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How much you need to save for a happy retirement

No matter how young or old you are, you may wonder what it takes to live a comfortable life in your old age. Pensions specialist Audley Villages Did a study How much money do you need to ‘retire happily’?

This of course depends on the country you live in and the pension you are entitled to. Living in one country requires less money than other places. It also depends on the lifespan. Research has mainly focused on the attainment of happiness. A pensioner’s ‘happiness index’ has been studied. Important indicators include place of residence, average life expectancy, annual salary and monthly cost of living.

How much should you save for your retirement?

This study takes Amsterdam as the benchmark for the Netherlands. With an average life expectancy of 82.1 years and monthly expenses averaging 1,200 euros, the research says you should save 244,000 euros. This is based on an average gross annual salary of EUR 34,500 per year (based on 2020). So you should have enough savings before retirement. Currently it is 66 years and 4 months, although this may vary slightly from sector to sector. To be clear: if you have this amount at age 40, you won’t be able to retire for a long time.

The Netherlands is in the middle when it comes to the amount you can save for your retirement. Among the world’s top 20 happiest cities, you have the most to save if you live in Switzerland: 356,000 euros. So you earn twice as much as in the Netherlands.

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Go to New Zealand or Australia

In the Czech Republic, to get ‘happy’ you need a minimum savings at your retirement age: 129,830 euros. They earn very less on annual basis there. All in all, you are the best in Wellington, New Zealand. According to research, 173,000 euros is enough for a happy retirement. That’s an annual salary of 33,000 euros.

Amsterdam may rank high on lists of the happiest and most livable cities in the world, but the Dutch capital ranks 23rd when looking at the best cities to live in during your retirement. Melbourne is the best city for retirees. Australians need to save up to €210,000 for a happy retirement. Annual salary and life expectancy are relatively high there. Additionally, Melbourne has been in the top 10 happiest cities for many years.

With an overall score of 6.6, it’s ideal to live out your old age in the Australian sun. Rio de Janeiro is doing equally well. It is cheaper there, but the city is low on the list of happiest cities. Helsinki ranks 3rd with a score of 6.5. Amsterdam honored the spirit of the Dutch Sixers with a 6.0. You don’t really feel comfortable in your old age in Asia. Hong Kong, Tokyo, Singapore, Seoul and Delhi are the world’s worst retirement cities. See the complete overview here.

Enjoy your retirement

When you finally retire with your two and a half tons of savings, enjoy it to the fullest. Plan ahead: What do you want to do with your time and money? There is no rush. Above all, think about your mental happiness. Make sure you have social interaction, keep your goals and stay healthy and active. Above all, enjoy your free time and do the things you love. Otherwise, your money will not benefit you for a happy retirement.

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How much you need to save for a happy retirement

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