Many of us have long-held dreams about one day upping sticks and moving to the sun, to live out retirement in warmth and relaxation. Yet it seems many who have recently done so have found that their drop in pension income is not giving them the type of lifestyle they expected to enjoy in their twilight years.
Emiko Caerlewy-Smith, associate director at Lloyds TSB International, which conducted research into this issue, said: “A growing pension gap is a real worry for many expats, some of whom will have to significantly scale back the lifestyle they have been used to.”
With this in mind, if you are planning a trip abroad, it is worth considering where you might get the best value. Research from HSBC suggests that Orlando, Florida is the best bet; £125,000 here will get you a four-bed home with garden and private pool.
However, Castle Cover research suggests that Brits find Malta to be the best retirement destination, with warm temperatures, good standard of living and English as a common language it’s the most popular with retirees. It came out ahead of traditional emigration spots Spain, Portugal and Australia in a recent poll, which also showed Barbados to be a popular retirement destination.
