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Saturday 24th of June 2017
August 24, 2011

Standard Life offers overseas retirement advice

by Richard Kilner

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Standard Life offers overseas retirement advice

A new survey from Standard Life has revealed that Spain is the top hotspot for retirement overseas, followed by Australia and the US, with nearby France and Ireland in 4th and 5th.

Head of Pensions Policy John Lawson said that whilst retiring abroad is a dream for many it pays dividends to research potential locations.

Lawson cautioned that the cost of living is not necessarily cheaper overseas and said that matching income and expenditure, perhaps by taking out an annuity or using income drawdown, is vital.

He added that local tax laws and fluctuating exchange rates could also affect income overseas.

Lawson went on to warn that a reciprocal agreement, whereby any increases in the UK state pension are paid by the country to which an individual has retired, was important, as the state pension could halve in value in a few decades without such an arrangement.

In June of this year Aviva reported that there has been a significant increase in people seeking retirement advice as worries about retiring rose in the aftermath of the financial crisis.

 

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