Top 20 Best Places for Canadians to Retire

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.

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20. France

France's overall score on the Global Retirement Index (GRI) is 71 per cent, which lands it in the top 20. France moved down a bit from last year, but the country still does well in all categories, especially health.

However, France lags a bit when it comes to finances in retirement and in the material wellbeing index.

Can't retire abroad quite yet? Check out the cheapest places to travel from Canada now.

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19. Israel

Israel slipped two spots this year, but still scored 71 per cent overall. The country did well in both the finances in retirement and quality of life categories, but it ranked poorly for air quality.

Tel Aviv, Israel has also been ranked as one of the absolute best cities in the world for young people.

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18. Czech Republic

Who wouldn't want to sip coffee in a Prague cafe during their retirement? The Czech Republic scored 71 per cent on the GRI and does well in material wellbeing and income equality. The country has a favourable investment environment but its happiness score is 'mid-tier'.

You may also be interested in this list of the 10 happiest countries in the world.

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17. United Kingdom

The numbers for the UK were compiled before the recent vote to exit the EU. That said, the country scores 71 per cent overall.

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.

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16. Ireland

Ireland scores a 72 per cent on the Global Retirement Index, and is up three spots from 2015. The country does well in the health and quality of life categories, but doesn't fare so well in material wellbeing.

Still, Ireland is a great spot to live the quiet life. Just brush up on the 30 Irish words Canadians don't understand.

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15. Belgium

Belgium's strong performance in material wellbeing, quality of life and health give it an overall score of 73 per cent. The country struggles with high levels of public debt and the cost of social benefits.

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14. United States

The US is in 14th place with a GRI score of 73 per cent. The country does well in health and finance categories.

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.

Check out the 20 US cities you never thought to visit but totally should.

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13. Luxembourg

Tiny Luxembourg is in 13th spot with a GRI score of 76 per cent. The country ranks at the top of the health index and very high for quality of life. It also scores fairly well on the happiness scale.

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12. Denmark

Denmark is down one position from last year, but still had an impressive GRI score of 77 per cent because it does well in most categories.

The country scored high in the health, quality of life and material wellbeing categories. But don't forget: winter.

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11. Finland

With a GRI score of 77 per cent, Finland slipped to 11th place from 9th place last year. It performed well in the quality of life and material wellbeing categories, but only average in the health and finances in retirement rankings.

Finland's best score in the material wellbeing sub-index was for income equality.

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10. Canada

Canada makes the top 10 with a 2016 GRI score of 77 per cent. We do well in the finances in retirement, health and quality of life categories. Canada also ranks highly for happiness and air quality.

Now you just have to decide where in Canada to retire!

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9. Austria

Austria had a GRI score of 77 per cent this year, slipping one spot. The country does well in material wellbeing and quality of life, however some scores within the health category declined. That said, Austria gets high marks for its per capita health expenditures.

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8. Netherlands

The Netherlands ranks 8th with a GRI of 78 per cent. The country does well in health and material wellbeing. Inflation is low but taxes are fairly high. The Netherlands scored high in non-insured health expenditures.

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7. Germany

Germany moves from 12th spot in 2015 to 7th spot this year thanks to a GRI of 78%.

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.

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6. Australia

Australia's GRI score of 78 per cent puts it in 6th place, the same as in 2015. Oz is lauded for its performance in the finances in retirement category.

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.

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5. Sweden

With a GRI of 79 per cent, Sweden cracks the top 5. The country has outstanding scores in the health and quality of life categories. Sweden slips a bit in its unemployment ranking and taxes are quite high.

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4. New Zealand

New Zealand ranks 4th with a GRI score of 80 per cent. It ranks near the top in most categories including finances in retirement, quality of life and health.

New Zealand's lowest score is in the material wellbeing sub-index. Per capita income also trails other countries.

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3. Iceland

Returning to 3rd spot with a GRI score of 80 per cent, Iceland has top 10 scores in many categories including material wellbeing, quality of life and health.

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.

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2. Switzerland

With a GRI score of 84 per cent, Switzerland remains in second place this year. Along with Norway, Switzerland ranks in the top 10 in all the main categories.

Quality of life and material wellbeing scores are amongst the best. Taxes are low and the country has the second highest happiness score.

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1. Norway

In top spot, with a GRI score of 86 per cent is Norway. The country's performance in most categories helped it retain its #1 position from last year.

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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