When retiring abroad, are the cost of living higher or lower than in the UK? #pensions #ukpensions #pensiontransfer #retiringabroad #IN
08 Thursday Nov 2012
- Apart from differences in price, local VAT or sales taxes may vary considerably, even within the EU.
- Some exclusive locations impose restrictions on purchasing property: for example, to settle in Jersey you may need to purchase a property costing over £1million.
- Inflation may be a factor, especially if you will be living on a fixed income: we are becoming used to a low rate of inflation in the UK but in some countries the rate is higher.
- When reviewing this matter, don’t forget to take account of the health and lifestyle issues shown below.
- The exchange rate between sterling and the local currency in where you choose to retire can make a big difference on your retirement income.
This article is for information purposes only and does not constitute advice. All views in this article are opinions of the Expats Pensions team. We specialise in helping people that have left the UK evaluate the possibility of taking their UK pension with them. For further information please visit http://www.expatspensions.com
For details on claiming your state pension you can visit the UK government website: https://www.gov.uk/state-pension-if-you-retire-abroad