Moneybox advises on saving money for retirement
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Cambridge took first place in the rankings, with different regions from all over the UK revealing themselves to be an attractive place to retire. The rankings consist of several key criteria, including average pension fund size, cost of living, average house price and life expectancy.
To help new and upcoming pensioners choose the best location to retire in, Local Financial Advice has produced a new Retirement Index report to reveal the best places in the UK for retirement.
The rankings use the following elements: Average pension fund size for people in the area, pension shortfall they should expect, cost of living, average house price, life expectancy, best hospital index score and crime rates.
Cambridge comes out on top in the rankings as the best place in the UK for retirees to live. It is one of the UK’s most historic areas and, thanks to its university colleges, Cambridge is known for its attractive architecture.
The city scored consistently well in the research, placing first for life expectancy, at an average age of 82.57. Cambridge also had the lowest crime rate. The research suggests that pensioners in Cambridge can expect to enjoy a relaxing retirement.
According to the rankings, Cambridge is comfortably the best place to retire, with an overall index score of 82.33, which is more than 20 points better than the second-placed area, which received a 61.66 score. To put that into context, the second and tenth-placed regions were separated by around the same amount.
Second in the rankings is the Scottish capital Edinburgh, city which Local Financial Advice described as having “a wealth of beautiful architecture, world class cultural festivals, and beautiful countryside on your doorstep.”
They say that these features make Edinburgh “the perfect destination for anyone looking for an adventurous retirement.”
The Scottish city finished in first place in the rankings for average pension fund size, with an average pension fund of £139,465.21. The crime rate in Edinburgh is also low, second lowest in the overall rankings.
Greater London comes in third place in the rankings, showing England’s capital as a potentially attractive place for pensioners to retire. Greater London tops the rankings in terms of quality of hospitals, meaning pensioners could feel in safe hands if they were to experience any medical issues.
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Greater London also has the second-best life expectancy of the ranked areas, with an average age of 80.9. However, there are some areas in which the region struggles, with house prices unsurprisingly being the most expensive of all the areas in the top 10 at an average price of £500,310.14.
That figure is almost £40,000 more than second-placed Cambridge, which has an average house price of £461,935.21. The cost of living is also the most expensive in Greater London, and the crime rate is second-highest.
In fourth place in the rankings is Newcastle upon Tyne, which has the lowest cost of living among the top 10 areas. The city performs fairly well across the board, ranking in the top five for average fund size (£126,512.90), cheapest house price (£173,967.86) and quality of hospitals. Newcastle upon Tyne also boasts the third-lowest crime rate.
Belfast takes fifth place in the rankings, with the capital of Northern Ireland appearing to be a prosperous retirement destination. Belfast has the smallest expected pension shortfall at just £10,253, the lowest average house price at £142,394.18 and the second-lowest cost of living.
However, Belfast does have the lowest life expectancy among the top 10 regions, with an average age of just 78.52.
Bristol comes in sixth, due in part to the fact that it boasts the third-biggest retirement fund, with an average fund size of £130,463.23. The city also has the fourth-best life expectancy at an average age of 80.64 and the fourth-lowest crime rate.
It does have a relatively high cost of living however, coming in as the fourth-highest, and also has the fourth-highest expected pension shortfall at £19,531. The average house price in Bristol is £317,209.73, the third most expensive area in that regard. It also places last in the ‘best hospital index’.
Birmingham takes seventh place, which has second-smallest expected pension shortfall at £12,617, as well as the fourth-lowest cost of living among the top 10 areas. The Midlands city also has the fifth lowest average house price at £207,362.82 and the third-best hospital index score. However, the crime rate in Birmingham is the worst among the top 10 regions.
Leeds, Sheffield and Nottingham round out the top 10 areas which were ranked as the best places to retire in the UK.
Nigel Borwell at Local Financial Advice commented on the report: “Moving to a new location for retirement brings a host of life changing and exciting opportunities to live out those golden years to the fullest. Our new retirement index provides a helpful guide to give you a better indication as to where is best to settle in retirement. I encourage more upcoming retirees to make the leap and enjoy the rewards.”
Here is the full list of the top ten places to retire in the UK, according to Local Financial Advice:
3. Greater London
4. Newcastle upon Tyne
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