Cash-rich retirees looking forward to a life overseas

As the Baby Boomer generation approaches retirement, their wealth and health is likely to mean more and more choose to retire overseas than ever before.

The lure of blue skies, warm evening air and the uplifting views of a traditional Mediterranean backdrop have long held an appeal for Brits of all ages raised on a climate of grey, damp, drizzle and wind that swirls and blusters with a maddening irregularity…

But as Brits approach retirement age, that lure often becomes even stronger, and the current generation creeping towards their 60s – the famous ‘Baby Boomers’ – are intent on making their dreams a reality.

Data from the Foreign and Commonwealth Office (FCO) released last week revealed that more than six million UK adults are planning on heading abroad to retire, with more than half of that figure – 3.6 million – hoping to make the move permanent.

The MGM Survey, carried out on behalf of the FCO, found, unsurprisingly, that Spain is the most preferred retirement destination, with 26% of Brits intent on pitching up to one of the Costas as soon as they shuffle into retirement age.

And the Baby Boomer generation is more equipped than any before them in preparing for life overseas. Not only are they more tech-savvy than previous retirees, but this latest crop are among the richest yet – some 80% of the UK’s household wealth is held by the over-50s, found research from Silver Travel Advisor, a new travel website aimed squarely at people aged 50.

“The over-50s are healthier and wealthier than any generation of their age group,” said Silver Travel Advisor Mary Stuart-Miller. “They want to enjoy life; travel is a top priority and a major lifestyle choice.

“Many have second homes overseas and this often leads to them spending more and more time abroad, until finally retiring there.”

Stuart-Miller added that Spain’s warm weather and mature property market made it the obvious favourite for would-be retirees. “Its Brit-friendly resorts mean Spain is a great option for second homes and retirement,” she said.