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Isle of Wight tops list of retirement destination hotspots

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01/03/2013
Millions of Brits are fleeing cities and settling by the seaside to enjoy their retirement years.

The Isle of Wight has topped the list of UK retirement capitals with 42% of its residents claiming state pension. Bexhill and Battle in East Sussex are also popular among retirees.

Meanwhile, the areas with the fewest retirees are all urban. The London constituency of Poplar and Limehouse is the least popular for retirees with just 9% of its population claiming the state pension, followed by Glasgow North and London’s Vauxhall.

However, according to research from LV=, a ‘retirement revolution’ is underway, with almost two thirds (57%) of Britons believing that by the time they stop working, the average retirement will be very different from what it is today.

When listing their priorities for retirement, being close to amenities such as a good public transport network (43%), access to bars and restaurants (30%) and culture and entertainment (27%) all scored far higher than proximity to the sea (19%), or living in a community where there is a large number of other retirees (7%).

Proximity to their family was the most important factor (49%) when considering where people might live in retirement.

Ray Chinn, LV= head of pensions said: “It’s clear that when you ask people about what they want in retirement their aspirations tend to mirror more closely their lifestyle today, rather than one which we would typically associate with a pensioner.”

Over half of people still working (56%) are looking forward to keeping themselves active and trying new things in retirement. The majority of people (68%) want to continue to live independently in their own home, either alone or with their partner.

However, the research also suggests a gradual move to more intergenerational living in retirement. 10% of today’s 18-34 year olds would wish to live with their future extended family in retirement, as opposed to 5% of UK pre-retirees over 55.

The research also indicates a rise in ‘Golden Girls’ style communal living, with 9% of 18-34 year olds wanting to relive their student days in a communal house, living with friends in retirement.

Chin said: “Regardless of how people feel when they actually reach retirement, to ensure that they can continue to enjoy their life to the full they need to have planned their finances accordingly.”

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 Source: ONS

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