10 Best Countries To Retire In Europe, According To The Global Pension Index (2024)

As the time for retirement looms, people may want to start considering where they want to settle down and lay down their roots. Some dream of a tropical Caribbean retirement or retiring on a quiet lake somewhere in Maine. The possibilities are endless. Of course, when determining where to retire, it's important to consider certain factors, such as safety, crime rates, affordability, lifestyle, and the total pension amount.

For those who have dreamed of retiring in a European country, there are plenty of fantastic options that will guarantee a high quality of life, good health care, and a peaceful atmosphere for retirees. Thanks to Mercer CFA Institute's Global Pension Index 2023, retirees can explore which European countries offer the best pension adequacy, sustainability, and integrity. According to 2023's Global Pension Index, these are the top 10 best countries to retire in Europe.

Related: This Charming Retirement Spot In France Is Expensive (But Worth It)

10 Portugal

Global Pension Index Score: 67.4

Sitting at the B grade on the Global Pension Index, Portugal is a great option for retirement in Europe! Thanks to its low cost of living and easy application process for residency, retiring in Portugal as an American is easy and 100% worth it. In addition to its pension system, Portugal's warm climate, colorful scenery, and friendly locals make this country a great place to relax, soak up the sun, and enjoy one's retirement years. Portugal is also a popular hub for expats and retirees from around the globe who are ready to welcome more retired folks to their community.

• 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, good healthcare system

9 Belgium

Global Pension Index Score: 68.6

Nestled between France, The Netherlands, and Germany, Belgium is a melting pot of languages, culture, and some of the best food in the world! Whether retirees are looking to live in historic cities like Bruges and Ghent or a charming village in the countryside, Belgium has so much to offer.

With the cost of living under $1,500, including monthly rent, retiring in Belgium is extremely affordable with a sufficient pension. Plus, living in Belgium permanently offers additional benefits - access to historical attractions, hiking, and biking paths, the best locally sourced chocolate, beer, and other Belgian treats, and the country's central location in Europe makes it easy to travel to neighboring countries and explore 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

Not only is Switzerland one of the best places to retire in Europe, but it's also one of the safest countries in Europe to travel to and live in! Although Switzerland's cost of living is higher than other countries in Europe, several other factors might sway retirees into considering Switzerland for their permanent residence.

Besides the stellar beauty and peaceful atmosphere, Switzerland offers pensioners world-class healthcare, extremely low taxes, and an abundance of outdoor activities to keep retirees in good health.

• 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

With its rich history, stunning countryside, and vibrant cities, it's no wonder that many people choose to spend their golden years in the United Kingdom. The UK offers a high standard of living, excellent healthcare, and a trustworthy pension system, which can provide retirees with peace of mind mentally and financially heading into retirement.

Adapting to the UK's way of life and having access to incredible landmarks around the country make retiring here very desirable. Drinking tea in the afternoons, heading to the pub in the evenings, taking a train up to the Scottish Highlands - retirees are in for a relaxing and peaceful life here in the UK. The only challenge is learning how to drive 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

For those who wish to retire in a country with vast, beautiful scenery, friendly neighbors, and both the midnight sun and northern lights phenomenons, Nordic countries are the best options! Sweden, in particular, is a very peaceful and beautiful country filled with the best hiking trails and charming cities to retire to.

Retirees can also rest easy knowing that Sweden is one of the safest countries in the world. Overall, the quality of life here in Sweden is very high due to low crime rates, affordable living, and an abundance of wildlife all around. What a great way to spend one's golden years!

• 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

Right next door to Sweden, a country that delivers highly spectacular landscapes and a fascinating culture, is Norway! What better way to spend one's retirement surrounded by fjord lands, snow-capped mountains, and the northern lights? Besides being a beautiful place to retire, Norway is at the top of the B-grade of the Global Pension Index and boasts high adequacy and integrity in its pension system.

For a little less than $2,000 a month, retirees can enjoy a high quality of life and everything Norway offers in their golden years.

• 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

Sitting at the top of the B+ grade and considered one of the best countries in the world to retire is Finland. This destination takes the cake when it comes to happiness, friendly locals, and safety, making it the perfect place to spend one's retirement years.

There are many gorgeous cities and peaceful Finnish countryside towns to live in that showcase plenty of history, culture, and beautiful landmarks. Whether it's the tundra of Rovaniemi or picturesque Oulu, Finland is the perfect place 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

Denmark consistently ranks as one of the happiest countries in the world, along with Finland, making it an ideal place for retirees seeking a peaceful and healthy lifestyle. Denmark is also well known for being an incredibly safe country, according to the Global Peace Index.

One of the most appealing aspects of retiring in Denmark is their "hygge" lifestyle. "Hygge" is an all-encompassing feeling of contentment and coziness in one's life, which is the ultimate secret to living a happy life in retirement in Denmark. If retirees are looking for a place to stay active, healthy, and happy during their golden years, they are sure to find it in Denmark.

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

2 Iceland

Global Pension Index Score: 84.8

Home to the world's most incredible natural beauty and the #1 safest city in Europe is another Nordic country, Iceland! Scoring highly in adequacy, sustainability, and integrity in its pension system, Iceland provides retirees with a suitable pension that will allow them to live comfortably and focus on enjoying Iceland's peaceful tranquility and breathtaking locations.

While the cost of living may be higher, other factors such as low crime rate, out-of-this-world natural attractions, and outdoor activities make retiring here all worthwhile.

• 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

Finally, taking first place as the best country to retire in Europe is The Netherlands! With an A-grade on the Global Pension Index and a first-class pension system, retirees are flocking to The Netherlands to experience the best of Europe without having to question their financial security!

The Netherlands offers the best of both worlds when it comes to city and country living options. Bustling cities like Amsterdam and The Hague are perfect for retirees who want to stay active and close to cultural activities, while villages like Lisse and Valkenburg provide a peaceful and charming way of life! Whichever location they choose, retirees are bound to experience the best quality of life here 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