Numerous European countries are among the world’s most attractive retirement destinations, and the United Kingdom (U.K.) is no exception. With its rustic villages, historic landmarks and lower cost of living, the U.K. can offer retirees the exact right amount of relaxation, excitement, and access to other European countries. Although the UK government recently closed its retirement visa program, it’s still possible to retire in the UK through other visa types. Here’s how to do so and how to weigh the financial implications of retiring outside the United States.
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How Much Does It Cost to Retire in the United Kingdom?
From lush countryside to bustling cities, the United Kingdom offers both tranquility and adventure to retirees. Whether you find rustic villages or a cultural center like Edinburgh more appealing, you’ll generally enjoy lower costs for travel, food, and housing than in the U.K.
According to cost of living data aggregator Numbeo, the cost of living in the UK is 15.3% lower than the U.S. on average. In addition, rent is nearly 35% cheaper. That said, costs vary around the country. For example, you can live in the town of Bangor for a fraction of the cost of living in London.
In terms of dollars, a retired couple can expect to spend about $1,500 for monthly living expenses, not including the price of housing. Depending on where you live, a one-bedroom apartment will roughly cost between $840 and $1,1o0 per month. Therefore, your budget should be around $2,500 a month, but your location will influence your food and housing costs. Furthermore, trips and excursions would incur additional expenses.
Of course, if you have a