How Long $1 Million in Retirement Will Last in Europe
Written by
Sean Fisher, AI Editor
Edited by
Sean Fisher
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Retiring comfortably is a goal many aspire to, and for those with $1 million in savings, Europe offers a range of options where this sum can sustain a comfortable lifestyle for decades. The longevity of your retirement savings across Europe largely depends on the annual cost of living and rent in each country.
With the help of data sourced for average cost of living in popular retiree destinations was used from Numbeo, and with these statistics ChatGPT then calculated approximate years and months for how long the million would then last. Together, a list was then compiled to give an accurate exploration on how long $1 million can last in various European countries:
Switzerland: A Luxurious but Costly Choice
Switzerland, known for its breathtaking landscapes and high quality of life, is an expensive retirement destination. Here, your annual expenses would total around $36,138.27, combining living costs and rent. This means your $1 million could last for approximately 27 years and 7 months.
England: Most Popular Choice
England remains one of the most sought-after retirement destinations for its unique blend of historical richness and modern living. The country offers an eclectic mix of experiences, from the historical landmarks and cultural heritage of cities like London and Bath to the serene landscapes of the Lake District and Cornwall. For retirees considering England as their haven, the financial aspect is a crucial factor. With an annual cost of living estimated at $35,455, retirees can expect their $1 million savings to last approximately 28 years.
Luxembourg: High Living Standards
Luxembourg, offering a blend of modernity and medieval charm, has an annual cost of living and rent totaling $30,912.02. Your million-dollar retirement fund could last you over 32 years in this culturally rich country.
Norway: Scenic and Serene
Norway is famed for its stunning fjords and peaceful living. With an annual expenditure of $25,643.96, your retirement savings could stretch to nearly 39 years, allowing ample time to enjoy the scenic beauty.
Ireland: Lush Landscapes
The Emerald Isle, with its lush landscapes and rich history, would see your retirement savings last nearly 39 years, with annual costs at $25,598.76.
Denmark: Hygge and Happiness
Denmark, the land of Hygge, has a total annual cost of $23,953.19. Your $1 million could support a comfortable lifestyle for almost 42 years in this happy country.
The Netherlands: Charm and Culture
In The Netherlands, famous for its canals and tulip fields, you could live comfortably for over 43 years, with an annual cost of $23,121.92.
France: Romantic and Relaxed
France offers a romantic and relaxed lifestyle with an annual cost of $20,266.28. Your retirement savings could last for over 49 years, leaving plenty of time to enjoy the French cuisine and culture.
Finland and Austria: Nordic and Alpine Beauty
Both Finland and Austria present affordable living options in the heart of Europe. With annual expenses around $19,700, your savings could last for over 50 years in these beautiful countries.
Sweden and United Kingdom: Diverse and Dynamic
In Sweden and the UK, your retirement fund could support you for over 50 years. With rich history and diverse cultures, these countries offer a balanced retirement life.
Belgium and Germany: Centrally Located Comfort
With your retirement savings, you could spend over 51 years in Belgium or Germany. These countries offer a central location in Europe, making them ideal for those who love to travel.
Italy: Mediterranean Charm
Italy, known for its Mediterranean charm and rich history, would allow your $1 million to last over 56 years, with an annual cost of $17,679.77.
Spain: Sunny and Affordable
Spain tops the list as the most affordable retirement destination in Europe. With an annual cost of $15,626.80, your $1 million could last almost 64 years, allowing for a long and relaxed retirement under the Spanish sun.
Conclusion
Retiring in Europe with $1 million can provide a comfortable and lengthy retirement, especially in countries like Spain, Italy, and Belgium, where the cost of living is relatively lower. Each country offers its unique charm and lifestyle, making Europe a diverse and attractive option for retirees.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
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