Retirees advised to shop around for currency
Friday July 25th , 2008
Britons who plan to spend their retirement years overseas have been urged to try to get the best value for money.
According to currency specialist FairFX.com, many retirees who intend to live abroad are failing to shop around for the most favourable exchange rates.
As a result, they are not getting as much as they possibly can for their money, thereby not making the most of their pension pot.
This has prompted the organisation to recommend that people research the market and find out how they can get a competitive rate.
Stephen Heath, chief executive of FairFX.com, said: "Many couples have a dream of retiring abroad, but when it comes to getting the most from their money they are often stung by a poor exchange rate."
He added that shopping around for the best rate would help people to "stretch their retirement pots" as far as possible.
A recent poll conducted by Hot Property found that almost half of Britons would prefer to emigrate upon retirement rather than stay in the UK, with estimates from the Institute for Public Policy Research suggesting that by 2050, 3.3 million British pensioners will be living overseas.
