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UK retirees still prefer European destinations for their golden years
| Published: | 12 Apr at 6 PM |
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Tagged: Currency, Moving, France, Spain, Australia, UK, Citizenship, Germany, Italy, Ireland, Euro, Exchange Rates, Pension Transfer, England, Living Abroad, Travel Abroad
Despite increasing fears that the upcoming Brexit referendum will wreck their long-held plans, UK retirees are still planning to head to favourite European destinations to enjoy their golden years.
A recent survey showed that one in every ten respondents were intending to use their pension savings to retire overseas. The poll involved 1,000 UK citizens between the ages of 50 to 70 years, with the coastal continental European destinations topping out as the chosen favourites for 68 per cent of those who took part.
The most popular countries were Spain, France, Italy, Germany and Ireland.Whilst last year’s pension reforms were lauded as helping UK retirees use their new-found financial freedom to achieve the lifestyle of their dreams, concerns about the falling pound sterling are starting to surface. Costs of house purchase, travel and setting up a home overseas are already beginning be affected by the fall in the exchange rate, even before the referendum takes place.The rout against sterling is expected to worsen as the referendum date approaches, with an even more dramatic fall predicted should Britain leave the EU.
The British pound to euro rate saw a steady decline during the first three and half months of 2016, with sterling only just starting to recover.
Many would-be expats take the decision to move overseas in order to stretch the none-too-generous British state pension as far as possible. Moving overseas to a warmer country with cheaper housing and utility costs is often seen as the best way to enjoy the retirement years without excessive financial stress and worry. However, many Brit expats are now considering moving back to the UK, albeit reluctantly, as they have no real assurance that their lives will stay the same should the UK leave the European Union.
The general feeling is that expatriates living abroad are happy with their lives, miss very little about the home country and would be devastated if they were forced to return.
A recent survey showed that one in every ten respondents were intending to use their pension savings to retire overseas. The poll involved 1,000 UK citizens between the ages of 50 to 70 years, with the coastal continental European destinations topping out as the chosen favourites for 68 per cent of those who took part.
The most popular countries were Spain, France, Italy, Germany and Ireland.Whilst last year’s pension reforms were lauded as helping UK retirees use their new-found financial freedom to achieve the lifestyle of their dreams, concerns about the falling pound sterling are starting to surface. Costs of house purchase, travel and setting up a home overseas are already beginning be affected by the fall in the exchange rate, even before the referendum takes place.The rout against sterling is expected to worsen as the referendum date approaches, with an even more dramatic fall predicted should Britain leave the EU.
The British pound to euro rate saw a steady decline during the first three and half months of 2016, with sterling only just starting to recover.
Many would-be expats take the decision to move overseas in order to stretch the none-too-generous British state pension as far as possible. Moving overseas to a warmer country with cheaper housing and utility costs is often seen as the best way to enjoy the retirement years without excessive financial stress and worry. However, many Brit expats are now considering moving back to the UK, albeit reluctantly, as they have no real assurance that their lives will stay the same should the UK leave the European Union.
The general feeling is that expatriates living abroad are happy with their lives, miss very little about the home country and would be devastated if they were forced to return.
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