Trends in Overseas Retirement

A number of surveys over the last few months indicate a rising trend toward retirement overseas.

Over half of Brits plan to retire overseas. A customer survey compiled by Insure4Retirement.co.uk indicates that over half of all Britons hope to retire abroad. The telephone survey, conducted between October 2006 and February 2007 this year, polled a sample group of 1,022 participants resident in the United Kingdom and aged over 50. With Spain, France and Canada cited as the most popular retirement destinations, the single biggest worry for retirees (40% of those polled) is concern about maintaining a secure income. This was followed by the spiralling cost of healthcare and fear of hospital waiting lists.

Or is it two fifths? Research undertaken by GfK financial for Bank of Scotland International, from a representative sample of 1,321 surveyed between 24th and 30th April 2007, found that 42% are interested in buying property abroad or moving abroad. Respondents ranked Australia in the top spot with 10%, followed by New Zealand at 9%. America and Canada were joint third with 7% each. France topped the European destinations with 6% of people wanted to move there, followed by Spain at 5%.

Data from the ONS shows that one million Britons have retired abroad over the last decade – with Spain out on top with 74,433 pensioners moving there since 1996. This is followed by France (which attracted 34,051 pensioners), Italy (32,795) and Portugal (6,165). This leaves 703,900 who have retired to other parts of the world.

Story from OPP