Now unless you are fortunate enough to be a millionaire, if you are in the process of trying to find an affordable place to retire to, you might like to pay attention to the suggestions made in this article. Based on my own experiences whilst traveling, I have tried to offer some helpful advice on which specific worldwide destinations should be avoided like the plague if you are looking to ensure your retirement income lasts you as far as possible.
Oh my goodness! When it comes to the average cost of living in this Scandinavian country, trust me when I say that you will be completely flabbergasted by the prices of everything in Norway. You can quite literally take the already high prices in the UK and double them and triple average US prices for things in life—it really is that bad! Whilst there is no denying the fact that Norway is one of the most beautiful countries in the whole world, it is wise just to come here for a short holiday, rather than ever thinking about settling down to enjoy your retirement.
Now don’t get me wrong, Switzerland is nothing like as expensive as Norway, but nevertheless compared with the average cost of living in the US and most European Union Countries (bearing in mind that Switzerland adamantly refuses to join the EU and share its wealth!), this is still a very pricey country to retire to. With the majestic and often impressive Alps Mountains dominating much of this country’s landscapes, Switzerland really does know how to charge for all of its natural beauty. Again, perfect for a relaxing and ‘battery-charging’ holiday, but not so ideal as a place to spend your golden years.
If I hear one more person state that Australia offers a reasonable cost of living, I really will scream! Having been to Australia within the last two years, I can definitely confirm that Australia is VERY expensive. In fact, prohibitively so, if you are ever thinking about settling down in the country for your retirement. I found the average cost of a meal out to be on a par with Switzerland and hotel prices are also very high. As Australia has not experienced a recession over the past years, their economy has been booming as a result and this has meant that the Australian Dollar (AUD) has been very strong against all other currencies—meaning far less in your pocket to spend once you get there. I found that Perth and Western Australia was even more expensive than the states in the east of the country.
It may come as a surprise for many people to see Canada on this list, but when compared with the average cost of living in the US, this country is definitely quite expensive. Again, this is likely to have a lot to do with how well the Canadian Dollar (CAD) has been performing over recent years: you tend to get less and less Canadian money to spend nowadays and this foreign exchange rate has been continuing for so long now on a detrimental trend for foreigners, it is definitely pricing Canada out of the potential places to retire market.
To some extent, Norway can justify its very high cost of living through its awesome natural beauty; alas though, I am not able to say that Finland can do the same! This is a much flatter and featureless landscape—especially in the south of the country, around the capital, Helsinki. Everything in Finland is extremely expensive and if you like to enjoy a few meals out each week, you will need to pay-out at least double the rate compared with most other EU countries. Food and general groceries are also expensive; as are house prices and average rents.
In many ways, it is such a pity that the countries above are on a list of destinations where it is the most expensive to retire to. For the most part, they all seem to have one thing in common: that being that they are to be found in parts of the world where you will find the most impressive examples of Mother Nature at her very best. However, you want to ensure your money lasts frugally throughout your retirement years, so you would definitely need to think again where the countries above are concerned.