Although it would seem like retiring abroad is a great idea, the latest report by M&S Money has revealed that it is not on the top of the agenda for many soon to be retirees.
The report revealed that only 6% of people living in Briton between the ages of 50 and 70 are thinking about a post-retirement relocation abroad.
In a trend that seems to mirror working life many soon to be retirees felt that they would like to spend two weeks a year living abroad while spending the rest of the time in the British Isles. While only 5% said they would like to spend between 6 months to a year living overseas. This is interesting, as it would seem that people of that age have less of an appetite to travel overseas compared to other generations. This could possibly be down to the economic pressures on their pension pots, which is causing them to reign in their expectations.
This survey stands in contrast to a survey conducted in 2006 by the Institute of Public Policy Research that suggested that as many as 20% of retirees would be retiring abroad within the next half century. The differences can be well explained by the changing times and expectations of people in this situation. In today’s post-financial crisis world everybody is being far more cautious and trying to ensure that they lead far more sustainable lives, particularly in retirement due to the ever-increasing life expectancy rates.