Why are more people considering retirement away from the UK
Over the past few decades, it has become very clear that the quality of life in the UK is deteriorating and this is worrying for those who plan on retiring in the UK.
Issues that concern people about to retire in the UK are the quality of care homes and the high cost which is unaffordable for the majority. The high costs of care homes will lead to a lack of choice for the majority. It is also clear that the level of violence in the UK has significantly increased which causes increasing concern for the elderly. As the UK has changed many of the values that made the UK an attractive place to live have been eroded. This includes the lack of value and respect for the elderly which makes the idea of retirement in the UK less attractive.
Over the past decade, the UK economy has also suffered due to mismanagement, Brexit, and Covid. This trend seems well established and it does not appear that this trend of a weakening UK will change any time soon. This will result in a weakening economy and less money to spend on the NHS, to look after its poorer and elderly citizens. The reality is that as the UK economy becomes less efficient and inflation becomes more problematic only the wealthy will enjoy retirement in the UK.
Interestingly Covid has given younger mobile workers the opportunity to travel and work from different countries due to technology and companies becoming happier to tolerate remote workers. Many have embraced this new lifestyle and have proved it has been quite easy to do this. Different countries around the world have encouraged this trend and provided ‘global nomads’ with the opportunity to work in different locations which often offer a far better quality of life.
As well as the current global nomad phenomenon, there is a strong demand for people to revaluate their retirement plans and consider retiring abroad as they see the breakdown of society in places like the UK and the US. Clearly, if you want to retire abroad this will require a lot more thought than going to work abroad as a global nomad. Retiring abroad is a huge decision and preparation for this needs to be planned years in advance to make sure you are making the right decision. This will mean spending a significant amount of time in the country where you intend to retire and understanding both the legal and financial implications of making a decision like this.
Where could you consider retiring:
Many countries are looking to attract retired people to help boost their economies and there is now a vast choice open to people looking to retire abroad. The most obvious choice for people in the UK who are looking to retire abroad is Southern Europe. The most popular countries have been Spain, Portugal, Greece, and various other countries in Southern Europe.
These countries have been popular due to their proximity to the UK, excellent weather, and good quality of life at a reasonable cost compared to the UK. Brexit has made retiring in these countries more complicated and also more expensive although they still remain the most popular choice for those in the UK.
Over the past few years, many other countries have entered the market to attract those looking for an alternative retirement. These include countries in the Middle East like the UAE but also more significantly many countries in Asia. Other countries in Latin America and the Caribbean have also jumped on this bandwagon as this has become a significant global business. The attraction of many countries offering retirement visas in places like Asia is the affordability and quality of life. Certain countries offer a retirement visa for those who can show an income of only $800 per month. Clearly, this will not get you a luxury lifestyle but what it shows is that you do not need a significant regular income to move abroad to places like Asia.
What is the attraction of retiring abroad and what are the potential downsides:
If you are considering retiring in Asia the key benefits would be the following to attract people; a better climate, and a cheaper cost of living which means your money goes further and you have more money for ‘luxuries’. These luxuries could include the opportunity to eat out more often and more beach holidays. The quality of your retirement will be significantly better if you have also built up a community of friends to share your retirement years with and to offer support to each other.
Culturally Asia is very different from the UK and most of the world and this can be either a positive or a negative depending on your experiences and the effort you make to embrace your new life. What is a given is that anywhere you choose to retire in Asia people will be warm and welcoming and generally Asians are far more respectful of the elderly making your retirement experience positive.
Clearly anyone who decides to retire or has already retired abroad understands that this is a big decision. For many people this will not be an option due to family ties or commitments but for those who have chosen this path or who are looking to explore this option the benefits can lead to a rich and fulfilling retirement.
If you are thinking of retiring abroad either permanently or on a temporary basis the opportunities are out there and affordable for most. This is a big decision and clearly speaking with experts in this field will help to make the right choices, so why not get in touch and see if this is right for you.