Shelter Offshore: More people retiring abroad
More people who have accrued nest egg savings are spending their retirement abroad, an expert has said.
The increased cost of living in the UK a "massive contributory factor" in the number of expatriates and retirees moving overseas, Shelter Offshore's Rhiannon Davies said.
For those who have been saving for retirement and now have a fixed income, life in the UK is financially difficult, she said.
"[Now] the very real cost of existing day to day has reached levels at which working people are finding things difficult to deal with, just imagine how tough things are for pensioners living on a fixed income," Ms Davies said.
"Fiscal fundamentals" are the main reason for the significant rise in retirees leaving the UK, she said.
According to a report released by the Joseph Rowntree Foundation earlier this month, the basic state pension provides a retired couple with around three-quarters of the minimum income needed for an acceptable standard of living.
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