RETIREMENT
Europe - One in four employees in Europe have identified Spain as their top retirement destination.
Findings from a survey of over 7,500 European workers by employee risk and benefits management firm Aon Consulting have revealed that 25% wants to retire abroad in Spain. France is the second preferred retirement location for 15% while Australasia, Italy and the US are next in the top five as employees prefer sunnier warm climates.
Research from the European Employee Benefits Benchmark also showed that Spanish (86.8%) and French (81.1%) employees prefer to retire in their home country than move abroad. Only workers in the UK at 42.7% and Germans (45.9%) were the least enthusiastic about retiring in their place of birth.
Oliver Rowlands, head of retirement for Aon Consulting in Europe, Middle East and Africa, said cheap air travel and online communication tools have made retiring abroad "a real possibility" for many. "Not surprisingly, most people want to spend their retirement predominantly in countries with good weather, good social and government benefits, and ideally close enough so they can get home quickly if they need to."
But Rowlands said there are financial implications people do need to consider when retiring overseas. The cost of living could be higher in the retirement country of choice, he said, so that has to be factored into the 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."
Finally, Rowlands said healthcare benefits can vary widely for expatriates so this should be "a major concern" for retirees. An influx of retiree immigrants to any country could worsen the numbers of ageing population in Europe which could lead to governments rethinking social policies and budgets to cope with healthcare issues.
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