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This is the most expensive European country for retirement

Mediafeed Logo By Barbara Davidson of Mediafeed | Slide 2 of 47: Our calculations are based on the average American retirement age of 64 years and the average American life expectancy of 78.4 years. Calculations of monthly living costs were completed in USD using Numbeo based on the following assumptions: Members of your household = 1 Eating lunch or dinner in restaurants = 15%, Choosing inexpensive restaurants = 70% Drinking coffee outside your home = moderate Going out = once per week Smoking = no, Alcoholic beverages = moderate At home, we are eating = Western Driving car = moderate, Taking taxi = no Public transport = 2 round trips weekly Sports memberships = all household members Vacation and travel = two per year Buying clothes and shoes = moderate Rent = Apartment (1 bedroom) in city center No children  Monthly living costs were collated for 124 countries, then multiplied by 176.4 = 14 years and 8.4 months between retirement age and life expectancy. To allow for a more comfortable retirement, the figures were further revised up by 20%.Since Numbeo data is fully user-generated, it’s skewed towards capitals and big cities, which might account for the cost-of-living estimates in certain countries appearing inflated. Note that Numbeo cost estimator doesn’t include insurance, health-related expenses and doesn’t account for income tax in different countries.Cost-of-living figures on Numbeo are updated regularly and may not fully correspond to the figures in the dataset, which were accurate at the time of data collection (November 2020).

Methodology

Our calculations are based on the average American retirement age of 64 years and the average American life expectancy of 78.4 years. Calculations of monthly living costs were completed in USD using Numbeo based on the following assumptions:

  • Members of your household = 1
  • Eating lunch or dinner in restaurants = 15%, Choosing inexpensive restaurants = 70%
  • Drinking coffee outside your home = moderate
  • Going out = once per week
  • Smoking = no, Alcoholic beverages = moderate
  • At home, we are eating = Western
  • Driving car = moderate, Taking taxi = no
  • Public transport = 2 round trips weekly
  • Sports memberships = all household members
  • Vacation and travel = two per year
  • Buying clothes and shoes = moderate
  • Rent = Apartment (1 bedroom) in city center
  • No children
 

Monthly living costs were collated for 124 countries, then multiplied by 176.4 = 14 years and 8.4 months between retirement age and life expectancy. To allow for a more comfortable retirement, the figures were further revised up by 20%.

Since Numbeo data is fully user-generated, it’s skewed towards capitals and big cities, which might account for the cost-of-living estimates in certain countries appearing inflated. Note that Numbeo cost estimator doesn’t include insurance, health-related expenses and doesn’t account for income tax in different countries.

Cost-of-living figures on Numbeo are updated regularly and may not fully correspond to the figures in the dataset, which were accurate at the time of data collection (November 2020).

© Biletskiy_Evgeniy / iStock

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