After working in The City for 30 years, the attraction of retiring on a beach somewhere tropical is almost unavoidable. I can imagine few better ways to spend my days in retirement than peacefully taking in the surroundings of a beautiful lake, beach or mountainside. But, whilst the cost of living on the continent and beyond might be cheaper, there are still some things to consider.

  • Currency movements – if your earnings in retirement are denominated in pound sterling, any movements could affect your purchasing power abroad.
  • Medical care – the level of medical care in some countries might not be as advanced as in the UK so you should consider the costs of private health insurance.
  • Taxes – unfortunately taxes don’t stop at Dover so you need to be aware of the applicable tax rates in your destination of choice.
  • Family visits – whilst the weather and scenery may be beautiful, your family might still be in the UK so factor in the costs of any visits.