It has been reported that the UK is facing something of a pension crisis, particularly as more than 17% of Brits don’t currently have any private pension savings at all.
Money isn’t the only consideration for those planning their retirement either, with the precise location where you’d like to spend your days also incredibly important.
But what factors contribute to a great retirement home? Here are some of the key considerations to keep in mind.
1. Affordable Housing:
Given the financial challenges facing potential retirees in the UK, the presence of affordable housing is highly important when choosing your location. The goal here should be to identify cheap but desirable properties that negate large mortgage or rental repayments, while also securing a residential home that can help you to cope with changing financial circumstances or significant rises in inflation.
2. Entertainment Options and Facilities:
Remember, when you retire, you’ll have a great deal of time on your hands. This can cause depression and anxiety among those who retire, especially if they’re used to working hard and taking great pride in their careers. So, it’s important to identify potential retirement locations where there’s an abundance of accessible facilities and entertainment options, especially if you’re to make the most of your time out of work.
3. Get More Bang for Your Buck:
Not all countries are created equal, particularly in terms of their economic performance, inflation, or base interest rates. For example, some economies boast competitively priced local currencies that optimize your potential purchasing power, especially about the Great British pound. This helps you to stretch your pension pot further, which is important given that most Brits have none or limited pension resources.
4. You Speak the Language:
Brits are fortunate in many respects, with English being the most spoken language in the world and one that’s used as a secondary dialect by approximately 1.5 billion people. A further 400,00 speak English as a primary language, creating plenty of locations where people can relocate without facing a significant communication barrier. This is an important consideration, especially if you want to ensure a smooth and seamless transition overseas.
5. There’s Access to Transportation Connections:
Even when retiring abroad, there’s likely to be children, grandchildren, and other loved ones remaining at home. You’ll want to get back to visit your loved ones at every opportunity, so you’ll need to reside in a location that has access to efficient transportation links across international borders. Despite the specter of Brexit, this is why EU member states remain popular among those who are retiring, as the presence of cheap flights to the UK and the Channel Tunnel makes it regularly easy to travel back and forth frequently.
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