Many people have worked tirelessly for decades in order to have a comfortable retirement but with the current cost of living crisis there has been a surge of interest for people looking to move abroad, with searches for ‘best places to live in retirement’ increasing by +480% over the past 12 months.
With over 100 countries to choose from (all boasting different cultures and lifestyles) finding the perfect location to live out those golden years can cause a headache for millions each year.
But just which country in the world is best suited on a financial front for those about to wrap up their work life?
To help, life insurance brokers Reassured analysed six key factors most people consider when they’re thinking about moving abroad to reveal the most affordable countries for retirement in 2023 using weighted metrics for cost of living, cost of accommodation, cost of transport, annual levels of sunshine, life expectancy, and total population over 65.
Reassured can now reveal the top 10 most affordable countries to retire in:
| Rank | Country | Annual Sunshine (Hours) | Life Expectancy (Years) | Cost of Living Index | Accommodation Cost (£) | Cost of Transport (£) | % Population Over 65 | Total Score |
| 1 | Greece | 2773 | 81 | 54.6 | 307.66 | 26.68 | 23 | 6.806 |
| 2 | Portugal | 2806 | 81 | 45.3 | 524.09 | 35.58 | 23 | 6.712 |
| 3 | Malta | 3054 | 83 | 61.4 | 618.06 | 23.12 | 19 | 6.689 |
| 4 | Italy | 2473 | 82 | 61.3 | 450.98 | 31.13 | 24 | 6.482 |
| 5 | Spain | 2769 | 82 | 50.6 | 534.93 | 35.58 | 20 | 6.467 |
| 6 | Cuba | 2842 | 78 | 52.6 | 179.57 | 18.16 | 16 | 6.366 |
| 7 | Cyprus | 3314.1 | 81 | 55.9 | 598.78 | 35.58 | 14 | 6.358 |
| 8 | Japan | 1876.7 | 85 | 64.6 | 384.04 | 57.11 | 30 | 6.288 |
| 9 | Albania | 2544 | 77 | 37.4 | 181.83 | 12.08 | 16 | 6.272 |
| 10 | Puerto Rico | 2963.8 | 78 | 67 | 438.62 | 48.42 | 22 | 6.264 |
Greece is the most affordable country for retirees
Taking the number one spot is Greece, which is an already popular retirement destination, so there is no surprise that it came out on top. With 2,773 annual hours of sunshine and the third-largest global population over the age of 65, you’ll be relaxing in good company before you know it.
Greece is home to snow-capped mountains, golden beaches, great food and ancient history, giving you more than enough to explore now that you’re living a life of leisure with more money in your back pocket.
Read Our List of The best places in Greece for a happy retirement
