How Much It Costs To Retire in the 20 Happiest Cities in the World

Gabrielle Olya

7 February 2024 at 8:00 am·4-min read

Where you retire can have an effect on your overall well-being, so you may want to consider retiring in one of the cities with the happiest residents.

Every year, the Gallup World Poll asks respondents to rank their quality of life from 0 to 10, with 10 being the best, to determine the happiest cities in the world. Cities with the highest happiness scores tend to also rank highly for GDP per capita, social support, healthy life expectancy, freedom and generosity, and low for corruption.

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To determine the cost of retirement in the happiest cities, Shepherds Friendly first found the average length of retirement using the average life expectancy in each city and assuming a retirement age of 66. Total cost is based on the average monthly living costs, including groceries, restaurants, transportation and utility bills (housing is not included in this cost).

If you want to retire in one of the 20 happiest cities in the world, see how much money you will need, according to Shepherds Friendly.

1. Helsinki, Finland

Happiness score: 7.8
Average life expectancy: 82.5
Estimated cost of living during retirement years: $219,225

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2. Wellington, New Zealand

Happiness score: 7.6
Average life expectancy: 82.8
Estimated cost of living during retirement years: $209,645

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SeanPavonePhoto / Getty Images/iStockphoto

3. Copenhagen, Denmark

Happiness score: 7.5
Average life expectancy: 81.4
Estimated cost of living during retirement years: $219,684

4. Bergen, Norway

Happiness score: 7.5
Average life expectancy: 82.9
Estimated cost of living during retirement years: $247,610

5. Oslo, Norway

Happiness score: 7.5
Average life expectancy: 82.9
Estimated cost of living during retirement years: $237,577

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6. Tel Aviv, Israel

Happiness score: 7.5
Average life expectancy: 83.5
Estimated cost of living during retirement years: $230,839

7. Stockholm

Happiness score: 7.4
Average life expectancy: 83.3
Estimated cost of living during retirement years: $213,549

8. Brisbane, Australia

Happiness score: 7.3
Average life expectancy: 83.9
Estimated cost of living during retirement years: $250,816

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9. Reykjavik, Iceland

Happiness score: 7.3
Average life expectancy: 83.5
Estimated cost of living during retirement years: $254,593

10. Toronto

Happiness score: 7.3
Average life expectancy: 83
Estimated cost of living during retirement years: $213,865

11. Melbourne, Australia

Happiness score: 7.3
Average life expectancy: 83.9
Estimated cost of living during retirement years: $237,480

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12. Perth, Australia

Happiness score: 7.3
Average life expectancy: 83.9
Estimated cost of living during retirement years: $239,909

13. Auckland, New Zealand

Happiness score: 7.2
Average life expectancy: 82.8
Estimated cost of living during retirement years: $216,777

14. Zurich

Happiness score: 7.2
Average life expectancy: 84.3
Estimated cost of living during retirement years: $406,221

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15. Christchurch, New Zealand

Happiness score: 7.2
Average life expectancy: 82.8
Estimated cost of living during retirement years: $180,918

16. Washington

Happiness score: 7.2
Average life expectancy: 79.1
Estimated cost of living during retirement years: $197,229

17. Dallas

Happiness score: 7.2
Average life expectancy: 79.1
Estimated cost of living during retirement years: $182,251

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18. Sydney

Happiness score: 7.1
Average life expectancy: 83.9
Estimated cost of living during retirement years: $250,155

19. Houston

Happiness score: 7.1
Average life expectancy: 79.1
Estimated cost of living during retirement years: $157,584

20. Dublin

Happiness score: 7.1
Average life expectancy: 82.8
Estimated cost of living during retirement years: $225,787

Data is sourced from Shepherds Friendly and is accurate as of July 17, 2023.

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This article originally appeared on GOBankingRates.com: How Much It Costs To Retire in the 20 Happiest Cities in the World

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