Top places to retire ranked: How much is needed to 'enjoy your later years' in Europe

Moving to Europe for retirement can be the dream of a lifetime for some.

But a variety of different factors can make choosing the ideal location difficult.

By taking into account numerous factors, including average rent, cost-of-living index, number of green spaces, and how many cafés there are, Moneypenny were then able to rank their top places for Britons to retire to.

1. Sofia

The capital of Bulgaria, Sofia, has a cost-of-living index of 41.2 and a total score of 5.5.

This is due to an average rent of £322.36 and utilities of £108.27 a month, which means their minimum retirement savings only need to be £126,301 (the lowest out of our UK and EU rankings).

2. Budapest

Hungary’s capital, Budapest, comes in as the second-best place in Europe to retire.

The cost-of-living index here is 43.8 and the city’s total score is 5.1, which comes with a typical rent of £385.27 and utilities averaging at £120.90

To retire here, one's savings will need to be at least £175,420, with both men and women retiring at 65.

3. Zagreb

Zagreb in Croatia has a slightly higher cost-of-living index at 46.5 and a total score of 5.1.

People will need at least £238,852 to retire here comfortably.

Men in Croatia tend to retire when they’re 65 and women retire a year and a half earlier at 63.5.

At this point, rent will cost a relatively high £444.30 and utilities £154.93 a month

4. Bucharest

Bucharest in Romania has a city cost-of-living index at 41.4 and the total score is 5.0.

This is thanks to a quite low average monthly rent of £304.50 and utilities of £123.35.

This means that people need only £152,707 in savings to retire in Bucharest, which is a city with a relatively high 74 per cent access to healthcare.

5. Rome

Rome has a cost-of-living index of 54.6 and a total score of 4.9. This city is the most expensive out of our top five, with an average rent of £565.15 and utility bills coming to £180.18 per month.

Britons will also need a lot more saved up if they want to retire in Italy’s capital city, as the minimum recommended pension pot is £316,497.

Experts at Moneypenny said: "And there you have it; those are our top recommendations for Europe. Naturally, retirement might still be several years away for you, but it never hurts to start planning now so you can be ready to enjoy your later years in comfort."