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The number one reason why retired expatriate lifestyles fail to work out is because the individual has not sorted out their financial situation before they relocate abroad, an expat online magazine has stated.
Prospective expatriates ‘need to work out how much pension income they are likely to have by getting a state pension forecast and a forecast from the providers of any personal or corporate pensions they have,’ explained Rhiannon Davies, director of ShelterOffshore.com.
She pointed out that those seeking the expatriate lifestyle have got to be realistic about whether they can afford a comfortable standard of living abroad.
Ms Davies’ comments follow research by Aon Consulting showing that the majority of British potential expats would choose to retire in a country overseas, with less than half (43 per cent) expressing a wish to remain on home soil.
Spain was chosen by many respondents as the ideal retirement destination, with 25 per cent dreaming about living in the European country.
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