Pensions: Where would you like to retire?

Many pensioners are trading their houses in for rentals in larger cities

Many pensioners are trading their houses in for rentals in larger cities

Increasingly pensioners are ditching sleepy coastal towns and moving into Britain’s cities for their retirement, according to research by Anchor housing. This means that it is very important for providers to make it easy for those people to relocate when they want to.

Bright Lights, Big CIty

London was the top retirement destination of the future, with Leeds and Manchester making the top five in the research conducted last year.

Older people say they want to be closer to their children who may have moved to follow work, as well as wanting to be near theatres, good transport, and other social activities.

Around one in 10 people moving into rented housing from Anchor have come from another Anchor property somewhere else in the country. But it is not easy to move if the opportunity comes up if the providers of both locations are different.

Renting More

Providers of retirement housing tend to stress the importance of independence that the property and accommodation can bring. But what really matters is interdependence. Older people are often providing vital child care for their grandchildren – as well as thinking about who will look after them when they need it.

The population of older people is growing slowly, and funding is starting to shrink. The current seemingly complicated regulatory environment reflects a sector in transition and is another reason why Anchor’s Grey Pride campaign is calling for a government minister to be appointed to take a more holistic view of older people’s issues.

Research shows that more older people are selling their homes and moving into rental properties to fund their retirement, and it seems like this will become the start of a trend which will become the norm, something that is hinted at by Andrew Dilnot, who led the commission on funding social care.

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