Money Matters - Simplified

Spain, France the most preferred retirement destinations--Survey

According to a survey of over 7,500 European workers from Aon Consulting, the leading employee risk and benefits management firm, Spain is the preferred retirement destination for workers in Europe.

The second position was occupied by France and the third by USA. Then came Italy, Australasia and Africa in the next three places.

When asked the workers to retire in the same country, Spain and France were the top preferences.

Nearly, 86.8 percent residents preferred Spain, 81.1 percent preferred France, while 73.6 percent preferred Denmark. UK (42.7 percent) was the last country where the residents wanted to retire.

This survey is part of the Aon Consulting European Employee Benefits Benchmark, a survey of more than 7,500 workers from across Belgium, Denmark, France, Germany, Ireland, The Netherlands, Norway, Spain, Switzerland and the UK, ten of the leading economies in Europe.

“There are financial implications that people thinking about retiring overseas need to consider. Cost of living may be higher in the country of choice, and so people planning on retiring abroad need to factor that in to their savings plan," said Oliver Rowlands, head of retirement, Europe, Middle East and Africa, at Aon Consulting.

"There can also be tax implications both at home and in a new country of residence, so it is certainly worth investigating that in advance so there are no nasty surprises later on. And finally healthcare benefits can vary widely for expatriates and this will be a major concern for retirees as they grow older."

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