Majority of city dwellers plan to stay put when they retire

While many of us dream of spending our dotage by the coast, more than half of the UK’s city dwellers (52 per cent) plan on staying put when they retire.

According to new research from Prudential, Newcastle and Belfast house the happiest future retirees, with 62 and 61 per cent respectively saying they have no intention of moving.

Residents of Southampton are most keen to up sticks on retirement however, with only 32 per cent planning on staying around once they quit work.

UK-wide, 43 per cent of those planning on staying local say that family ties are their reason for remaining close to home.

Of those that intend to move in retirement, 43 per cent say that it has always been their plan to do so. However, 24 per cent say that the cost of living in their city is a concern, and they fear that their retirement income won’t be enough.

Kirsty Anderson, a retirement income expert at Prudential, said: “It is easy to assume that city living is something that is more attractive to young professionals but our research shows that the majority of people living in the UK’s biggest cities are planning to stick around when they give up work.

“However, a significant proportion of the people we spoke to expressed concern about the cost of city living in retirement and were hoping to move away.

“When planning for life after work many people will benefit from a consultation with a professional financial adviser who can help them to set a savings budget and a target retirement income for their pension.”

Londoners are divided in the opposite way, with 48 per cent planning to stay in the smoke when they finish work, compared to 52 per cent who want to move or aren’t decided. What’s the betting a move out to Herts will be in the offing for some of them...