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'Start planning now' for overseas retirement, says expert

Pensioners planning to retire overseas need to start making financial plans now, it has been claimed. According to a poll conducted by Scottish Widows, more than one-third of Britons are planning to leave the UK when their pensions come through. This is expected to swell the numbers of retirees living abroad to 3 million by 2050, as pensioners leave the hustle and bustle of their native country behind for a more relaxed lifestyle overseas. However, according to Mike Hoban, marketing director of Scottish Widows, anyone harbouring such a plan is advised to begin considering their finances now to ensure they fulfil their dream. He explained: "Whatever your age, the need to plan your retirement and to understand the options available to you regarding your personal and occupational pension schemes and investments, becomes increasingly important." "If you take full advantage of tax benefits on your pension you can even get the tax man to contribute to that dream place in the sun."

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