Retirement is a phase of life that everyone looks forward to. It’s a time to relax and enjoy the fruits of your labor. But, before you retire, it’s important to plan ahead and think about how much money you need to live comfortably.
If you’re thinking about retiring in Prague, then you’re in for a treat. Prague is one of the most beautiful and affordable cities in Europe.
The cost of living is relatively low compared to other major European cities like Paris or London. But, how much money do you need to retire in Prague? Let’s find out.
Cost of Living in Prague
The cost of living in Prague depends on various factors such as accommodation, food, transportation, and entertainment. According to Numbeo, a website that collects data on the cost of living worldwide, the cost of living index for Prague is 47.65 (as of June 2021). This means that Prague is almost 52% cheaper than New York City.
Accommodation
The biggest expense when it comes to retiring in Prague is accommodation. The cost of renting an apartment in the city center can range from 15,000 CZK ($700) to 25,000 CZK ($1,150) per month depending on the size and location. However, if you’re willing to live outside the city center, you can find cheaper options at around 10,000 CZK ($460) per month.
Food
Food is relatively affordable in Prague compared to other European cities. A meal at an inexpensive restaurant costs around 120 CZK ($5), while a three-course meal for two at a mid-range restaurant costs around 800 CZK ($37). Groceries are also reasonably priced with basic items like milk costing around 20 CZK ($0.90) and bread costing around 25 CZK ($1.15).
Transportation
Prague has an excellent public transportation system, including trams, buses, and a metro that covers most parts of the city. The cost of a monthly pass for unlimited travel on all forms of public transportation is around 550 CZK ($25).
Entertainment
Prague is known for its cultural events and entertainment options. The cost of going to the cinema is around 200 CZK ($9), while a ticket to a theater show can cost anywhere from 300 CZK ($14) to 1,000 CZK ($46) depending on the show and seating.
How Much Money Do You Need to Retire in Prague?
Based on the above estimates, you can expect to spend around 30,000 CZK ($1,380) per month if you’re living alone and around 50,000 CZK ($2,300) per month if you’re living with a partner. This includes accommodation, food, transportation, and entertainment.
However, this is just an estimate. Your retirement expenses will depend on various factors such as your lifestyle choices and healthcare needs. It’s always better to have some extra savings for unexpected expenses or emergencies.
Conclusion
Retiring in Prague can be an excellent choice if you’re looking for a beautiful city with affordable living costs. By estimating your retirement expenses based on factors like accommodation, food, transportation and entertainment you will have an idea about how much money do you need to retire in Prague. Plan ahead and save accordingly so that you can enjoy your golden years without any financial worries.