Retirees advised to check finances

Prospective expatriates who are planning to retire abroad have been urged to check their finances first.

Funds analyst Moneyspider.com stated that many people are returning home from their summer holidays with a desire to move overseas on a permanent basis.

However, the organisation has warned that factors such as the strong euro and the economic decline in the UK could potentially impact on their plans.

Therefore, retirees who have opted to relocate have been encouraged to make sure that such a move is within their financial reach.

Tony Ahearne, spokesperson for Moneyspider.com, said: "There’s no reason why anyone with sufficient funds to invest shouldn’t enjoy a happy, secure retirement overseas."

He added that if people want to achieve this goal, they need a "watertight" back-up plan in order to ensure their money is working as hard as it possibly can.

According to the Institute for Public Policy Research (IPPR), more than three million pensioners will be living abroad by 2050.

IPPR researcher Jill Rutter recently told the Guardian that growing prosperity has fuelled migration from the UK in recent years.

 

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