A recent U.S. News and World Report ranked the best countries for a comfortable retirement based on an international survey of nearly 17,000 people and a subset of 5,900 respondents in their mid-40s and older.
The 89 countries were ranked based on the following seven attributes:
- Affordable
- Favorable tax environment
- Friendly
- A place I would live
- Pleasant climate
- Respect property rights
- Well-developed public health system
While Florida and Delaware often rank highly as some of the best states to retire, in other surveys conducted by services like Bankrate, the United States didn’t place at all in this top 10. The U.S. ranked at No. 30, coming in after countries like Mexico, Malaysia and Dominican Republic.
Switzerland is the best country for a comfortable retirement
For the second year in a row, Switzerland is the best country for a comfortable retirement. It came in second place for being business-friendly and third for quality of life.
Switzerland’s biggest draw for retirees is its healthcare system and low taxes, however the country is also among the most expensive countries for retirement. The cost of living in Switzerland is on average 60.5% higher than the United States and rent is, on average, 18.2% higher, according to Numbeo.
The European country offers a type D visa for long-term residency and a single retiree will need upwards of $3,500 a month to live comfortably. In the larger cities, a retired couple can expect to pay $4,000 a month for rent, utilities, food and healthcare, according to Smartasset.
Switzerland
Pawel.gaul | E+ | Getty Images
Despite being about the size of New Jersey, Switzerland is one of the world’s wealthiest countries. Switzerland doesn’t have an official language but most people speak Swiss, German, French and Italian.
Switzerland has continued to remain neutral in conflicts around the world and is not a member of the European Union.
The 10 best countries for a comfortable retirement
- Switzerland
- New Zealand
- Portugal
- Australia
- Spain
- Canada
- Denmark
- Netherlands
- Sweden
- Luxembourg
New Zealand is the No. 2 best country to retire comfortably, up two spots from last year.
The country has a temporary retirement visitor visa for those 66 and older.
To take advantage of this two year visa, participants will need to have $750,000 NZD or $460,299 USD to invest in New Zealand. In addition, visa holders must have an additional NZD $500,000 or $306,866 to live on and an annual income of NZD $60,000 or $36,824.
New Zealand’s retirement visa doesn’t allow one to work in the country, but there is an option for applicants interested in finding a job. The Parent Resident Retirement visa has different financial requirements and the biggest difference is that applicants have to prove they have an adult child who is a New Zealand citizen or resident.
New Zealand’s cost of living, is on average, 5.5% lower than in the United States, while rent is on average, 36.2% lower, according to Numbeo.
Residents of New Zealand receive subsidized or free healthcare, Smartasset reports.
New Zealand
Beverly Goldschmidt | Istock | Getty Images
New Zealand is known for its natural beauty and diverse landscapes. The country was a major backdrop for “The Lord of the Rings” and “The Hobbit” movie trilogies among many other movies.
Fans of the Tolkien series of books and Peter Jackson’s iconic films can travel to the Hobbiton movie set in Matamata, which is about two hours south of the city of Auckland.
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Source: CNBC