Are you daydreaming about spending your golden years under a sunnier sky? Spain should be your top pick for a retirement haven. This Mediterranean jewel isn’t just a feast for the senses with its endless sunshine and mouth-watering cuisine; it’s also kinder to your wallet. According to Property Guides, an authority on overseas properties, life in Spain can be over £700 cheaper annually compared to the UK. That’s a substantial saving to enjoy the same quality of life, but now with 35% less strain on your purse strings.
In Spain, the cost of daily necessities, such as groceries, healthcare, and travel, totals around £1,295 yearly – a significant drop from the £1,996 you’d spend back home. Even quintessentially British items like English breakfast teabags are more affordable in Spanish supermarkets. Living in Spain means more cash in your pocket – an extra £701 annually, to be precise.
Groceries and Going Out
Picture this: your weekly shopping trip costs £27.76 less in Spain than in the UK. That’s £79.99 in the UK versus a mere £52.23 in Spain for a basket of common grocery items. And when it comes to indulging in local Spanish delights, prepare to be pleasantly surprised. A bottle of gin, for example, is a steal at £9.44 compared to the UK’s £25.
Moving around is also cheaper in Spain. Hiring a car for a week costs just £73, a fraction of the £238 you’d pay in the UK. And let’s talk dining and entertainment: a three-course meal with a refreshing sangria in a local Spanish restaurant? Only £15. A cinema ticket? Just £7, less than half the price in the UK.
Italy Second Best for Budget-Friendly Living
Italy, another popular choice among Brits, stands as the second most affordable option. Expect to save £544 annually compared to living costs in the UK.
France, Portugal, Greece, Germany, Cyprus, and even the USA are also more affordable than the UK. However, brace yourself for a higher cost of living if Australia or New Zealand is on your radar. You’ll need an extra £166 and £311, respectively, to maintain your UK lifestyle.
France A Close Competitor
France, a long-standing favorite among British expats, offers an appealing mix of affordability and culture. It’s roughly 7% cheaper than the UK. Expect to pay £67.79 for a basket of groceries, including a few luxuries. And for wine enthusiasts, a bottle in a local restaurant is just £13 – a pleasant contrast to the UK’s £20.
Electricity in France is also notably cheaper compared to the UK, Spain, Cyprus, and Portugal, with the average consumption costing less than half.
Australia and New Zealand Pricier but Popular
Those looking towards Australia or New Zealand must be prepared for a heftier budget. While fuel is cheaper, other expenses like food, healthcare, and dining out are higher. In Australia, expect to pay an extra £13.14 weekly for groceries and £31.35 for a meal out.
The State Pension Catch
A crucial factor for retirees is the state pension. In the UK, the state pension increases annually, but this benefit freezes upon moving to Australia, New Zealand, Canada, and South Africa. As of March 2022, over 480,000 pensioners living abroad didn’t receive these increases, with the majority residing in Australia, Canada, and New Zealand.
Retiring abroad isn’t just a dream; it’s a financially savvy move for many. With countries like Spain and Italy offering substantial savings and a higher quality of life, the idea of living out your retirement years under the sun becomes not just tempting but achievable. Remember, it’s not just about the cost savings; it’s about embracing a new, exciting lifestyle that could be within your reach. So, why not consider joining the 103,000 Brits already enjoying their retirement in Spain? Your dream retirement might just be a decision away.