Nearly one third of Irish workers dream of retiring abroad - survey

James Cox

New research by global technology company Wise has found that 27 per cent of Irish people are ‘very likely’ to retire abroad.

The research, which saw Censuswide poll 1,000 working adults (aged 55+) in Ireland who plan to retire in the near future, revealed that one third (31 per cent) of Irish people dream of retiring to a better climate. Meanwhile, 27 per cent seek a place where they will get more for their money, as cost of living concerns persist around the world.

When asked where they dream of retiring, Portugal (11 per cent), the UK (10 per cent), Spain (8 per cent), the US (7 per cent) and Germany (6 per cent) scored the highest. Nearly 8 per cent of respondents hope to retire to a regional location within Ireland.

Retiring abroad does, however, bring its own financial concerns. One in five (20 per cent) respondents fear they don’t have enough money for the retirement they want, while 19 per cent are concerned about managing their money if they retire overseas. Another 42 per cent 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 per cent) are happy to use an app-based provider if it makes managing money internationally easier. However, 55 per cent would still use a card from Ireland, exposing them to costly exchange rates and hidden fees.

"Luckily, there are options out there for retirees looking for ways to manage their money. For instance, the Wise card allows customers to spend in over 40 currencies, including Euros, pounds and dollars, across more than 150 countries, all at the real exchange rate and with no hidden fees - perfect for somebody retiring abroad," the company said,

The company has provided a list of the 10 top overseas retirement destinations for Irish people who are thinking of retiring abroad. The list compares their cost of living, average temperature and property costs to Dublin, with Corfu, Fort Lauderdale and Montpellier all comparing favourably.