The best countries to retire to

If you fancy spending your retirement in sunnier climes, which nations should you be considering?

With the weather turning icy, thoughts begin to turn to sunnier climes, not just for the Christmas period but for life generally.

The number of Brits trying life abroad has grown significantly over the past few decades – there are more than a million Brits living abroad, according to the Institute for Public Policy research. And it’s not just students taking a year out to ‘discover’ themselves making pots in a shack in Peru, but older Brits too. According to the Foreign and Commonwealth Office, an extraordinary 38% of over-55s are planning to relocate in the next few years.

So if you fancy retiring somewhere abroad, which countries should top your wishlist?

Quality of life

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HSBC Bank International has recently published parts of its Expat Explorer Survey, encompassing the views of more than 3,000 expats across more than 100 countries to find which nation performs best in various different areas.

And it found a clear correlation between those countries that offer a great quality of life to all expats, and that nation’s popularity among silver expats – those looking for a new country for their twilight years.

But what does quality of life actually mean? The survey took into account a range of features, including the following:

• accommodation,
• food/diet,
• entertainment,
• healthcare,
• work life balance,
• social life,
• commute to work,
• opportunities for sports
• opportunities for travel,
• the ease of organising schools for their children
• the ease of learning the language
• how easy to make friends
• healthcare and utilities
• weather
• how easy to fit into the new culture/lifestyle

The top nations

With that in mind, below are the top 15 ranking nations for overall quality of life according to the Expat Explorer Survey.

Some of the top performing nations boast extraordinarily large numbers of retirees among their expats – in Spain, just shy of 40% of all expats are retirees, while France (33%), South Africa (24%), Thailand (24%) and Canada (17%) also boast a large proportion of retired expats.

Perhaps a touch worryingly, the UK finished 23rd in the survey, behind nations like Qatar and Mexico, but just ahead of Russia and India. And you can’t blame that entirely on the weather.

If you can’t make your mind up on which nation you’d like to retire to, why not have a read of Ditch Britain for somewhere better!

We have the X-Factor!

However, the study does suggest UK has the X-Factor – no I’m not talking about Cheryl Cole getting annoyed at a Brazilian man that can’t sing, but rather that in HSBC’s survey the UK came out in first position when expats were surveyed about the options available for keeping themselves entertained.

So while our accommodation and commute to work are ranked bottom (take note London Underground), our music and film scene are at least things to be proud of.

Before you hand over your cash for an upgrade on Britain’s naff accommodation, make sure you read 6 terrific tips for buying an overseas property.

What to consider

Of course before you head off to the airport and buy a one-way ticket to Bangkok or Cape Town, you have a bit of homework to do first.

Here are some of the things you need to do to get your finances in shape before you get packing (with thanks to Standard Life)

• Get independent advice about transferring your pension overseas.
• Check with the Department for Work and Pensions what reciprocal State Pension agreements are in place (if any) with the destination country.
• Inform HM Revenue & Customs, the Department for Work and Pensions and your social security office when you move, and provide your new contact details.
• Find out about your welfare rights abroad. Some UK benefits are not payable outside of the UK, others apply only in the EU or countries with specific agreements with the UK.
• Make sure you inform any bank, building society or any other organisation with whom you have a policy or agreement.
• Contact your local council and leave them a forwarding address.
• Inform your GP and dentist that you are leaving. Be sure to research healthcare provision in your new country!

Sticking with Blighty

Of course, heading overseas in search of a bit of sun in your twilight years is all well and good, but could you do without Britain and all its charms – the fish and chips, the weather (and conversations about the weather), the witless reality shows, Only Fools and Horses, and the rest?

If you want to retire in the UK, but get good value for money in doing so, then check out the table below, which comes from retirement income specialist MGM Advantage.

OK, so Cardiff isn’t exactly the Costa del Sol or even Toronto, but if you’re going to enjoy your twilight years in the UK it offers you maximum bang for your buck. And who needs all that sun anyway?

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