The 5 European countries with best state pensions – first gets £5,400 a month | World | News
New research has revealed which European countries offer the best state pensions, with number one paying out more than £5,400 a month. Almond Financial said pensions are being “stretched” in the UK, as well as across the continent, and those set to retire are all asking if their pension is enough, and how comfortable they will be after work. The firm looked at various pension systems across Europe to establish which country offers the most to retirees in comparison to that country’s current cost of living.
The figures has been calculated on the basis that the majority of pensioners in these countries are mortgage or rent-free. Experts then ranked the countries in the annual Pension Breakeven Index from the most “pension-friendly” to the least. Principal Financial Adviser at Almond Financial Sam Robinson, said: “The data is an interesting insight into just how well people can live when they retire right across Europe. For those approaching state pension age in Spain, retirement is a particularly enticing prospect with a healthy pension, low cost of living and not to mention the fantastic weather.
“This year’s increase to the UK state pension has had a meaningful impact on pension income versus the cost of living, meaning pensions could feel slightly better off. Despite this, the UK state pension still rests just above the breakeven point, and remains weak compared to other pension systems across Europe.
“Planning for life after work is crucial, and it’s important to seek advice from a pension advisor if you aren’t sure where to start.”
Sweden is ranked as number five, with its pensioners being paid out €1,600 per month.
This is the equivalent of £1,338.16.
Specialists say the average monthly cost of living costs in the country are £799.70.
So, the state pension versus average monthly cost of living is 167.33%.
(Image: Getty)
4. Sweden
Sweden is ranked as number four, with its pensioners being paid out 18,000.00 krone per month.
This is the equivalent of £1,373.89.
Specialists say the average monthly cost of living costs in the country are £790.60.
So, the state pension versus average monthly cost of living is 173.78%.
(Image: Getty)
3. Norway
Norway is ranked as number three, with its pensioners being paid out 25,041.60 krone per month.
This is the equivalent of £1,839.23.
Specialists say the average monthly cost of living costs in the country are £970.50.
So, the state pension versus average monthly cost of living is 189.51%.
(Image: Getty)
2. Spain
Spain is ranked as number two, with its pensioners being paid out €1,481.35 per month.
This is the equivalent of £1,238.93.
Specialists say the average monthly cost of living costs in the country are £602.40.
So, the state pension versus average monthly cost of living is 205.67%.
Almond Financial said: “Spain came in second place, with the country’s state pension system paying out an of €1,481.35 (£1,233.51) per month.
“Coupled with the country’s low cost of living, pensioners can expect a comfortable retirement in the sun.”
(Image: Getty)
