Top 10 UK retirement hotspots revealed
Christchurch in Dorset has been named as the UK's retirement capital, with retirees making up 30% of its population, according to Prudential.
That compares to a national average of 16%, and a national low of 6% in the London Borough of Tower Hamlets.
The West Country is home to several other retirement hotspots such as West Somerset (29%), East Devon (28%), East Dorset (28%) and West Dorset (27%).
On a regional basis, the South West of England is the most desirable among those who have retired, with 20% of over 65s choosing to live there. London, on the other hand, is the least desirable. It has 17 of the 20 local authorities with the lowest proportion of pensioners in the country.
Vince Smith-Hughes, retirement expert at Prudential, said: "The latest census results [upon which Prudential's analysis is based] throw a light on the most and least popular places to retire. Perhaps unsurprisingly, there's a tendency for people to move out to the country when they stop working, where property prices can be lower and the quality of life is often thought to be higher."
He added: "However, people planning to stop working shouldn't assume that a move to the country is the simple answer to a comfortable retirement, as the cost of living in these hot spots can be surprisingly high. People looking to secure the best possible quality of life after work should seek assistance from a financial adviser or retirement specialist to help maximise their income. It is also important to start saving as much as possible as early as possible in your working life towards your retirement."
Top 10 UK retirement hotspots
1. Christchurch, Dorset, 29.7% (percentage retired)
2. West Somerset, 29.1%
3. North Norfolk, 28.8%
4. Rother, East Sussex, 28.4%
5. East Devon, 28.2%
6. East Dorset, 27.9%
7. Tendring, 27%
8. West Dorset, 26.5%
9. Arun, West Sussex, 26.3%
10. East Lindsey, 26%
In exchange for any lump sum – usually your pension fund – an annuity is “bought” from an insurance company and provides an income for life. When you die, the income stops. Annuity rates fluctuate daily and depend on your sex (although from 21 December 2012 insurers will no longer be able to use gender as a factor when calculating annuities), age, health and a number of other factors, so you have to pick the right one and, once bought, its terms cannot be altered, so seek financial advice.