The best places to retire in 2021: Madrid has the best quality of life

Madrid is the European capital with the best living conditions for pensioners according to British experts at Audley Villages analyses retirement in 37 OECD countries.

Retire in Madrid
Retire in Madrid / Pixabay
20 May 2021, Redaction

Retirement is an important and long awaited time for the majority of people and a time when many also decide to make the move abroad to enjoy this "golden age" of  life. The city and country in which you decide to retire to will determine the lifestyle and living conditions you can expect, especially when it comes to things like quality of life. A recent study carried out by Audley Village, a property builder and manager in the British retirement property industry, has analysed the retirement age, state pension schemes and health status of 37 OECD (Organisation for Economic Co-operation and Development) countries and their respective capitals to reveal where in the world workers have the best conditions for retirement. Among the best places to retire in 2021, Madrid has the best quality of life.

Spain tops the list of countries of best the best places to retire, largely because it has the second longest retirement period, averaging 22 years, and one of the longest life expectancy rates, almost 84 years on average. "Spain is also among the top 10 countries to retire to in terms of pensions, with an average pension equivalent to 83.4% of pre-retirement income. The country also has the highest health level, an indicator that analyses health risks, availability of drinking water, malnutrition and causes of death," the British company explains.

Behind Spain are countries such as Greece, Austria, Italy and Luxembourg, with average retirement ages below 63 years, and average life expectancy above 82 years. Meanwhile, in Italy, Luxembourg and in Austria, the replacement rate reaches 90%, in Spain it remains at 84% and in Greece it only reaches 51%.

As far as capital cities are concerned, Madrid is confirmed as the leading capital city to retire to, with the best living conditions for retirees. According to the study, Madrid has almost 340,000 inhabitants over the age of 65, with an average retirement period of 22.3 years, one of the highest along with Paris (22.3 years), Athens (21.9 years), Rome (21.6 years), Luxembourg (21.9 years) and Brussels (21.1 years). The study also analyses the income that can be allocated to savings and even the average price per square metre of a property, all important things to consider for those considering retiring abroad.

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