One in three Brits plans to retire abroad

21 August 2006
A third of Britons plans to retire overseas, according to research by Clerical Medical.

The pension provider found that 77 per cent of future retirees are enthusiastic about their retirement and most hope to use their savings to travel both domestically and internationally.

Of those who plan to expatriate overseas after collecting their pension, half hope to find a property in Spain or another popular European destination, nearly one in ten see themselves retiring in Australia and six per cent hope to move to America, the survey found.

To fund these ambitions, more than half of respondents said that they expect to work beyond the age of 65 and a similar proportion anticipates working part-time after this.

"The future retiree has great aspirations for travel, career hobbies and buying new cars – one in six see themselves driving a sports car – but they're realistic about having to work longer to fund their aspirations," commented Clerical Medical spokesman Paul Shelley.

"Clearly the messages around the need to plan for a comfortable future are being heard by a lot of people. It's encouraging to see that future retirees have aspirational plans," he added.

Half of the respondents had grandparents or parents that travelled in retirement, yet a quarter of future retirees hope to follow a completely different path to their elders.

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