Pension Savings A Worry For Retired British Expatriates
A survey completed by Lloyds Bank International, has shown that almost 33% of retired British expatriates have admitted to the fact that their pensions do not pay enough to support the kind of retirement lifestyle they would have liked. Those expatriates who are still working, have also realised that their expenditure is too high and as such they will have to watch their finances very closely once they enter into their golden retirement years.
However, just under half of the 1,100 British expatriates who took part in the survey still felt that living abroad would allow them to have a better retirement in comparison to returning to the UK. One of the reasons was that by staying abroad, they would be financially better off especially when the higher cost of living in the UK is included in the decision.
Reality is a bitter pill to swallow for British expatriates
Another problem for retired British expatriates is currency fluctuations, with 50% worried that exchange rates would impact upon their spending power negatively. If we look at the retired expats in the Eurozone, then the research showed that many lost a noticeable chunk from their pension income because of the pound weakening against the Euro.
Money and savings will become a bigger and bigger issue as we get older, since nobody wants to rely on another person. Retired British expatriates are no different, as they are also worried about their pensions. Specifically, they are worried about the amount of money they have saved for their old age and the amount they would need to spend to fund the kind of lifestyle they have envisioned.