10 Best Countries To Retire In Europe, According To The Global Pension Index

If you are looking for a place to enjoy your golden years in Europe, you have many great choices that can provide you with a comfortable, safe, and fulfilling lifestyle. It would be best to consider various factors when deciding where to retire, such as the cost of living, the quality of health care, the climate, the culture, and the pension system.

Europe has many countries that rank high on the Mercer CFA Institute's Global Pension Index 2023, which measures the performance of pension systems across adequacy, sustainability, and integrity. Based on this index, these are the top 10 best countries to retire in Europe in 2023:

10-Portugal

Global Pension Index Score: 67.4

Portugal is a beautiful choice for retiring in Europe, with a B grade on the Global Pension Index. Americans can quickly retire in Portugal with its affordable living expenses and simple residency requirements. Portugal also offers many benefits for retirees, such as its mild weather, beautiful landscapes, and hospitable people. Portugal is a diverse and vibrant country that attracts many expats and retirees looking for a new and exciting life.

Average Cost Of Living: $1,160 per month
Global Peace Index Score: 1.33
Why Retire In Portugal: Low cost of living, affordable real estate, sound healthcare system

9- Belgium

Global Pension Index Score: 68.6

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Belgium is a diverse and attractive country that blends different languages, cultures, and cuisines. Retirees can choose to settle in one of the many beautiful cities like Bruges and Ghent or enjoy the rural charm of the countryside. Belgium is also very budget-friendly, with a low cost of living and a generous pension system. Living in Belgium also means having access to many cultural and natural attractions, such as museums, castles, forests, and canals. Belgium is famous for its chocolate, beer, and other delicacies, which can be enjoyed anytime. Belgium's location in the heart of Europe also makes it convenient to travel to other countries and experience more of the continent.

Average Cost Of Living: $1,488 per month
Global Peace Index Score: 1.52
Why Retire In Belgium: Excellent healthcare, friendly locals, access to outdoor activities and lively nightlife

8-Switzerland

Global Pension Index Score: 72.0

Switzerland is a stunning and serene European country that is ideal for retiring. It is also one of the most secure countries to visit and reside in. Switzerland has a high cost of living compared to other European countries, but it also has many advantages for retirees. Switzerland provides excellent healthcare, low taxes, and plenty of outdoor activities to maintain a healthy lifestyle.

Average Cost Of Living: $2,809 per month
Global Peace Index Score: 1.34
Why Retire In Switzerland: Great healthcare, high quality of life, low taxes, safety

7- United Kingdom

Global Pension Index Score: 73.0

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The United Kingdom is a great place to retire, with its rich history, beautiful countryside, and lively cities. The UK has a high quality of life, excellent healthcare, and a reliable pension system, giving retirees a sense of security and comfort. Retirees can enjoy the UK's culture and attractions, such as having afternoon tea, going to the pub in the evenings, or visiting the Scottish Highlands by train. Retirees can have a calm and enjoyable life in the UK. The only difficulty is getting used to driving on the left side of the road.

Average Cost Of Living: $1,994 per month
Global Peace Index Score: 1.69
Why Retire In The United Kingdom: Disability Living Allowance, good public transportation, peaceful countryside, affordable cost of living

6- Sweden

Global Pension Index Score: 74.0

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You should consider the Nordic countries if you are looking for a place to retire with stunning nature, welcoming people, and unique phenomena like the midnight sun and the northern lights. Sweden is a great choice, with many excellent hiking trails and cozy cities. Retirees can also feel secure in Sweden, as it is one of the most peaceful countries in the world. The quality of life in Sweden is very high, thanks to the low crime rates, reasonable living costs, and plentiful wildlife. It is a perfect place to enjoy your retirement.

Average Cost Of Living: $1,436 per month
Global Peace Index Score: 1.62
Why Retire In Sweden: Low cost of living, clean air and water, safety, incredible scenery

5-Norway

Global Pension Index Score: 74.4

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Norway, a neighbor of Sweden, offers stunning scenery and a rich culture for retirees to explore. Imagine living among the fjords, the snowy mountains, and the northern lights in your retirement years. According to the Global Pension Index, Norway also has a high-ranking pension system with great adequacy and integrity. With a monthly budget of less than $2,000, retirees can have a wonderful life and experience all that Norway offers.

Average Cost Of Living: $1,842 per month
Global Peace Index Score: 1.55
Why Retire In Norway: Quality green spaces, eco-friendly transportation, retirement security

4-Finland

Global Pension Index Score: 76.6

Finland is a top-rated country for retirement, with a B+ grade and a reputation for being happy, safe, and welcoming. Retirees can enjoy living in various stunning locations with a lot of history, culture, and beauty. From the frozen wilderness of Rovaniemi to the scenic Oulu, Finland has many ideal places for a "forever home."

Average Cost Of Living: $1,543 per month
Global Peace Index Score: 1.39
Why Retire In Finland: Inexpensive healthcare, affordable cost of living, safety, high living standards

3-Denmark

Global Pension Index Score: 81.3

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Denmark is an excellent destination for retirees who want to enjoy a high quality of life, a peaceful and healthy environment, and a safe and secure country. The Global Peace Index ranks Denmark as one of the most peaceful countries in the world, along with Finland. Denmark also has a unique "hygge" culture," which means a sense of comfort and happiness in everyday life. This is the key to having a fulfilling and joyful retirement in Denmark. Retirees can find many opportunities to stay fit, healthy, and happy in this beautiful country.

Average Cost Of Living: $1,890 per month
Global Peace Index Score: 1.31
Why Retire In Denmark: Happiest country in the world, with pension sustainability, excellent healthcare, high quality of life

2-Iceland

Global Pension Index Score: 84.8

Iceland is a stunning Nordic country that boasts the safest city in Europe and some of the most amazing natural wonders in the world. Retirees in Iceland can benefit from a reliable and adequate pension system that enables them to afford a good quality of life and appreciate the serene beauty and adventure that Iceland offers. Although living expenses may be high, they are balanced by other advantages such as a low crime rate, spectacular scenery, and fun outdoor activities that make retirement in Iceland a rewarding experience.

Average Cost Of Living: $2,384 per month
Global Peace Index Score: 1.12
Why Retire In Iceland: Excellent healthcare, lively culture, safety

1-Netherlands

Global Pension Index Score: 85.0

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The Netherlands is the top choice for retirees who want to enjoy a comfortable and secure retirement in Europe. The country has a world-class pension system that earned an A-grade on the Global Pension Index and attracts many retirees who want to live without financial worries.

The Netherlands has something for everyone, whether they prefer urban or rural settings. Retirees can choose from lively cities like Amsterdam and The Hague, where they can find plenty of cultural attractions, or quaint villages like Lisse and Valkenburg, where they can relax and enjoy the scenery. No matter where they live, retirees will have a high quality of life in The Netherlands.

Average Cost Of Living: $1,835 per month
Global Peace Index Score: 1.49
Why Retire In The Netherlands: Great work/life balance, access to other countries, excellent healthcare