The world’s most expensive country to retire is a popular destination in Europe
Retiring can be pricey but there's one European country where retirees will need a huge retirement fund for a comfortable life.
Many older Britons are looking forward to their golden years of retirement. Some Brits even choose to retire overseas as expats with Spain one of the most popular options.
But while Britons might be able to save by retiring to a cheaper country, there are a few countries that are far pricier than the UK for retirees.
According to research from Sambla, Switzerland is the world’s most expensive country for retirees with a cost of living of over £1,000 per month.
On average, Swiss retirees will need to have a retirement fund of around £248,102 to retire comfortably. Although Swiss wages are generally high, the cost of living is steep.
According to Numbeo, a cappuccino at a cafe in Switzerland could cost as much as £4.36 while a pint of local beer could come to £6.33.
Monaco was named the second most expensive country in the world for retirees. The tiny country is known as a billionaires’ playground, so it’s hardly surprising it’s an expensive place to retire.
Retirees in Monaco will need a retirement fund of around £212,881 to live comfortably. Many people who work in Monaco live outside the country due to its lack of space and high cost of living.
Qatar took third place on the list with retirees requiring over £211,000 in a retirement fund to retire comfortably in the Middle Eastern country.
Don't miss...
‘Uncrowded’ coast named one of the UK’s prettiest staycation destinations [STAYCATION]
The beautiful destination that’s a top winter staycation [INSPIRATION]
‘I searched for the best time to book a cheap flight to Tenerife’ [FLIGHTS]
- Support fearless journalism
- Read The Daily Express online, advert free
- Get super-fast page loading
However, Qatar has a reasonably low cost of living compared to Monaco and Switzerland with monthly costs of just £556 for retirees. Despite this, local residents can retire at 50 years old so will need a hefty retirement fund to cover that many golden years.
Singapore and Liechtenstein rounded off the top five and retirees in both countries will need over £200,000 in a fund to live comfortably.
Landing just outside the top five, retirees in Canada will need around £178,000 for a comfortable lifestyle in the North American country.
Most expensive countries to retire
- Switzerland
- Monaco
- Qatar
- Singapore
- Liechtenstein
- Canada
- Australia
- Iceland
- Austria
- France
