Pension savers over-50 say that Brexit is a bigger concern for them in terms of future plans than the pandemic.

Many believe their dream of retiring to the continent is fading.

Research from Canada Life found that half (50%) of the over-50s planning to retire or move abroad are reviewing their plans, up from 46% in 2020. 

A further 47% (up from 44% in 2020) say the uncertainty is making them reconsider their plans altogether. 

When asked about the pandemic, two in five (42%) of the over-50s planning to retire abroad say they are reconsidering which country to retire too, while a further 39% say they are thinking about whether to retire abroad at all.

Many Britons still want to retire abroad. Reasons cited include better weather (69%), a more desirable lifestyle (62%), and cheaper living costs (45%).

Top Retirement Destination Preferences

 Source: Canada Life

The average monthly income needed to retire abroad is thought to be £1,461 - £367 less than the UK although figures are much higher in some countries such as the US (£1,916 per month), followed by New Zealand (£1,664). The UK is considered to be more expensive than retiring to most popular overseas countries.

The research also revealed that just one in five (19%) of those planning to head abroad know which countries had reciprocal state pension payment agreements in place, and one in four (25%) did not know such agreements existed.