Nearly 30% of Irish people plan to retire overseas, according to a new survey.
The study – by global financial technology company Wise – found that 27% of Irish respondents, aged 55 or over, want to move abroad when they retire from working here.
It found that Portugal, Spain and the UK are the most favoured destinations.
The lure of better year-round weather and less expensive living conditions seem to be the main driving factors.
Retiring abroad does, however, bring its own financial concerns. One in five (20%) respondents fear they don’t have enough money for the retirement they want, while 19% are concerned about managing their money if they retire overseas. Another 42% are concerned they won’t be able to access their Irish bank account.
As a result, Irish people are changing how they bank. Over half (57%) are happy to use an app-based provider if it makes managing money internationally easier. However, 55% would still use a card from Ireland, exposing them to costly exchange rates and hidden fees.
Wise’s own list of retirement destinations that compare favourably to Dublin – in terms of temperatures, property costs and general living costs – includes Corfu, Montpellier and Fort Lauderdale.
Roisin Levine, Head of UK & Europe Partnerships, Wise said: “Many of us dream of retiring abroad, ideally to a place with great weather and where our pension stretches further. And, with the cost of living ever-increasing, it’s unsurprising that so many Irish people are thinking about retiring overseas.
“Retiring abroad can be a complicated process, and it’s worth seeking advice, but some complications are unnecessary. Big banks rip off consumers with high markups and hidden fees, and their international services are painfully slow and unwieldy. This hurts when you’re on holiday, but it’s even worse when you’re planning to retire abroad and will likely travel regularly between your ‘new’ and ‘old’ homes.
“Enough is enough — financial providers can and should do better. We want to help those who are looking to retire abroad. By using Wise, retirees can avoid high, hidden fees and get a fair exchange rate. They can benefit too when sending money home to family in Ireland and when travelling the world.”
