Spain is the number one retirement destination for British expats, followed by Australia, the United States, France and then Ireland, new research shows.
It is not enough though, as people are planning ahead for their retirement, according to the study from Standard Life.
‘Retiring abroad is a dream for many people, but does require careful planning and advice. Many people think living abroad is cheaper than living in the UK, but this isn’t always the case,’ said John Lawson, head of Pensions Policy at Standard Life.
‘Doing your homework in advance of moving, matching your retirement income and expenditure, and making the appropriate decisions around purchasing an annuity or using income drawdown are key considerations. Your retirement income could also be subject to exchange rates and currency fluctuations, as well as local tax laws,’ he explained.