European capital named best city for Britons to retire with 'low savings needed'
Retirement is a big thing to consider as we get older and this list may help you.
Retirement marks a significant milestone, offering the opportunity to spend your golden years embracing a lifestyle filled with relaxation and new adventures.
Whether you’re seeking a serene coastal town or the cultural buzz of a historic city, choosing the ideal location to spend your retirement can be difficult.
To help those who are searching for the perfect place to enjoy a fulfilling and comfortable environment, Moneypenny has revealed the best locations in Europe to retire based on several factors.
The indexes used are as follows:
Retirement Age - The retirement age in each country for males & females, according to tradingeconomics.
Avg Rent Cost - The average monthly cost of rent in each city, for a one-bedroom apartment not in the city centre.
Avg Utility Cost - The average monthly cost of utilities in each city, based on an 85m apartment.
Min Retirement Savings Needed - Using Numbeo's estimator, they calculated the cost of living per year for a moderate lifestyle and multiplied this by the retirement length.
Cost of Living Index - A score ranking the cost of living in each city according to Numbeo.
Green Space - The percentage of land in each city that is defined as green space, according to isglobalranking.
Healthcare Access - The percentage of residents that live within 1km of healthcare + education in each city, according to pedestriansfirst. [Europe Only]
No of Fitness Clubs - The number of health/fitness clubs & gyms in each city, according to TripAdvisor.
No of Cafes - The number of cafes in each city, according to TripAdvisor.
No of Golf Courses - The number of golf courses in each city, according to TripAdvisor.
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Sofia, Bulgaria, ranks in first place as the best city to retire in Europe. The average retirement age in Sofia is lower than the other cities included in the ranking, with men typically retiring at 64, and women at 62.
The city is a particularly great option for retirees looking to make their savings stretch further, with the minimum retirement savings needed to live comfortably being €148,590, with other cities in the ranking requiring double the amount if not more.
Budapest, Hungary, lands in second place, scoring modestly across all factors in the study. Other than boasting stunning architecture and landmarks, the city offers a great variety of recreational activities for retirees to take part in.
Those looking to retire in the city can take their pick from 691 cafes that are dotted throughout the city, providing a relaxed environment to meet friends and keep up with socialising.
Additionally, Budapest is home to 31 fitness centres and four golf clubs for those looking to keep their fitness, in turn aiding their mobility and independence.
In third place, Zagreb, Croatia, offers retirees the most nature to explore, with 53.77 percent of the city officially declared as green space.
The capital city is renowned for its abundant and well-maintained green space, making it a great destination for nature lovers and retirees seeking tranquillity and recreational opportunities. Some of the city’s most popular spots to explore include Maksimir Park, Zrinjevac Park, and Bundek Park.
Bucharest, Romania, ranks in fourth place thanks to its low monthly rental costs, averaging at €358 per month.
Other cities to highlight include Rome, Italy, which boasts an incredible variety of amenities for retirees to explore, including 79 fitness centres, 13 golf clubs, and 1,052 cafes to explore for those looking to keep up their fitness levels all while maintaining a social life.
Let’s not forget to mention the rich history that comes along with the city, with many historical landmarks such as the Colosseum and St Peter’s Basilica at your doorstep.
Top 10 cities to retire in Europe:
- Sofia, Bulgaria - 5.5
- Budapest, Hungary - 5.1
- Zagreb, Croatia - 5.1
- Bucharest, Romania - 5
- Rome, Italy - 4.9
- Krakow, Poland - 4.9
- Wroclaw, Poland - 4.9
- Prague, Czechia - 4.8
- Warsaw, Poland - 4.7
- Belgrade, Serbia - 4.6
Dan Marshall, group head of digital at Moneypenny, said: “We understand that retirement is more than just relaxation. By considering factors such as cost of living, green space, and variety of amenities, we hope to provide a guide that helps retirees find a location that meets their lifestyle preferences and ensures a fulfilling and well-earned retirement.”
