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Brits fail to realise foreign retirement dreams

It would seem that the stereotype of grandparents happily shuffling around the house when they retire is out-of date.  Now, as many as one in two Britons plan to travel the world when they finish working – and one in three hope to up-sticks and move to the sun - according to new research by engage Mutual Assurance.

But despite dreaming of exotic foreign adventures, in reality, few pensioners ever fulfil their retirement aspirations.  When engage Mutual Assurance compared the expectations of those yet to retire, with the experiences of those already retired, it found stark contrasts between people’s plans and the realities of retirement.

Reality falling short of expectations

Those approaching retirement are not short of aspirations for their approaching freedom.  With an emerging trend in ‘denture venture', more than half of workers (53%) are planning to spend their kids inheritance on travel in retirement, according to the survey of engage Mutual Assurance.  A third (36%) hope to buy property abroad and one in ten (10%) will spend time on the slopes, skiing and snowboarding.

Unfortunately retirement does not always match up to these high expectations.  The majority of workers planning foreign adventures for when they retire are likely to be disappointed; the survey indicates that just 23 percent - less than half those aspiring to travel - will go overseas in retirement and fewer still (7%) will sign a foreign property agreement.

However, those with less ambitious plans - like spending time relaxing or helping in the community - are more likely to fulfill their aspirations.  The survey indicated that pottering in the house and garden (56%) and reading (46%) are Britons’ top actual retirement pastimes, and almost all of those planning to volunteer in retirement will follow through their good intentions (31% compared to 33%) with more than a third (39%) spending more time with their grandchildren.

Karl Elliott, 3GB spokesperson from engage Mutual Assurance said: “With people living longer, retirement is becoming a time when we look forward to new experiences, learning a new skill and relaxing with family.  However, with the average state pension currently paying £82.05 a week, financial limitations often prevent Britons from fulfilling their more adventurous aspirations in retirement.”

Spain still popular

Official figures show that 1 million Britons have retired abroad over the last decade.  Spain was the most popular destination with 74,433 pensioners moving there since 1996.  Other popular European countries were France which attracted 34,051 pensioners as well as Italy and Portugal which attracted 32,795 and 6,165 British pensioners over the last decade respectively.

A massive 703,900 retired elsewhere in the world.

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