Kids support parents’ plans to retire abroad

New research has shown that a significant majority of Brits would be right behind their parents’ decision to retire abroad at the age of 65.

Over three quarters of those surveyed by overseas property agents Parador Properties said that if their parents announced they were planning to retire abroad they would be pleased for them. Many also noted that they would look forward to visiting them and even felt inclined to follow their example.

Jack Hamilton, managing director at Parador Properties, said: “We are always aware that one of the factors affecting people’s decisions to buy abroad, especially if they are contemplating a permanent move overseas, is the reaction of their family. This research has shown levels of support were even higher than we expected.”

The research – carried out by Tickbox – revealed that only 16 per cent of men and 28 per cent of women said that they would feel concerned about their parents’ decision to retire abroad. Sixty-two per cent of men and 44 per cent of women said their parents has worked hard and deserved to enjoy themselves by retiring abroad.

Women were slightly more likely to follow their parents’ decision to retire abroad; eight per cent saying that they felt inclined to move abroad as well, compared with six per cent of men.

An increasingly number of Brits are now choosing to SKI, or Spend the Kid’s Inheritance, by buying property and retiring abroad on the assurance that, with their money soundly invested, their family will benefit in the long-term. In some countries, such as Cyprus and Portugal, children don’t even pay inheritance tax on their parents’ property as they would in the UK.