Dorset named best place to retire
Dorset is the best place to retire across England and Wales, new research from the Prudential has found.
Its Quality of Retirement Index rated local authorities on a number of 'quality retirement' categories - including good health, home ownership and marital status – and found that Dorset ranked in the top 10% for all three.
It was also above average for its retirees' desire to travel and has a higher than average number of people who provide ongoing unpaid care, giving it a score of 46 out of 50.
In second place was Solihull (44), with Buckinghamshire, North Somerset and the Vale of Glamorgan joint third (42), followed by Wokingham, Hampshire, Monmouthshire, Poole and South Gloucestershire.
Quality of life
Vince Smith-Hughes, retirement expert at Prudential, said: "People looking to secure a retirement in an area where the quality of life is already high, or those simply looking to be as financially comfortable as possible when they give up work, are well advised to follow the simple rule of saving as much as possible as early as possible in their working lives.
"The decisions that retirees are faced with can be the biggest they will ever have to make. To take best advantage of the newly introduced flexible retirement income choices, professional financial advice should form a vital part of preparation for retirement."
Previous research from Prudential found that Dorset has one of the highest retirement populations in the country.
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.