The number of people over the age of 50 who are thinking about relocating in retirement jumped to 59% in 2014 from 49.5% the previous year, according to a survey conducted by multi-national firm deVere.
Spain, Australia, the US, France, and Thailand were cited as the top five countries being considered as possible destinations.
DeVere pointed out that financial vehicles, including HMRC-recognised QROPS (Qualifying Recognised Overseas Pension Scheme) have been a factor in driving more people to live abroad.
“Push factors”
It also said the main “push factors” were linked to the UK’s “burgeoning pensions savings crisis”, the “looming care crisis”, the UK’s cost of living, high taxes, low interest rates, and the scrapping of some age-related benefits.
“It seems that Britain’s babyboomers judge that they might need to move overseas to maintain a comparable lifestyle throughout their retirement,” said deVere group founder and chief executive, Nigel Green. “As such, more and more are contemplating quitting the UK and relocating to countries where they can expect a high quality of life and standard of living, and typically better weather, for a faction of the money.”
He added: “Not only will expats, in most cases, benefit from lower costs of living and lower taxes, there are specific expat-exclusive financial vehicles that can make them considerably better off than their contemporaries back in Britain.”
A similar survey conducted by the firm found that Abu Dhabi, Dubai, Hong Kong, Johannesburg, Shanghai and Tokyo were the top destinations for those under 40 who were typically looking to further their career.
