1) Where are you going to live?
The UK may be small but there’s a huge variety of retirement possibilities. You need to have a clear idea about what factors are important to you. Is the cost of housing an important consideration? Do you want to live in the country, town or city? Will you need transport links? Do you want to be close to friends or relatives? The weather is never going to be Australian sunshine but are you looking for somewhere with minimal rainfall? Are you concerned by levels of crime or the friendliness of neighbours? The cheapest places to live in the UK aren’t necessarily places to which you would want to retire. You can find plenty of property for well under £100,000 in South Wales, Lancashire or Lanarkshire but there may be other factors about living in those areas which would make them unsuitable for retirement. The most popular areas for retirement are Dorset and Devon, but of course their popularity means that they are expensive. The traditional stereotype for retirement is a cottage in the country, but is this really for you? Would you be happier in a small town or do you need the stimulation of a big city?
2) Do your sums carefully
Work out how much money you will need to enjoy a comfortable retirement. Inevitably, the cost of living will continue to rise. Will you need a supplementary income to bolster your pension? Are all your family in the UK or will you want to return to Australia to visit relations? Factor in the financial logistics of making the UK your home for retirement.
3) Get your paperwork in order
The age at which you retire will often depend on your financial situation, but whatever age you retire at, you need to ensure that all your financial affairs are in order. Your will needs to be updated to reflect your current situation and you need to update/ initiate necessary insurance policies for health cover or funeral expenses. Although you may be comparatively young and in good health, it’s important to compare options for this type of cover to ensure that you have the most appropriate policy.
4) Make sure this is what you want
If your memories of the UK are based on experiences from long ago are you confident that the UK of your imagination still exists? If you’ve lived in Australia for a long time you probably take for granted the sunshine and the space. You should take into consideration the difference in weather, roads and culture when finalising your retirement decisions.
