As the cost of living goes higher and higher in the UK so more people are looking at retiring to a different country say Saga Insurance.
A Saga Insurance spokeswoman explained that currently less than 1 percent of those retiring move abroad in order to cut their living costs, though there has been much more interest in the idea recently. It will help those about to retire that their property values are at all time highs. This gives them a good base from which to set up home abroad.
There are many factors to consider when living abroad said the Saga Insurance spokeswoman, with costs being just a part of the equation. Lifestyles are very different overseas and it can sometimes be difficult giving up things that have been part of life for so long.
The Prudential is heading back to the pensions buy out environment with a deal worth around GBP350 million to pick up some of the Rank pension scheme.
The deal is expected to be confirmed next week when the interim results of the Prudential will be announced. Under the terms of the agreement the Prudential will take on the duty of paying the pensions of existing recipients of pensions through Rank.
There are around 10,000 people currently on the books,all of whom will in future receive their pension payments from the Prudential. This is a market that they used to be strong in but moved away from a couple of years ago to focus on their core business.
According to the Prudential retired people have substantial assets and savings although they are not maximising them to aid their standard of living.
On average retired couples have almost GBP270,000 in assets and savings whilst single pensioners have half this amount. However, even though they have these large funds at their disposal, less than 20 percent of them have sought professional financial advice. A Prudential representative was amazed at these findings, feeling that pensioners were missing out on perhaps thousand of pounds extra by better using their money.
Even ignoring the value that people have in their homes a retired couple still has around GBP135,000 in accessible funds. This money should be made to work harder said the man from the Prudential and deliver a better standard of living.
