Thursday, 7 Dec 2023

Britain’s retirement capitals revealed as Yorkshire seaside destination takes…

And the Lincolnshire town is not the only coastal haven sought out by pensioners.

North Norfolk, in particular the area bordering the famous Norfolk Broads where 33.7 per cent of the population is 65-plus, is the most popular destination for retirees.

That’s followed by Rother (32.6 per cent), the home of Camber, Rye and Battle on England’s south coast, and East Lindsey (30.6 per cent) in Lincolnshire.

The analysis of data from the Office of National Statistics highlights the nation’s rapidly growing older population.

In 51.5 per cent of local authorities today, a fifth of the population are 65 and over – compared to 33.5 per cent a decade ago.

READ MORE: Retirement tip could boost your state pension payments by £3,000

Yet while 27.6 per cent of people in seaside Scarborough are older than 65, it is just 9.6 per cent in Manchester as the older generation leave the stresses of city life behind.

In the London borough of Tower Hamlets only 5.6 per cent of residents are 65 and over.

The study, by equity release mortgage specialists Responsible Life, shows how Britain’s ageing population has resulted in an explosion of retirement hotspots.

Conwy (27.4 per cent) in north Wales and Chichester (27.3 per cent), west Sussex are two more towns where more than a quarter of residents are pensioners.

In more than half (51.5 per cent) of local authorities at least a fifth of the population are 65 and over. This compares to just a third (33.5 per cent) 10 years ago.

Taking 65 as the average retirement age today, the ONS figures show that in 1998, people aged 65-plus accounted for one in six of the UK population (15.9 per cent).

This had risen to almost one in five by 2021 (18.7 per cent).

Don’t miss…
Thousands of older Britons forced to retire early as 250,000 leave employment[PERSONAL FINANCE ]
£10,600 is not enough – what pensioners really need to retire in comfort[PERSONAL FINANCE ]
The ‘lovely’ British town named one of the best places to retire[UK]

And by 2050, the over 65s will account for a quarter of the population.

Steve Wilkie, executive chairman of Responsible Life, said: “There’s been an explosion in the number of areas where retirees account for a much greater than average proportion of the population.

“Many pensioners are evidently making more deliberate decisions about where they want to live in retirement, reflecting a generational shift in behaviour.

“The older generation is defying traditional stereotypes; they remain youthful in spirit, possess considerable purchasing power, and are cognisant of their extended life expectancy compared to previous generations.

“Entire industries have adapted to meet their needs, providing them with an unprecedented array of choices.”

The current average retirement age for a man is 65 and for a woman is 64, according to the latest Government figures.

  • Support fearless journalism
  • Read The Daily Express online, advert free
  • Get super-fast page loading

Source: Read Full Article

Related Posts