After spending most of our working lives paying into a pension so that we can fund a nice and comfortable retirement, you’d think that choosing how to spend your nest egg would be the least of your worries.
However according to new research, many older Brits currently have no plans for their pension, despite being eligible for retirement within the next ten years or so.
The data comes as part of a survey of 1,000 people by Age Co, which looked at people’s plans for retirement. 49% of respondents aged 55+ claim they either have no idea how they would spend their pension or simply don’t plan to do anything with it at all.
This is in sharp contrast to younger respondents of the survey, with over two thirds of 18-24 year olds saying they either plan to invest their pension, share it with family or simply splash out and spend until there’s nothing left.
But your pension is only one part of your retirement as Tracey Heap, Digital Marketing Manager at from Age Co explains.
Heap adds: “For a lot of people after their years of planning and dreaming, retirement presents the perfect opportunity to escape busy city centres and lengthy commutes and make a new start for themselves in a new town. People want the best possible quality of life, and to ensure their savings last, and where you live has a large impact on both.”
The Five Best Towns To Retire In
Almost three quarters of those surveyed said they either are planning to or would consider moving home once they have retired. But if you are thinking of relocating for your retirement, where should you start looking? Thankfully Age Co have already determined the top five towns to retire to as determined by the results of their survey.
Offering the perfect blend of countryside and seaside it’s easy to see why 25% of those surveyed said they would most like to retire to Christchurch. Nestled between Bournemouth to the west and the New Forest National Park to the east, this idyllic town offers plenty of opportunity for both relaxation and adventure (because retirement doesn’t always mean slowing down). House prices for the town currently sit just shy of £40ok and the town has a booming older community, with over 30% of the town’s population being aged 65 or above, almost double the national average.
Ambleside, Lake District
Coming in at a close second, with 24% of the votes, Ambleside sits at the head of Lake Windermere in the Lake District. The town is the perfect base for exploring the stunning national park, but if long walks and mountains aren’t what you’re looking for in the next stage of your life then perhaps the picturesque Waterhead Pier may be more your speed, offering regular ferries to nearby Bowness and Lakeside pier, Wray Castle and Brockhole Visitor Centre. House prices are currently averaging at just over £320k.
If the dramatic coastline of Dorset or the shores of Lake Windermere aren’t your cup of tea, then perhaps it’s worth considering the rolling hills of the Yorkshire Dales. Surrounded by areas of natural beauty and an award-winning highstreet, the historic market town of Skipton was the third most popular choice among respondents. With an average house price of just £240k and an older population of around 20%, it’s easy to see why Skipton is so popular with prospective retirees.
St Andrews, Fife
Widely known as the ‘home of golf” and home to the Old Course, St Andrews is a stunning historic seaside town that features on many people’s bucket lists, old and young. Its West Sands beach famously featured in the movie Chariots of Fire, making it a must see for both nature lovers and film buffs. Property values are on the higher end, as this is an extremely desirable place to live, with the average house price coming in at just over £400k.
Sat within Cheshire’s “Golden Triangle”, Wilmslow is one of the most affluent and highly sought after addresses in the UK. With excellent traffic links into both Manchester and Chester, the town offers the perfect mix for those looking for both country living while not being isolated from the hustle and bustle of city life. Described as a shopper’s paradise, with everything from designer boutiques to chic charity shops and everything in between. The town has a fantastic older community, with just under a fifth of the population being retirement age or above, meaning there’s plenty of opportunity to socialise.