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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 Someone 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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Mary
Mary from NSW commented:

Malta. You don't apply for a pension once you reach sixty the government automatically sends you the pension and you are permitted to work as much or as little as you want and it doesn't affect the pension at all. They have a fantastic summer with all the activities that are constantly happening all over Malta and Gozo and it continues in all other seasons as well. Add to it it's position in Europe, close to all other countries so many spend weekends in London, Italy, France, etc., etc. Sicily is reached by a ferry. They work hard by they have fun harder. 

Fernando
Fernando from VIC commented:

Re Norway note: "oil funded pension scheme" - meaning they do not just give away their natural resources and charge a measly 8% on average on the value of those resources. Instead, they "sell" their resources at I believe 90% of their value - allowing the Norwegians to fund much of their society's needs - including for pensioners. My point - we don't have to go anywhere - Australia is the best country in the world. The problem is with how its being run - and in this case with the giving away of OUR resources for basically nothing. I call this corruption. (Remember also, mining companies get "subsidies" from us - and they pay little tax). Bottom line - current system is broken. For the benefit of all Australians - this must change - in OUR favour. 

Franca
Franca from VIC commented:

Fran, melbourne Guys you have got to be joking calling this country "The lucky country", you need to explore other countries where the cost of living is so cheap not to mention house prices where it's impossible to buy a house in Australia anymore. Try and look up "Tourreviejia in Costa Blanca - Spain" or Panama and Chile where you can buy an apartment for under $150,000 and the cost of living is so cheap, and they look after the pensioners, these are some of the places you want to retire not Australia. 

Marianne
Marianne from NSW commented:

As you point out Norway's pensions are funded by OIL. We do not have resource funded pensions nor do we have a large population. Here in Australia, somehow we have decided that 2 children is adequate and both parents must be in the workforce. A decision has been made that a woman only has worth if she is out doing fulltime or parttime work, she has no value if she stays home, raises children and participates in her local community unpaid. Our values have gone mad, we should be encouraging our young men and women to have families of 4 or more children, stay home parents provided the nurturing that is required by small children. Yet, we encourage the self first, self last and self always as being the right attitude, when you become a parent your wants come last, the needs of your child come first, not the wants of the child. The latest, biggest, best toy or whatever is not the most important thing in providing care for your child. It is the amount of time you spend listening to, playing with, including your child. I have seen with my own family, parents are basically buying things to replace giving of their own time and space. Whilst we maintain this imbalance of priorities we will always be behind the 8 ball. 

Mike
Mike from NSW replied to Marianne:

Norway has a smaller population in total than Australia and only OIL and fish as a resource 

Beverley
Beverley from NSW commented:

Thy have got to be kidding. There is nowhere better than Australia & the best place is the Sutherland Shire (known as just the "Shire") in Sydney 

Someone
Someone from NSW commented:

Hospitals in Bangkok and in Japan are great plus all prices are cheaper than Sydney which I have found to be the most expensive city I have been in. Evan from Sydney. 

Mike
Mike from NSW commented:

Yes Paul -- I also have a SMSF - as I will be one of those Self Funded Retirees when the time comes. The Means test will preclude me from the pension system. I was really thinking abut the people who are now retiring and have not had the ability to gather a pool of wealth for their 10 - 20 years of retirement living. I think the ones that do not have a house or are still in mortgage or rental situations will certainly feel the pain of living costs rising and not having the income increases to just maintain their basic lifestyle 

Someone
Someone from NSW commented:

Hospitals in Bangkok and in Japan are great plus all prices are cheaper than Sydney which I have found to be the most expensive city I have been in. 

Paul
Paul from NSW commented:

Well its not about working your backside off all your life and then struggling at the end. That truly is a mugs game. You need strategies that create wealth so when you do retire you won't be worried about how much the pension is. Its all about taking a different approach to your life and not being a sheep and you will be a lot richer in many ways. Ever hear of the term "don't work for money, make money work for you"? Yes, there is a strategy for just about anyone and the earlier you start in life the sooner they can retire. Do your children a favor and ask different questions to get different answers. I know where I want to live and how much I will have every year and despite taking from it, it will still grow. I am glad I asked different questions. Now its up to you. 

Elizabeth
Elizabeth from NSW commented:

Norway can win all the "best" awards in the world, I wouldn't want to live there in a pink fit, way too cold even in summer time. I wouldn't want to grow old anywhere overseas, but if I had to, New Zealand would be my first preference. 

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