Pension Woes For British Expats
As the growing number of retirees migrating to other countries continues, the issue on pensions being frozen by the government has been getting louder. By mere migrating, the UK government saves funds as the retirees won’t be utilizing social and medical services. However, if the pensioner migrates to a “frozen” country, they won’t have access to their basic state pension.
“Politicians and the media alike are currently fixated on Britain’s aging population. According to the Government, the UK will have 626,900 people aged 100 or more by 2080, 53 times the current number of centenarians.This type of shock statistic was released with a very concrete objective – to sweeten the pill of controversial public sector pension reforms.”
Read More From The Telegraph
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Saving for Retirement
Many people choose to retire when they are eligible for private or public pension benefits, although some are forced to retire due to physical inabilities.
But as we we enjoy life in our youth, are we making the right decisions for the future? It seems that very few people actually save for fulfilling twilight years.
“More than half of the over 55s who earn between £20,000 and £30,000 a year have saved less than £30,000 for their retirement, which would give them around £165 a month to live on, according to research from insurance giant Aviva.
Clive Bolton, the ‘at retirement’ director for Aviva, said: ‘Babyboomers have enjoyed rising house prices and final salary pension schemes, but unfortunately many may still struggle to fund the retirement lifestyle they desire. People should think about how they want to spend their days, and how much this will cost.
This research also opens up an interesting debate around who should fund retirement. There may be an expectation for younger generations to foot the bill in one way or another.’”
Read More From The Telegraph
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Who Said You Cannot Retire Abroad?
Retiring and moving abroad can be a delicate circumstance, but mapping in which country you’ll be able to stretch your Sterling can be an advantage on your long awaited retirement. In their survey of over 55s, the Foreign and Commonwealth Office determined that 42% were actively keen to move abroad – but money matters could hold them back. However, as we are about to reveal, you needn’t put your life plans on hold just because the pound is no longer riding high. There are places in the world where you can afford to live, and there are ways you can afford to move abroad and live elsewhere in your retirement…
Read more from: Shelter Offshore
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More British Retirees Opt for Overseas Retirement
There’s an exodus of British retirees in the past years. Last year alone, 150 thousand British citizens left the country to live abroad. NatWest Bank survey shows that most British retirees are planning overseas retirement. Many choose to work in their new environment before settling down there, while others take the chance to move after a lifetime of work in their home country. Regardless of the choices, more Britons then ever are deciding to spend their golden years with the suns and sand of more balmy countries.
According to NatWest survey, “Seven out of ten Britons who have retired abroad are happy with their new country and likely to stay there.
The poll also found that nine out of ten of expat retirees live among the natives of their adopted country rather than among fellow Britons in communities of exiles. Seven out of ten Britons that have emigrated say they are unlikely to be coming back.”
Read More From Daily Mail
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New Retirement Visa For British Expats in NZ
British expats eyeing New Zealand as the place for retirement will be pleased to know that the country recently revised its retirement visa policy, wherein British expats are able to apply for residency under a new type of visa. ”There are around 215,000 British expats living in New Zealand, and statistics from New Zealand Department of Labour show that the UK is the largest source country of migrants approved for permanent residency (17 per cent). However, the rate of migration from the UK has fallen during the economic slowdown of the past few years.”
Read more from telegraph.co.uk
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UK Expats Lose Pension Appeal
With the appeal rejected by the European Court of Human Rights, expat pensioners who moved to countries without reciprocal agreement might have to wait longer to have their pension augmented. “The expatriate pensioners say they have been fighting ‘tooth and nail’ against the UK government in an eight-year court battle.”
Read more from BBC News
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Baby Boomers’ New Haven
A recent survey shows that many US “young” retirees flock to the sunny shores of coastal Mexico; and it is now where most call it their new home. “A newly released study on U.S. retirement trends in Mexico’s coastal communities takes an updated snapshot of Rosarito Beach, Rocky Point, Puerto Vallarta, Cancun and other areas where many Americans go to retire. The study’s authors say their survey marks an important first step in meeting the needs of a group that is likely to grow in size as U.S. baby boomers reach retirement age.”
Read more from SignOn San Diego
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Subsidies For Retired British Expats
Should retired British expats qualify for subsidies if they choose to expatriate? This debate is question by a Mirror reporter who uses the heating allowance as his target. “But I’d prefer it if they did so without sponging off British taxpayers, by claiming their new home isn’t hot enough. I assume that’s why 63,740 expat OAPs claimed £14million fuel allowances last winter. “That’s right. While our poorest pensioners go without food so they can afford an extra bar on their electric fires, we’ve been handing over up to £400 payments to nearly 64,000 expat OAPs currently warming themselves in balmier European climates.
Read more from Voices
Expat Feel Safe In UAE
A recent survey found that 97% of those living in UAE including expats find the country safe. Some surveyors believe it is because of strict UAE laws that keep those living there in line. This is good news for expats moving to UAE. “An overwhelming 97 per cent of people who live in the UAE feel safe, according to a YouGov survey commissioned by The National. The 1,097 respondents to the survey, conducted from February 9 to 15, also indicated that their personal experience with crime in the country is low. For some, the nation’s reputation as a low-crime zone is evidence of the truth in the aphorism: “The devil makes work for idle hands.” In the UAE, a country where the foreigners are here for only one reason, there are few idle hands.”
Read more from The National
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