations named are popular holiday locations, choosing to live in another country full time needs a great deal more planning than many retirees realise, even if they are frequent visitors to the country in question.

Financial arrangements are usually the main concern of many preparing to emigrate. Not only must finances be in place for costs such as an initial payment on a property, but ongoing finances must also be in place. This will involve considering things such as local tax laws and exchange rates, with a failure to do so potentially turning your dream retirement into a very costly endeavour.

Giving some thought to your location of choice is also vital to enjoying your retirement, something your financial plan should help you to work towards. If you want a burgeoning retirement or expatriate community, for example, then it is worth looking closely at your country and city of choice. For those looking at the US as a potential destination, Florida has four of the ten most popular retirement destinations in the country, whilst North and South Carolina share four of the remaining six locations.

Like any big decision, careful planning is the key to a happy and prosperous retirement, wherever your dream of spending it. Ensuring you have considered any potential obstacles in advance, and planned for both the short and long term future, can help to make sure your emigration experience is exactly as you expect it to be.