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It’s no secret that the costs of living in Toronto are sky-high these days, but a new study further substantiates this across the country when it comes to retirement.
Sambla, a personal loans and mortgage comparison site based in Sweden, ranked 20 of the world’s most expensive countries to retire in, with Canada placing near the top of the list.
Coming in at sixth place, our beloved home and native land was beat only by Switzerland, Monaco, Qatar, Singapore, and Liechtenstein.
The top ten most expensive countries to retire in are as follows:
1. Switzerland
2. Monaco
3. Qatar
4. Singapore
5. Liechtenstein
6. Canada
7. Australia
8. Iceland
9. Austria
10. France
The study created its ranking by collating the cost of living without rent in 100 countries, then comparing that figure with each country’s retirement age and average life expectancy.
Sambla was then able to determine how much money the average citizen would need to retire in their corresponding country.
With Canada’s average retirement age of 60 years old and average life expectancy of 83, Sambla found the cost of living without rent to be £645, which is roughly $1,099 CAD.
Therefore, Canadian citizens would need around £178,175, or $300,500 CAD to retire. This figure does not include the costs of housing.
Comparatively, on the highest end, Switzerland residents would need to save around £248,102 or $400,700 CAD for retirement, whereas citizens of South Korea, the cheapest country to retire in out of the top 20, would need to save about £130,266 $200,900 CAD.
Based on this list, which country would you choose to retire in?