A UK pension will go much further in these European countries.
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Retiring abroad is a dream for many and often a shrewd decision as costs of living rise.
But relocating to a new country comes with challenges and it’s important to choose a destination that caters to your needs.
Property Guides, a company that helps people purchase houses overseas, has compared European countries popular with expats to determine which is the best for retirees.
Here are the top places where you can save money and live well.
The best countries in Europe for retirees
The property assistance company looked at five different factors to determine which European country is best to retire to.
Property Guides analysed the amount of green space (square metres per resident) in cities, the option for universal healthcare, the number of hospital beds per 1,000 people, the crime level (incidents of theft per 100,000 people) and the cost of living.
Türkiye is the cheapest country in Europe to retire abroad
Türkiye was found to be the European country with the lowest cost of living for retirees - at an average of £422 (€488) a month.
That means a UK pension will go at least four times further than in Britain where the equivalent cost of living would be £1,652 (€1,913).
What’s more, Türkiye may be outside the EU but it is a country where UK pensions are uprated each year, like Britain, with the ‘triple lock’ system.
Retirees can feel safe in Türkiye too. Crime levels are some of the lowest of the countries surveyed, with only 214 records of theft per 100,000 people.
You’ll be surrounded by other foreigners too, as Türkiye has seen a surge in visitors since the ending of pandemic travel restrictions. It looks set to take over from France as the second-most visited country in Europe in 2024.
Germany offers retirees plenty of green space
The second-best place for retirees to move to according to Property Guides’ list is Germany.
With each resident having 88 square metres of green space, it’s the perfect location for nature lovers and those who want to spend their new-found freedom outdoors.
Berlin has the highest number of hospital beds per 1,000 people across all countries analysed, so you can feel more confident when it comes to staying in good health.
Greece is a low-cost destination for retirees
Greece comes in third in the rankings thanks to strong numbers in most categories.
For retirees looking to protect their savings and retirement fund, Greece has the second lowest cost of living out of the locations analysed, with an average monthly cost of living of £894 (€1,027).
Crime isn’t much of a problem, with 909 records of theft per 100,000 people, and the amount of green space per person is above average.
Portugal is cheap but lacks green space
The third cheapest country for living costs is Portugal, although it comes 7th in the rankings overall.
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Despite costing just £972 (€1,117) a month to live there, it lacks green space at just 37 square metres per person.
The country’s crime rate is not too high, however, with 749 records of theft.
Ireland is one of the most expensive countries in Europe to retire to
Of the top 20 places to retire to, Ireland was found to be the most expensive destination. The monthly cost of living is £1,930 (€2,218), which is more than in the UK.
The country doesn’t do too well in terms of crime rates, at 1,372 records of theft per 100,000 people and the number of hospital beds per 1,000 people is one of the lowest of the top 20 countries.
FAQs
According to the annual report, the Netherlands (with a score of 85.0), Iceland (84.8), and Denmark (81.3) are the countries with the top three pension systems out of the 47 countries that it studied. The report points out that the Netherlands has a flat-rate public pension and a non-mandatory earnings-based system.
Which European country has best retirement benefits? ›
The Netherlands is top of the class when it comes to comparing pension systems around the world, according to a recent global pensions report from the Mercer CFA Institute. The ranking looked at more than 50 indicators and compared 47 retirement income systems, covering 64% of the world's population.
Where is the best place for US citizens to retire abroad? ›
While you could live on a similar budget in certain parts of the country (like Cleveland, for example), if you are looking to stretch your monthly retirement budget and get more bang for your buck, you might want to consider retiring in countries like Mexico, Panama, Portugal, and Thailand, according to U.S. News & ...
What is the easiest European country for Americans to retire in? ›
Based on selection criteria including cost of living, environmental factors, medical care, expat community, taxes & ease of acclimatizing in a foreign country, the top 5 best countries to retire in Europe include Portugal, France, Slovenia, Italy, and Montenegro.
What is the best and worst country for pensions and retirement in Europe? ›
Sustainability of the system
Based on these factors, Iceland has the most sustainable system in Europe with a rating of 83.8. Denmark and Netherlands come right after, with 82.5 and 82.4 respectively. Italy has the lowest score in Europe with 23.7, followed by Spain with a score of 28.5.
What is the cheapest country to retire in Europe? ›
Türkiye is the cheapest country in Europe to retire abroad
Retirees can feel safe in Türkiye too. Crime levels are some of the lowest of the countries surveyed, with only 214 records of theft per 100,000 people.
What is the easiest country to retire to from USA? ›
According to various studies, including International Living, Portugal is ranked as the best country for US expats to retire to. Its friendly population, welcoming community of American expats, excellent weather, quality healthcare system, and affordable cost of living are all big draws for American retirees.
Which country has the best healthcare for retirees? ›
This Country Has Some of the Best and Most Affordable Health Care in the World, Making It Perfect for Retirees. According to International Living's latest 2024 Annual Global Retirement Index, Portugal has some of the best and most affordable health care in the world.
What is the safest country for Americans to retire? ›
Japan. Japan has a solid economic standing and a better-than-average public health system. Plus, its average monthly cost of living is quite affordable. The country offers one of the world's lowest crime rates, providing both safety and peace of mind.
Where not to retire? ›
Whether it reflects the quality of life, quality of healthcare or affordability, Kentucky ranks last as a retirement destination on WalletHub's 2024 survey. Kentucky, New Jersey, and Mississippi top the list of the worst places to retire in the U.S. in 2024, according to a new survey from WalletHub.
Ecuador's retirement visa, requiring proof of stable income, makes settling in Cuenca an attractive option. With monthly living expenses ranging from $800 to $1,200, Cuenca stands out for its affordability without sacrificing quality of life.
Where do the richest people retire? ›
Rancho Palos Verdes, California ranked as the richest retirement town in the U.S., according to GOBankingRates. Residents aged 65 and over make up 26.2% of the total population, with just under 11,000 seniors living in Ranchos Palos Verdes.
What are the easiest countries for American retirees to move to? ›
Many expats living in countries like Canada and Japan prioritize quality of life, while others prefer to retire in the cheapest and safest countries, such as Hungary, Romania, Chile, and Mongolia. Some retirees prioritize affordable healthcare when choosing a place to live.
Where do most American expats live in Europe? ›
It's no surprise that the highest concentration of expats in Europe resides in Germany. Along with its high standard of living, personal career opportunities with good job security are plentiful, especially for skilled workers.
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