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Get financial advice 'before retiring abroad'

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Aspiring expats who want to spend their retirement overseas have been encouraged to seek financial advice first.

According to MGM Advantage. Britons often overlook what will happen to their state pension when they are relocating to another country.

This means that if a person's chosen destination does not have a reciprocal agreement with the UK on the issue. The state pension will be frozen and not go up.

Andrew Tully, pensions technical director at MGM Advantage. Has therefore insisted that getting financial advice before moving overseas is "vital".

He said this could make the "world of difference between the retirement of your dreams. And an experience altogether more challenging".

Receiving advice could also help aspiring expats learn how to transfer money to the UK. And their new home and find the best currency exchange rates. Hence using a currency company to compare money transfers to the UK.

Figures from MGM Advantage show that Spain is currently the most popular destination among those who want to spend their retirement abroad. Ahead of France and Australia.

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The Republic of Ireland made it to fourth place in its rankings. While Cyprus secured fifth place.

Mr Tully noted that lots of people dream of retiring to another country. Where they can enjoy a better climate and a more relaxed way of life.

Furthermore, he said the possibility of being able to snap up a property at a relatively low price. When compared with Britain can also be attractive to many.

However, he stressed if people do not do the right research and get the advice they need. They could make mistakes with their finances and perhaps "caught out by the local tax laws".

Effective financial management critical given the findings of the latest Post Office Expat Payments Index. Which showed living costs for Britons who live abroad have gone up by 11 percent on average in the last year.

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