Rosalind Evans
Over the past year, there has been a significant surge in searches for the perfect retirement destinations.
The escalating cost of living has led an increasing number of individuals to explore alternative residential options.
However, it’s not just digital wanderers temporarily relocating to sunnier climes in colder months who are interested.
Queries such as “best country to retire to from the UK” surged by over 90% in the previous year, highlighting a growing aspiration among the elderly for a superior quality of life.
Penfold’s research provides insights into the top retirement havens for Brits.
These financial experts analyzed popular countries for retirees and evaluated them against 12 distinct lifestyle criteria, such as exchange rates, health care expenses, and visa application financial prerequisites.
Top 3 Retirement Destinations:
1. Croatia: Crowned the top pick by Penfold, Croatia offers a more affordable living cost than the UK, with rent and daily expenses being almost half. The average flight time from the UK is a mere 2 hours and 5 minutes, and the visa application’s financial prerequisites are among the most affordable (approximately £2,839 or €3,276). Plus, healthcare is reasonably priced.
2. Spain: A renowned choice for British retirees, Spain’s allure lies in its sunny climate, picturesque beaches, and easy accessibility for loved ones. Its outstanding scores in happiness and safety metrics further elevate its standing.
3. Ireland: Although its weather might not be its strong suit, Ireland’s exceptional healthcare, abundant greenery, and proximity to the UK make it a top choice. It also boasts a status as one of the happiest and safest places, with a visa application necessitating a bank balance of just €7,000.
Cost-effective Retirement Options:
For those prioritizing a lower cost of living, the Philippines, Thailand, and South Africa emerge as winners with living costs about half of the UK’s. In Europe, France, Italy, and Cyprus are the most budget-friendly, excluding the top three.
European Healthcare Standouts:
While quality healthcare is paramount for retirees, Ireland, despite its top-notch services, commands one of the highest prices. On the other hand, Spain offers a harmonious blend of quality and affordability. Additionally, many countries demand a specific bank balance for visa applications, making countries like Canada, the US, and South Africa, which require roughly £10,000 (or about €11,500), more appealing.
European Longevity Leaders:
For those prioritizing health and lifespan, diet plays a pivotal role. A 2020 report by the World Economic Forum emphasized the longevity benefits of the Mediterranean diet predominant in countries like Spain, Italy, and Cyprus. This dietary regimen, enriched with fruits, vegetables, olive oil, and fish and limited in red meat and dairy, has been linked to several health benefits. Spain, with an average life expectancy of 83.1 years, stands out, thanks to its dietary practices, reduced smoking rates, and exceptional healthcare system.
In the face of evolving global challenges, the decision to retire abroad offers not just a change of scenery but also a chance to enhance one’s quality of life. Whether priorities lie in healthcare, cost of living, or longevity, Europe presents an array of choices that cater to diverse needs. As the world becomes more interconnected, and as retiree aspirations grow more nuanced, these destinations remind us that retirement can be both a golden period of relaxation and an exciting new chapter of exploration.
