Greece Most Affordable Country for UK Retirees, Research Shows

Greece is considered the most affordable country for UK retirees, according to recent research conducted by insurance company Reassured.

Hailed as the UK’s largest life insurance broker, specializing in arranging suitable life insurance and for British families, Reassured considered six key factors in its research, including annual sunshine levels, average life expectancy, cost of living index, average accommodation cost, average transport cost, and the percentage of the total population aged over 65.

With 2,773 annual hours of sunshine and the third largest global population percentage over the age of 65, Greece emerged as the top choice for those looking for an affordable retirement destination.

Meanwhile, the country is already a popular destination for retirees, offering a relaxed lifestyle and a range of beautiful landscapes to explore.

According to the company “Greece is also home to snow-capped mountains, a rich history, and some of the best food in the world,” making it an ideal place for those looking to enjoy their retirement years.

Additionally, the average cost of public transport in Greece is only 26.68 English pounds per month, making it an even more affordable choice.

The study ranked all countries from highest to lowest, with those with the higher scores being best suited for a budget-friendly retirement.

Source: Reassured.

Following Greece in the top 10 most affordable retirement destinations were Portugal, Malta, Italy, Spain, Cuba, Cyprus, Japan, Albania and Puerto Rico.

“With the current high cost of living in the UK, many Brits are looking to move abroad to retire,” Phil Jeynes, Director of Corporate Strategy at Reassured, commented.

“Our research identified an array of incredible destinations to choose from to live out those golden years with more money in the pocket to enjoy life in a new country.”

Earlier this year, Greece was also named one of the World’s Best Places to Retire in 2023, according to International Living’s Annual Global Retirement Index.