Do you plan to relocate when you retire? Whether you’ve always wanted to live by the seaside or within a wooded valley, we’ve created a guide to retirement and relocation. We also explore five of the UK’s most desirable places to retire.
Before we share some practical advice, let’s talk about Susie. As one of our financial planners, Susie has a particular retirement goal, which is to move to the Isle of Man. She even knows the exact apartment complex she wants to move into. This is a particular goal and involves financial planning at its heart. Let’s look at what you also need to consider.
Preparing to relocate
If you are planning to relocate once you retire, there are various factors to bear in mind:
- Support network – if you’ve lived in one place for many years, then you may have built up a network of close friends. You may also have family members living nearby whom you might miss if you moved to a new area. Some people might also have grandchildren coming into their lives, which could also affect their retirement plans. As we get older, we often become more reliant on our support networks and not just in terms of companionship. You might want a loved one to accompany you to a medical appointment. Think about how their absence could affect your everyday life.
- Local infrastructure – bearing the above point in mind, make sure there are good local amenities in your desired area. Ideally, you will benefit from having a doctor, dentist, and a supermarket nearby, unless there is a good local public transport system. You might need to consider medical care and social care facilities at some stage in the future. So, it’s worth checking what’s available in your preferred location.
- Hobbies and activities – social isolation is one of the biggest causes for concern in older people. It’s been linked to both physical and mental health problems, from poor health habits to high blood pressure and dementia. Try to ensure there are plenty of activities available that enable you to socialise and meet new people in your local community. If there is a particular hobby you enjoy, make sure you can continue this in your new destination.
- Safety and crime – above all, if you are moving to a new area of the county you should check the local crime figures. If you are moving away from family and friends this is particularly important, as you will want to feel safe in your new home. The CrimeRate website uses data sources from Police Force incidents across the UK.
5 of the best places to retire in the UK
Relocating could offer better opportunities to buy property depending on where you currently live. House market prices go up and down, but there are certain areas where your money will go further. Below are some of the most desirable places to live in the UK:
- Cornwall
With 400 miles of coastline to explore and various attractions, Cornwall has been a perennial choice for retirees for many years. According to Rightmove, the overall average house price is £349,451. However, it’s worth not overlooking Cornwall’s county neighbour, Devon. The average prices are often slightly cheaper (currently £329,492) and you’ll still be in close proximity to the seaside and all the action. - Northumberland
At the other end of the country, Northumberland offers rural living, historical landmarks and a beautiful coastline. With endless pristine beaches and the highest number of castles than any other county, it’s also one of the cheapest places to relocate. In fact, according to Rightmove, the average house price in Northumberland is £244,785, which means you could hold onto more of your savings. - Shropshire
With its quiet countryside living and hills designated as an Area of Outstanding Natural Beauty, Shropshire has a lot to offer retirees. The current average house price is currently £284,050 (Rightmove), which is more affordable than many other areas of the UK. There’s also an abundance of luxury care homes and retirement villages across the county if you find that you need care in later life. - Scotland
Think dramatic landscapes and breathtaking lochs. You can get a lot for your money in Scotland, although bear in mind that property laws differ from the rest of the UK. According to Which? the Outer Hebrides was reported to be the happiest area in the UK with the best healthcare and house prices averaging only £167,076! But if remote living isn’t your thing, then you could consider the border area with England. - Wales
With its rolling hills, valleys, and glorious coastline, Wales has hundreds of hidden gems for retirees. House prices vary considerably. The average price in the beautiful Brecon Beacons is £260,512, while a house in trendy Mumbles on the Gower Peninsula will set you back an average of £317,951 (Rightmove). According to an article in The Times, Mumbles was in the top 12 places to move to in 2022.
Financial Planner, Nottingham and Lincoln
At Balance: Wealth Planning our team can help you create a sound financial plan so you can realise your retirement relocation dream. We will carry out a cash-flow planning exercise to see your current and future financial position. This fluid yet detailed view enables us to look at the money coming in and going out throughout your lifetime. Through sensible financial planning, you can start shaping the future you desire, wherever you choose to live in the UK.
For financial planning advice, get in touch to speak to our financial planners.
Sources:
https://www.legalandgeneral.com/articles/enjoying-retirement/best-places-to-retire-in-the-uk/
https://www.ons.gov.uk/visualisations/housingpriceslocal/E07000042/
https://www.rightmove.co.uk/house-prices/cornwall.html
https://www.rightmove.co.uk/house-prices/devon.html
https://www.rightmove.co.uk/house-prices/northumberland.html
https://www.rightmove.co.uk/house-prices/brecon-beacons.html
https://www.rightmove.co.uk/house-prices/mumbles.html
https://www.which.co.uk/news/article/best-places-to-retire-in-the-uk-revealed-afGf91t8Oeah
