You can also transfer a Defined Benefit scheme to an overseas alternative. The first choice means you still have the same options you would if you remained in the UK. There are two key costs to consider here. While you may want to move in retirement for a better lifestyle or the location, your finances will no doubt play a role too. The information contained within this website is subject to the UK regulatory regime and therefore restricted to consumers based in the UK. In the year ending in June 2019, Tewkesbury gained an extra 191 people aged 65 or older looking to start a new chapter of their life there, GET THE LATEST NEWS FROM ACROSS THE COUNTY IN YOUR INBOX. The first step to take is to fully understand your pension provisions, such as getting a projected value for pensions at the point you plan to retire. Whatever your question, our team of financial planners are here to help. This may include Personal Pensions, Defined Benefit Pensions, investments, savings, or property. For instance, a homeowner aged over 65 selling their property in outer London (costing on average £424,200) could receive a nest-egg for their retirement if they buy a property in Dorset (average £324,707), particularly with the recent changes to stamp duty rules. Calculating your expenditure can help ensure your plans are realistic and you don’t face unexpected costs. How to boost your mood as the nights draw in, Half of workers planning a career change in the coming months due to Covid-19, The best National Trust gardens for a winter walk, The tech that could transform your home this decade. Suffolk boasts untouched beaches, stunning landscapes and plenty of cultural heritage. There’s also tax to consider when claiming your State Pension abroad. Share . Beautiful scenery or a sea view may not be the only draw - according to the financial services company Legal & General, financial reasons could also play a role in people choosing to settle elsewhere. It’s easy to see why Dorset comes out top for retirement hotspots if you’re looking for an idyllic rural lifestyle. The beautiful beaches and slower pace of life are often what attracts people to Cornwall, but there’s plenty to explore away from the coast, including bustling towns and historic sites. Cornwall is rich in character and history. According to the ONS, the trend in migration for people of retirement age is away from major cities to rural and coastal areas. Tewkesbury is one of England's favourite retirement hotspots, gaining an extra four pensioners a week in search of a new life. Spain, Australia and U.S. the retirement hotspots for British pensioners despite soaring cost of living abroad . Nottingham, Homes4™ Global Alliance We at Homes4 give you global access to the most desired retirement hotspots, vacation destinations and real estate investment markets in Costa Rica, Ecuador, Nicaragua, Panamá and the USA.Our customer service is tailored to your cultural and native language needs. England’s 10 largest cities all saw more people aged 65 and over leaving than arriving in the year ending June 2019. The Covid-19 pandemic could also play a role in retirement-aged people’s future migration plans. “These figures from June 2019, show that there was already a trend toward migration out of urban areas for retired people and I anticipate the pandemic will only increase the number of people looking for a new life outside the city.”, More people are choosing to retire in Tewkesbury, When you subscribe we will use the information you provide to send you these newsletters. Data from the Office for National Statistics found that leaving urban areas in favour of rural locations, the coast and areas of outstanding natural beauty, continue to be the trend. If you have a Defined Contribution pension, you have two options; you can either leave your retirement savings in the UK or move your pension pot abroad. But the lifestyle a location offers is just as important. Moving your pension abroad can make it easier to access your money, however, there are a few drawbacks to consider. If you want your pension paying straight into an overseas bank account, you may face an extra charge. It’s important to weigh up the costs of moving and the impact it’ll have on your retirement plans. One you…, Gothic House, Once again, Tendring is on the coast, offering beautiful views of the sea and beaches to explore. New data show COVID-19 rates falling in most - but not all - areas of England. Chris Knight, chief executive of Legal & General Retail Retirement said: “People might want to move for health reasons, particularly in light of the challenges presented by the Covid-19 crisis. Sarah Coles. Mar 28th 2017 7:20AM. Are you thinking about relocating in retirement? However, the drawback is that your State Pension may not increase annually, gradually reducing your spending power. You may also find that transferring will change the amount you receive. The most ageing areas in England are North Norfolk (average age 54.3) and Rother in Sussex (53.1) both on the coast, while Malvern Hills, in an AONB, and South Lakeland, taking in two national parks, also feature in the top 10. Average house prices in the southwestern port city stand at £171,932, while the average retirement home costs £130,000. If you want to escape a big city but don’t want to give all of it up, Wiltshire can be a good choice. You may also have to pay tax in the country you’re living in. Generally, the ONS found areas seeing more pensioners arriving than leaving were more rural, often by the coast, and near Areas of Outstanding Natural Beauty (AONB) or National Parks. Researching the cost of living in the area you plan to move to is essential. It’s a dream thousands of Brits turn into a reality every year. “The Covid-19 pandemic has brought many aspects of our lives into sharp focus and will likely make many people of retirement age reassess their priorities. There’s plenty of history to explore as well as nature reserves in this part of the country, offering a laid-back lifestyle if that’s what you’re looking for in retirement. A key point to keep in mind is the exchange rate when transferring assets abroad. Over the same period, the pensioner population of Cheltenham grew by 177, the second highest net increase in the area. explains more about how we use your data, and your rights. Whether you remain a UK resident for tax purposes or are an overseas resident, you may have to pay UK tax on the income. With an idea of your pension provisions and your options for accessing them, you need to put these figures into perspective. The first is the initial cost of moving and setting up your home in a new location. Taking advice from tax experts in the country you intend to move too is essential. 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