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NewsWhere’s the best place in the world to grow old?
Where’s the best place in the world to grow old?

Where’s the best place in the world to grow old?

Tags: Cost of Living
Last updated by Jess Lindell on

Om5tVYTAnd the Winner is Norway, according to the 2014 Global AgeWatch Index, which ranks the quality of life for the elderly.

Norway tops the list of 96 countries with Australia ranking 13th overall, behind Canada, Japan, the US, New Zealand and other western European nations.

The report highlights that while pension coverage has increased across the globe, overall social and economic policies are failing to keep pace with changing demographics.

Alarmingly Australia ranked 61st in terms of income security, which assess a person’s access to money and their capacity to spend it independently.

Australia scored below average on pension coverage and welfare rates and we have the highest old age poverty rate at 35.5 per cent in our region, which includes Western Europe, North America and Australasia.

This isn’t new, only recently we wrote about the increasing number of older Australians retiring overseas to make their money go further.

But it does beg the question why is Australia ranked so poorly for income security despite being a wealthy nation?

The fact that we don’t have a universal pension may skew the income security findings according to news.com.

COTA warns that any further adverse changes to the pension, such as cuts to payments or raising the pension age will only make things worse.

Whilst the results on income security raise alarm bells, Australia ranked exceptionally well in all other areas such as health and employment.

So what makes Norway the winner?

In Norway you’ll find some of the richest pensioners in the world thanks to an oil funded pension scheme, as well as some age friendly policies and concessions.

In fact, everyone over the age of 67 gets a monthly state pension and pay half price for public transport. Furthermore, 70 per cent of people aged between 55 and 64 are in full-time jobs.

On the other hand, Norway consistently ranks as one of the most expensive countries in the world.

And.. well… it’s freezing, with temperatures reaching below -40°C during the winter months and you’re looking at averages of around 15°C during the summer months. No thanks.

Would you want to grow old overseas? Share your thoughts below.

Originally posted on .

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Llyn
Llyn from NSW commented:

I have no doubt that I made the right move coming to Australia in my late thirties …. And as I was working for a Norwegian company for 10 years travelling regularly to the cooler climes of Oslo .. I can confirm your basic comments are well founded … very expensive to live and limited activities in the long winters unless you are young and love the snow ! 

Maria
Maria from QLD commented:

Australia...anywhere in Australia. This whole country is beautiful, a lot of people just don't realise it. Marie Hamilton 

Ruth
Ruth from NSW commented:

So concerned about my comfort & happiness in retirement. Every time my husband & I think that we can benefit from some handout from the Goct they take it away. How soon will it be that there will nothing from the Govt even though we have paid our taxes all our life. We didnt get any of the beneifts that the young families get these days & had 17% interest on our mortgage 

Jan
Jan from NSW commented:

So true Rita, we worked all our lives to ensure our retirement years would be comfortable only to get zero benefits from the Govt. We don't want the Pension but the discount benefits that go with it would certainly help the budget. 

Alain
Alain from NSW replied to Jan:

So true, Jan, and furthermore, we don't want only "benefits", yes, we have $ in our eyes downunder but we also want to live in a 'clever country', a wish already seriously compromised with the dumbing down of Australia by this government (and others before it), no more Minister of science, cuts to the ABC -and its cultural aspect therefore...- , the CSIRO, I am seriously worried for the future of this country, its children, our children and their grand children, and believe me, they will blame US for it... 

Alain
Alain from NSW commented:

'cause our economy relies heavily on primary resources, we are soon to be doomed (especially when one considers the effects and the cost of NOT addressing the changes in the climate with enough assertiveness...)... Will be bye bye Australia for me, knowing that the 1 or 2 % better-offs (that number includes our pollies) will share what's left of the loot... 

RITA
RITA from VIC commented:

Not particularly, BUT, a little bit of help for self funded retirees would be beneficial. We did all pay taxes for a very long time thereby contributing to the overall benefit of all Australians. On retirement we receive very little from Government. 

Christopher
Christopher from QLD commented:

Reply to Mike NSW. Yes of course the unions have pushed wages higher.Unfortunately you are not seeing the problem from the top.I was an employee of the Federal Government for 28 years,and I have seen the wages hop from when we had a "general Manager" who was paid about 20% more than the highest Engineer,around $80000. Then came the late 80's when the CEO system evolved, and he was a Yank, who knew nothing about the Communications Industry , but was paid $2.5M immediately. Now they are paid about $7M. Dont tell me the unions or anyone else will just stand by and allow these obscene salaries take effect and let the slaves just get by on minimum wages(who were all highly skilled Engineers and Technical employees).I am certainly not a unionist,and in fact self employed.I can tell you its hard to make $50k a year. 

Mike
Mike from NSW commented:

http://www.helpage.org/global-agewatch/ 

Mike
Mike from NSW commented:

AUSTRALIA Overview Australia ranks at 13 overall in the Global AgeWatch Index. It performs best in the capability domain (2) with a high rate of educational attainment among older people for its region (92.4%). It also ranks high in the health domain, with values above the regional average on all health indicators. In the enabling environment domain it ranks at 26, with values below the regional averages for the perception of safety (58%) and satisfaction with public transport (55%). Australia has the lowest ranking (61) in its region for the income security domain, and the highest old age poverty rate in the region (35.5%). It also has below average pension income coverage (83%) and relative welfare rates (65%) compared to other countries in this region. ALIA - 

Someone
Someone from NSW commented:

Australia was a good place to came and live ,since the 80 tis Australia has lost its place in the wold,the country has changed too much past governments have left the migration door open for too long. I know I can leave when ever I like, for me it is too late I worked hard payed my taxes and now I don't get nothing in return Have A Marry Christmas. 

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