Here's where Canada ranks among the most expensive countries to retire in
For millennials, thinking about saving up to retire may feel daunting.
With the cost of living crisis, many Canadians are struggling to afford groceries and a home, and might not be able to fathom even having enough money for retirement.
A new study released by Sambla, a loan and mortgage comparison site based in Sweden, gives a snapshot of just how expensive it could be to retire in different countries.
The report ranks the 20 most expensive countries to retire in, and unfortunately, Canada is pretty high up on that list.
Sambla
The Great White North is the sixth-most expensive country for retirement, according to Sambla.
“To find out how the cost of retirement differs across the globe, we collated the cost of living without rent in 100 countries. We compared this figure with each country’s retirement age and average life expectancy,” the report explains.
“This was able to estimate how much money the average local would need to retire in their corresponding country.”
The report found that the cost of living without rent in Canada is £645 (around C$1,099).
With an average retirement age of 60 and an average life expectancy of 83, Sambla concluded that Canadians would need to save around £178,175 (C$300,500) to retire.
If you think that’s expensive, Switzerland takes the cake being the first most expensive country to retire in.
According to Sambla, the cost of living there is £1,040 (C$1,700) and residents will need to save about £248,102 (C$400,700) for retirement.
And this doesn’t even include the price of housing.
If you’re wondering where you could move for cheaper retirement, the most inexpensive country on the list is South Korea.
Residents there still need to save about £130,266 (C$200,900) to retire.
Do you want to retire in Canada? Why or why not? Let us know in the comments.
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