A city in Lancashire has been named the best place to retire in the UK.
Whether you’re looking to retire soon or it’s not on the cards yet, where to start these years of your life can be a difficult decision.
Shepherd’s Friendly might be able to help though as it shares the top 10 places to retire in the UK.
Preston has been named the best place to retire in the UK.
To make the list, Shepherd’s Friendly took the 30 happiest cities in the UK and ranked them by a range of factors including the amount of retirement savings needed, property prices, monthly cost of living, happiness rates, life expectancy and number of bus routes for local travel.
The research also includes a list of the best places to retire in Europe.
To see the full research and the methodology used, you can visit the Shepherd’s Friendly website.
Preston named best place to retire in the UK
Preston received a happiness score of 7.52 out of 10 in the analysis, making it the 14th happiest city in the UK overall.
The research found that Preston has 165 bus routes for local travel and an average needed retirement saving of £96,141.
This total is based on current cost of living prices and average life span in the respective country. Provisions should be made for rising prices and a longer-than-average lifespan. Savings needed is irrespective of housing costs.
Top 10 best places to retire in the UK
Here is the list of the top 10 best places to retire in the UK, along with the happiness score out of 10 and estimated cost of living during total retirement years.
- Preston – 7.52 and £96,141
- Bradford – 7.49 and £100,301
- Doncaster – 7.54 and £106,608
- Newcastle upon Tyne – 7.49 and £117,750
- Birmingham – 7.32 and £109,927
- Hull – 7.38 and £87,098
- Stoke-on-Trent – 7.59 and £96,167
- Wolverhampton – 7.53 and £110,295
- Coventry – 7.41 and £115,085
- Sheffield – 7.45 and £137,315
The estimated cost of living during total retirement years figure is based on current cost of living prices and average life span in the respective country.
Provisions should be made for rising prices and a longer-than-average lifespan. Savings needed is irrespective of housing costs.
Canterbury is the 28th happiest city in the UK overall but it’s also one of the most expensive.
With an average monthly living cost of £965 per month, you’d need around £178,624 saved up for a comfortable retirement in this city, according to the analysis.
Derence Lee, Shepherds Friendly Chief Finance Officer, says: “Whilst retirement can seem like a long way off for some, it’s never too early to start planning ahead. Saving into a pension scheme is important for this, however it's also beneficial to consider how your personal savings outside of this can be used to achieve a comfortable retirement.
“Making use of your yearly ISA allowance is a great way to help you grow your personal savings for the future without having to pay tax on returns. For example, stocks and shares ISAs are especially useful for helping you to build your savings up over time through investment, so you can retire with an even healthier nest egg.”
