Retirees should plan finances before moving abroad

Tuesday April 8th , 2008

British people who intend to spend their retirement years in sunnier climes have been urged to look at their finances first.

The Sun newspaper recommended that anyone who is seriously considering setting up home overseas needs to carry out advance research and planning.

This was described as an essential requirement by the media outlet, which said it would enable them to see whether such a move is affordable.

Retirees were encouraged to consider various financial matters, such as the day-to-day cost of living in their new home and how they intend to generate future income.

Furthermore, the newspaper suggested that people look at what benefits they are receiving and whether they are eligible to continue claiming them overseas.

The Sun commented: "Research and planning are essential when deciding whether you have the cash and resources to take such a big step."

According to the Office for National Statistics, Spain is currently one of the most popular destinations among Britons who have moved abroad.