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60% of Brits shun UK retirement

Source: Professional Pensions - Mon 9th Aug 2010

Fewer than half of British people view the UK as their preferred retirement location, Aon Consulting says. The consultant's survey of more than 7,500 European workers revealed 57% of UK residents would prefer to spend their retirement in sunnier locations.

In fact UK residents are the least likely to retire at home - ahead of the Germans (46%) and the Irish (49%).

Despite this, Aon Consulting head of retirement, Europe, Middle East and Africa, Oliver Rowlands said: "Cost of living may be higher in the country of choice, and so people planning on retiring abroad need to factor that in to their savings plan.

"There can also be tax implications both at home and in a new country of residence, so it is certainly worth investigating that in advance so there are no nasty surprises later on. And finally healthcare benefits can vary widely for expatriates and this will be a major concern for retirees as they grow older."

Spain (87%) and France (81%) topped the popularity tables when it came to workers intending to retire in their home country - followed by Denmark (74%).

Among British workers who wanted to retire abroad almost a quarter (23%) identified Spain as their preferred country.

USA came in second place (21%), while Australasia, France and Italy filled the next three places in the survey, respectively.

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