Retirement planning is as much about when to retire as where to retire. The default for most of us is somewhere in Canada. But if you’ve got dual citizenship or money in the bank, you may be able to retire elsewhere.
The Global Retirement Index, developed by Natixis Global Asset Management and CoreData Research, looks at the best places in the world to retire. Four main factors — finances in retirement, material wellbeing, health and quality of life — were used to calculate the best places to spend your autumn years. We put together a list of the 20 best places for Canadians to retire based on the 2016 study.
However, France lags a bit when it comes to finances in retirement and in the material wellbeing index.
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Tel Aviv, Israel has also been ranked as one of the absolute best cities in the world for young people.
18. Czech Republic
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17. United Kingdom
The UK actually dropped a spot because of a poor showing in the finances in retirement category but it does well in terms of quality of life, happiness and healthcare.
Still, Ireland is a great spot to live the quiet life. Just brush up on the 30 Irish words Canadians don't understand.
14. United States
Despite a high per capita income, the US still struggles with income inequality. It also has the highest healthcare costs of any country in the index. It does poorly in the climate change category due to its high CO2 emissions.
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The country scored high in the health, quality of life and material wellbeing categories. But don't forget: winter.
Finland's best score in the material wellbeing sub-index was for income equality.
Now you just have to decide where in Canada to retire!
The country is the largest importer/exporter in the EU plus it has a low rate of unemployment and high per capita income. This, according to the report, helps provide an excellent lifestyle for retirees.
Inflation is low, but generous social programs may add to the national deficit. Australia does very well in the health category and has a high quality of life ranking.
4. New Zealand
New Zealand's lowest score is in the material wellbeing sub-index. Per capita income also trails other countries.
It lags a bit in the finances in retirement category. Iceland has average scores in other financial areas, but these are changing due to recovery from the bank collapses between 2008 and 2011.
Quality of life and material wellbeing scores are amongst the best. Taxes are low and the country has the second highest happiness score.
Norway scored above 90 per cent in the health, quality of life and material wellbeing categories. Even with low public debt, Norwegians pay a lot of taxes, but most retirees are well taken care of in their autumn years.
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