In today’s world, where most people have decades of retirement ahead of them, choosing where to spend their golden years is more important than ever. An increasing number of retirees are looking overseas for retirement, hoping to have a more comfortable and relaxed life with the same income compared to their home country.
On September 10th, U.S. News & World Report published the various rankings of the best retirement countries for 2024, based on a survey of nearly 17,000 citizens worldwide, reflecting the opinions of people from 89 countries on various aspects.
The rankings for the most comfortable retirement life in 89 countries take into account factors such as affordability, taxation, healthcare, friendliness, property rights, living environment, and climate. The survey targeted 5,900 respondents aged 40 and above, selecting the countries most suitable for a comfortable retirement based on the survey results.
This year, Switzerland once again topped the rankings as the “Most Comfortable Retirement Country” by U.S. News & World Report, also leading in the overall Best Countries ranking globally. Despite the high cost of living in Switzerland, the country ranks high in safety, economic stability, healthcare, and retirement benefits. Switzerland ranks third in quality of life and second in business friendliness.
Like last year, New Zealand, Portugal, Canada, and Australia ranked high due to their cost of living, pensions, and social security systems, while the United States ranked 30th, behind countries like Mexico and Malaysia.
Here are the top ten countries selected by U.S. News & World Report for the “Most Comfortable Retirement Country.”
Switzerland maintains its top position with an excellent healthcare system and low taxation rates. The country also offers a Type D visa for those not employed in Switzerland, but have health insurance and enough funds to support themselves.
According to Numbeo data, the cost of living in Switzerland is on average 60.5% higher than in the United States, with rents being 18.2% higher on average.
Retirees in Switzerland need over $3,500 per month to live comfortably. In major cities, a retired couple is expected to pay around $4,000 per month for rent, utilities, food, and healthcare expenses.
However, Switzerland is considered a tax haven for wealthy residents. The country provides a three-pillar pension system for residents reaching retirement age (65 for men, 64 for women).
Switzerland’s public transportation is relatively inexpensive, making it the most comfortable retirement country.
New Zealand rose two spots to second place this year. The country offers a temporary retirement visitor visa for individuals aged 66 and above, but requires foreigners to maintain some investments in the country.
To obtain this two-year visa, applicants need to have NZ$750,000 (or $460,299 USD) invested in New Zealand. Additionally, visa holders must have an additional NZ$500,000 (or $306,866 USD) for living expenses and an annual income of NZ$60,000 (or $36,824 USD).
Financial requirements for the parent resident retirement visa differ, with the main distinction being that applicants must 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 the United States, with rents being over 36.2% lower on average. New Zealand also provides free or subsidized public healthcare for residents.
The quality of life in New Zealand is relatively peaceful and quite relaxing. The country’s mild climate, beautiful scenery, meandering rivers, and picturesque fiords create a stunning picture.
Portugal, ranked second last year, dropped one spot to third this year. Non-EU citizens can obtain Portuguese citizenship through the D7 retirement visa, which requires proof of stable income like pensions and is generally easier to obtain than visas from other EU countries.
Portugal also offers the Golden Visa, allowing non-EU residents to become permanent residents by purchasing high-value real estate or making substantial investments in scientific research areas.
According to Numbeo’s latest data, the cost of living in Portugal is about a third lower than in the United States, with rents over 40% lower. It costs between $1,500 to $2,000 per month to live comfortably.
Portugal’s natural beauty, beaches, warm climate, and vibrant environment make it a top choice for foreigners.
Australia ranked fourth this year, down from third last year. The country offers investor retirement visas for self-funded retirees without family responsibilities, allowing them to reside in Australia for four years. Most citizens can start receiving pensions at age 67.
Rent in Australia’s major cities is lower than in big U.S. cities like New York or San Francisco. Australia also has universal healthcare but allows residents to choose private health insurance.
Spain maintained its fifth position from last year, with overall lower rents and property taxes than the United States. Expatistan estimates that a single person living in Spain needs $1,913 per month to live comfortably, and public healthcare costs are low.
Spain recently ended its Golden Visa program but provides non-profit visas for non-EU nationals, allowing retirees to stay for up to three years.
Residents in Spain can apply for pensions at age 65.
Some Americans are considering moving north for a more relaxed retirement lifestyle.
Canada ranks fourth on the overall best countries list and is also a comfortable retirement country. Canada does not have specific visas for retirees, but if you have children or grandchildren, you can apply for super visas to visit them within five years.
Denmark does not offer retirement visas, so U.S. citizens intending to stay in the country for over 90 days need long-term visas.
Like many European countries, non-EU citizens need to apply for visas and residence permits.
Sweden dropped two spots in the best retirement country rankings, but ranks second in quality of life and social significance.
Luxembourg made it into the top ten best retirement countries but just barely entered the top 30 in the overall rankings. In Luxembourg, whether local or not, at least 10 years of contributions to the pension fund are required to receive retirement benefits from the government.