They say money can’t buy happiness, but when it comes to retirement, a little extra cash never hurts.
Retirement is becoming more and more expensive, and the average U.S. adult is expected to outlive their savings by around eight to 10 years, according to a report from the World Economic Forum. If you run out of money later in life, it can be tough to enjoy your senior years.
While everyone will have different financial needs and goals in retirement, a new study shows there may be a dollar amount tied to happiness. Here’s how much it costs to retire happy.
The price of happiness
In a study conducted by Audley Villages, a retirement home community based in the U.K., researchers ranked the happiest cities in the world, and determined how much the average person in those cities needs to retire comfortably.
The results revealed that it costs, on average, $288,240 to retire in the world’s happiest cities. The city scoring highest on the “happiness index” was Helsinki, Finland, where it costs approximately $252,599 to retire. The least expensive city on the list was Wellington, New Zealand, with retirement costing $206,228.