Saga: Retiring abroad "more serious consideration" as living costs rise

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Saga: Retiring abroad "more serious consideration" as living costs rise

Rising costs of living in the UK are turning retirement abroad into a "more serious consideration", Saga has said.

Lisa Harris of Saga Travel Money said that under one per cent of people who moved to lower their retirement living costs went abroad.

But she said that it was "likely" that people would consider moving abroad more as the cost of living is expected to increase.

Ms Harris said that as UK house prices increase, people are able to sell their homes to fund a property abroad.

She noted that while it is possible to find a good deal on property in Spain, people should consider the exchange rate between the pound and euro, and extra taxes and charges.

Ms Harris also pointed out that buying UK imports if living abroad would increase living costs and said savings were most apparent in services such as electricity and water.

A recent poll by Hotproperty.co.uk found that 47 per cent of Britons would prefer to emigrate on retirement.

More than 3.3 million British pensioners will be living overseas by 2050, according to research from the Institute for Public Policy Research in 2006.

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