There’s a lot to think about when it comes to retirement.
The first priority for many of us will be building a sufficient pension to cover us during our later years, so that we don’t spend our entire retirement counting pennies.
That means moving beyond the humble State Pension and building a private pension, likely by making use of the workplace pension scheme.
There’s also the question of when to retire, and whether you would be better off deferring it by a few years if you’re fit enough to continue working.
But perhaps the biggest question of all is where to retire. After all, location is absolutely crucial to getting the most out of the pension you’ve saved, as well as enjoying the best standard of life.
A new study from the consumer champions at Which? focuses on this final question, attempting to pinpoint the absolute best locations in which to spend your retirement.
What makes a good place to retire?
Before we get onto the actual results, it’s worth digging into what actually makes a pleasant place in which to retire.
When Which? polled members on the most important factors for them in retirement, top space was taken by healthcare access, which was picked out by 88% of respondents.
That makes a lot of sense, since as you get older you’re more likely to have some sort of health issue, so having easy access to those who can help with those is all the more important.
Equally, you may not be as mobile, so requiring a lengthy drive to get to the doctor is far from ideal.
Notably, second place went to green spaces.
Around three-quarters of respondents said they wanted to spend their retirement in an area with green spaces, rather than an overly built-up area.
Other important factors behind desirable places in which to retire include proximity to leisure activities and low levels of crime.
The best places to retire in the UK
In working out the best places to retire, Which? scored various towns based on the average distances to both the nearest GP and the nearest pharmacy.
They were also given a happiness score, based on surveys from the Office for National Statistics, while the average number of parks and playing fields within 1km, the crime rate and house price affordability were also factored in.
So according to the Which? study, which are the best places to retire?
Let’s take a look at the top performer for each region, as well as what it will cost you to purchase a home there.
|
Region |
Area |
Happiness score |
Average house price |
|
East Midlands |
High Peak |
7.9 |
£242,000 |
|
East of England |
Broxbourne |
7.8 |
£425,000 |
|
London |
Merton |
7.6 |
£560,000 |
|
North East |
South Tyneside |
7.4 |
£145,000 |
|
North West |
Stockport |
7.6 |
£285,000 |
|
South East |
Elmbridge |
7.5 |
£685,000 |
|
South West |
Exeter |
7.2 |
£295,000 |
|
West Midlands |
Newcastle-Under-Lyme |
7.9 |
£180,000 |
|
Yorkshire & The Humber |
Kirklees |
7.6 |
£181,000 |
|
Northern Ireland |
Mid and East Antrim |
7.8 |
£139,000 |
|
Scotland |
Outer Hebrides |
8 |
£137,000 |
|
Wales |
Wrexham |
7.4 |
£180,000 |
There’s more to a good retirement spot than bingo halls
When planning where to make that last-time move, make sure you do your research on how well the area is going to meet your needs, not just when you first retire and are likely pretty active, but also as you get older.
That country village may be wonderful when you’re still sprightly enough to walk to the shops, but there may come a point when doing so is a big ask.
Finding the right place to retire is not that different to picking a property earlier on in life. It’s not enough to find an individual house that you like ‒ you need to run the rule over the area too.
It’s also clearly a really good idea to work out how you are going to pay for your retirement, and enjoy as comfortable a standard of living as possible.
Check out our guide to everything you need to know about pensions.
