What makes a good place to retire? It\u2019s one of the most basic questions people ask themselves when they start planning for retirement. It\u2019s also one of the most crucial questions and one that, surprisingly, many people don\u2019t give a lot of thought to.
\n<\/p>\n
If there was one perfect spot to match the needs of every retiree, deciding where to retire would be simple, but the reality is it\u2019s really about personal preferences. One of the freedoms of retirement is getting to choose where to live, rather than being tied to a specific location due to previous work commitments.<\/p>\n
Leaving major urban areas<\/strong> Dorset, Shropshire and Wiltshire are the English local authorities most likely to see an increase in the number of people aged over 65 moving in[2]. This corresponds with a broader trend of older people living in rural areas, by the coast or in areas of outstanding natural beauty.<\/p>\n Meanwhile, the local authorities that have seen older people leaving are more likely to be those in cities, with 87% of major urban areas experiencing net departures of those aged 65 years and over, as of June 2019. London saw the most departures (over 10,000), and boroughs within the city account for the majority of the top ten most exited areas, followed by Birmingham, Bristol and Manchester[3].<\/p>\n Driven by lifestyle considerations<\/strong> However, these incidents of \u2018townsizing\u2019 \u2013 where someone frees up funds by buying a new property outside the city \u2013 are not necessarily\u00a0universal. The average house price in Birmingham, for instance, is only \u00a3194,971 by comparison. This could indicate that people are also potentially driven by lifestyle considerations.<\/p>\n Living in a rural idyll or coastal retreat\u00a0<\/strong> People might also want to move for health reasons, particularly in light of the challenges presented by the coronavirus (COVID-19) crisis. However, for many people, the attraction will be the perceived slower pace and better quality of life. Living in a rural idyll or coastal retreat is also a long-term aspiration for many people, and retirement provides an opportunity to realise that dream.<\/p>\n Pros and cons of day-to-day living<\/strong> Don\u2019t spend all of your time near the hotel. Instead, go out and visit neighbourhoods to get a sense of the people and the overall community engagement. For those who have the means, buying a second home during your working years can offer a pre-retirement trial period.<\/p>\n Source data:<\/strong> One of the freedoms of retirement is getting to choose where to live What makes a good place to retire? It\u2019s one of the most basic questions people ask themselves when they start planning for retirement. It\u2019s also one of the most crucial questions and one that, surprisingly, many people don\u2019t give a lot of … Continue reading “Setting up a new life”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-3156","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/posts\/3156","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/comments?post=3156"}],"version-history":[{"count":0,"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/posts\/3156\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/media?parent=3156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/categories?post=3156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rmw-ifa.co.uk\/financialnews\/wp-json\/wp\/v2\/tags?post=3156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nNew data from the Office for National Statistics has revealed that people of retirement age in England are leaving major urban areas and settling elsewhere. Using the data[1], this is a list of the Top Ten Retirement Migration Hotspots, where those aged over 65 are setting up a new life.<\/p>\n
\nIn some cases, it is possible that financial reasons could play a role in people choosing to settle elsewhere. For instance, a homeowner aged over 65 choosing to sell the average property in Outer London (\u00a3424,200)[4] could receive a nest egg for their retirement if they were to buy the average property in Retirement Migration Hotspot Dorset (\u00a3324,707)[5], particularly with the recent changes to stamp duty rules.<\/p>\n
\nThere are a number of reasons why retiring to a rural or coastal location can be attractive, even if someone has lived their entire life in a major urban area. In many cases, the cash from selling a city home can create a nest egg and help with retirement income.<\/p>\n
\nIf many different locations appeal to you, get out and see them. Starting years before retirement, visit places and then narrow down your choices to three or fewer. Spend a few weeks in each location to carefully weigh the pros and cons of day-to-day living.<\/p>\n
\nOpinium Research online interviews for Legal & General Retail Retirement
\namong a nationally representative panel of 2,004 over 50s from 15\u201318 May 2020.
\n[1] https:\/\/www.ons.gov.uk\/peoplepopulationandcommunity\/birthsdeathsandmarriages\/
\nageing\/articles\/livinglongertrendsinsubnationalageingacrosstheuk\/2020-07-20#migration-of-older-people-is-driven-by-movement-away-from-major-
\ncities-to-rural-and-coastal-areas \u2013 Section 7
\n[2] https:\/\/www.ons.gov.uk\/peoplepopulationandcommunity\/birthsdeathsandmarriages\/
\nageing\/articles\/livinglongertrendsinsubnationalageingacrosstheuk\/2020-07-20#migration-of-older-people-is-driven-by-movement-away-
\nfrom-major-cities-to-rural-and-coastal-areas \u2013 Section 7, Figure 3
\n[3] https:\/\/www.ons.gov.uk\/peoplepopulationandcommunity\/birthsdeathsandmarriages\/
\nageing\/articles\/livinglongertrendsinsubnationalageingacrosstheuk\/2020-07-20#migration-of-older-people-is-driven-by-movement-away-
\nfrom-major-cities-to-rural-and-coastal-areas \u2013 Section 7
\n[4] https:\/\/www.ons.gov.uk\/economy\/inflationandpriceindices\/bulletins\/
\nhousepriceindex\/march2020#london-house-prices \u00a0\u2013 Section 5
\n[5] https:\/\/www.ons.gov.uk\/visualisations\/dvc769\/datadownload.xlsx \u00a0\u2013
\nMean average of all \u2018Dorset\u2019 small areas (Source: https:\/\/www.ons.gov.uk\/peoplepopulationandcommunity\/housing\/bulletins\/
\nhousepricestatisticsforsmallareas\/yearendingseptember2019#median-price-paid-for-houses-in-local-areas)<\/em>\t\t<\/p>\n","protected":false},"excerpt":{"rendered":"