Retirement is a stage of life that every working individual must face, and how to prepare for retirement life is a topic of concern and discussion for many people. Where to spend the golden years of life and how to plan for a comfortable retirement after a young age are essential life lessons and choices that many individuals need to confront.
Many Westerners, including Americans, choose to spend their retirement years overseas, making the choice of which country to live in during retirement crucial. The global leading business magazine **”CEOWORLD”** recently released the list of the most suitable countries for retirement in 2024.
According to the magazine, New Zealand is recognized as the most ideal country for retirement globally, followed closely by Luxembourg and Switzerland, ranking second and third respectively. In the 2024 rankings, Canada occupies the fourth position, with Australia following at the fifth spot. Spain and Portugal are ranked sixth and seventh respectively.
The top ten countries most suitable for retirement also include Malta, France, and Thailand, ranked eighth, ninth, and tenth respectively.
Here are introductions to the top ten most suitable countries for retirement:
New Zealand boasts magnificent scenery and a favorable geographical location that has attracted many retirees. The stunning combination of tropical rainforests and rugged coastlines makes this country a hotspot desired by people from around the world.
The quality of life in New Zealand is relatively peaceful and quite relaxed. The country has a mild climate, stunning landscapes, picturesque rivers, and bays, forming a beautiful picture. Furthermore, the public healthcare costs in the country are very low, even free for every citizen, making it an excellent choice for those looking to enjoy life after retirement.
Luxembourg is a small country on the European continent and a paradise for retirees. The country offers convenient settlement factors, making it the most suitable place for a comfortable life post-retirement.
Luxembourg also has excellent medical facilities and a pleasant climate, making it a favorite destination for people to enjoy their second chapter of life. With a citizen-friendly environment, the country is the best choice for those with limited budgets.
Many people look forward to settling in Switzerland after retirement. The country provides the highest quality healthcare and has an extremely safe, friendly, and clean social environment. Switzerland’s public transportation is relatively inexpensive, making it one of the most comfortable countries for retirement living.
Canada ranks high in the Global Peace Index and is considered one of the most secure countries to live in by the majority. Canada offers primary health insurance to nearly all citizens, making it suitable for various aspects of life after retirement.
Australia is a market-based prosperous country with a serene environment that allows people to live a relaxed life.
The country also has many beautiful places like Geraldton, Merimbula, the Gold Coast, and Queensland, making it an ideal choice for residing after retirement. In addition to the scenic locations, other factors that contribute to this country’s popularity include low crime rates and cost of living, excellent climate, and healthcare facilities.
Spain is another perfect place for retirement worldwide. This laid-back country is gradually becoming one of the favorite retirement destinations for foreigners.
Spain has a low cost of living, pleasant weather, and a cuisine that resonates with all food enthusiasts.
Another major factor that makes the country a preferred choice for retirees is the many prosperous areas and associated culture. Meanwhile, Spain is a modern first-world EU member state with a long-standing stable democratic system. The country ranks in the top 5 in English proficiency among European countries.
Portugal is another country that ranks high on the Global Peace Index, being one of the safest countries globally.
Portugal’s scenic beauty, beaches, warm climate, and vibrant atmosphere make it a top choice for foreigners. The country has also implemented immigrant-friendly tax laws and provides health insurance to facilitate immigration.
With so many beautiful cities to live in, Portugal can be considered one of the best countries for retirement.
Malta has a prime geographical location situated in the central Mediterranean between Europe and North Africa, boasting clear skies and mild winters, as well as hot summers. Malta last saw snow in 1962.
Europeans have long known these charming and affordable islands (Malta has been an EU member since 2004). However, many North Americans have only recently discovered this enchanting island country surrounded by the sea, rich in history and culture, and English-speaking.
Malta is cheaper to live in than North America. Many couples can live comfortably on $2500 a month, and above $3000, life gets even better.
Malta has excellent healthcare that meets EU standards and is relatively affordable.
For a stress-free retirement life, beautiful France is one of the choices, being one of Europe’s top gourmet destinations. If you consider France a sophisticated, highly cultural, and fashionable country with an unparalleled appreciation for fine wines and cuisine, then you will quickly fall in love with France.
Surprisingly, compared to the United States, life after retirement is surprisingly affordable in this land of croissants and Camembert cheese.
According to data from the European Commission, the total number of residence permits issued to Americans in France increased by 26% from 2021 to 2022.
In regions of France where the cost of living is lower, the average monthly budget range is approximately $2080 to $2680.
Around 3 to 4 million foreigners reside in Thailand, with many being retirees. They are drawn to the country’s natural beauty and affordable prices.
Thailand has a relatively lower cost of living, meaning retirement savings can go a long way. From delicious street food to affordable healthcare, Thailand offers a high-quality life at a low cost compared to many Western countries.
Less than a two-hour drive from Bangkok is Thailand’s eastern coast, the 30-mile-long magnificent coastline known as the Chonburi Coast. This region of Thailand is one of the most diverse expatriate communities in Southeast Asia, welcoming people from all around the world.
Research analysts from **”CEOWORLD”** organized, analyzed, and compared 11 key indicators across 80 countries/regions to determine the rankings. These sub-indicators include expatriate communities, English proficiency, healthcare, cost of living, affordability, tax advantages, pleasant climate, convenience of buying and owning property, visa and residency requirements, government stability, and ease of assimilation. Each indicator was scored based on relevant research and reports, following strict requirements for data collection and analysis to derive rankings with a highest score of 100 points.
The magazine conducted a global survey in January and March 2024, with a total of 126,000 participants. The survey evaluated the 11 key indicators mentioned above and assigned a final total score (out of 100) to each country after balancing the data. The editorial team decided on the list of countries. All provided data is the most up-to-date information available.
The sampling error margin for the entire sample of 126,000 survey participants is plus or minus 1.2 percentage points.