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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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Mike
Mike from NSW commented:

It seems our governments think Australia is in the same league as USA , China, and Europe - This is utter crap - we are but 24 million people About the same size as New York city or Beijing city. Yet they persist in spending our Taxes on Foreign Aid , International Affairs well beyond our affordable level. Hence the internal needs of the people are always placed as second priority when it comes to budgeting the spending. What economic benefit will the funds given to the UN for the Climate Change hoax bring to us locally? Nothing other than higher consumer costs for Power , water and our basic shopping. We never hear Norway spending hundreds of millions on Climate related bank accounts administered by the UN scammers. Does Australia not need more dams to water the farms, Transportation systems that will do away with the daily CAR TRAVEL of millions of our people - that exhaust gas must be a worry to our Climate Change advocates !!!! Our hospitals say they are now at breaking point just caring for the basic needs of current population - yet the future will see population growth accelerating. What hope is their for the elderly here with cost of living increases - not much chance of pensions keeping pace with the increase, Hospital and medical systems already overloaded, and our major export earning sector - Mining - past it's peak and on the decline. Our farm land and Agri businesses now owned by China, Singapore and USA in the main - What bright news is there for the next generation or our current generation looking to retire within the next decade?? I look at places like Thailand , Taiwan , Where the living standard considered as basic here in Australia at the same cost can be quite high (regal style) in these near Asian countries. Can you do a comparison based on our near Asian countries - looking at lifestyle, Housing, Medical issues Regards Mike Gee 

Mike
Mike from NSW commented:

Hello Jess - I always wonder how these surveys are scored and rated. Australia was a "lucky" country, we were self sufficient in almost all our economic and consumer needs.Yet the last 3 decades has seen our economy change into a nanny and welfare focused system. Our working class people have lost so many jobs that the so called 'smart" jobs cannot absorb these people that in the past had jobs in manufacturing and construction. So now the welfare cost in total has increased dramatically. The old age pension was once the largest proportion of the welfare cost but today it seems to have suffered because the welfare pie has to be shared with young people , disabled, refugee and boat people . Therefore the share for older workers who have completed their working life and funded the system for their working life is now much less of the pie. Regards Mike Gee 

Paul
Paul from NSW replied to Mike:

Mike, Australia is still the lucky country. You need to stop listening to the news or reading it or whatever you do as you have developed a negative mindset. There are huge opportunities in this country. Ever wonder why so many immigrants are wanting to come and live here. You need to think differently. 

Mike
Mike from NSW replied to Paul:

Hi James -- I guess it is our generous welfare system that seems to be attracting the bulk of these 

Mike
Mike from NSW replied to Paul:

Hi James -- I guess it is our generous welfare system that seems to be attracting the bulk of these 

James
James from NSW commented:

It could be our turn for foreign aid. 

alec
alec from VIC commented:

One of my personal favourites is Belize, although distance basically rules it out as an option. However we are in the process of arranging a move north to Pebble Beach Retirement Complex, which your members might be interested in researching. 

Mike
Mike from NSW commented:

Susie and Frances, I was over there a couple of years ago, it was extremely cheap, we have a great way of life here in Australia and are very lucky people, but we don't pay the pensioners what they deserve after they have worked their 50 plus years and paid their taxes. They are no further in front of people that don't want to even start working and illegal immigrants who arrive here with no papers......come on double the pension rate for those who have worked their butts off. (for what) Mike 

Sandra
Sandra from NSW commented:

My goodness I think I'll move to Norway maybe the government should take a look at this 

Joe
Joe from NSW commented:

Norway. No Way. -40 C temperatures are not an ideal environment for the old. 

Christine
Christine from NSW commented:

Just retired 5 months ago after 37 years as a public servant. I am a self funded retiree. We moved from North Richmond NSW and we now live near Batemans Bay on the South Coast. We both love it down here and do not miss the hot, humid weather of western Sydney. The only thing that we don't really like is the ridiculous price of petrol down hear. I bought a diesel motor car in July to save a bit of money on fuel costs. Diesel is $1.63 a litre from the major fuel stations. We are being ripped off. It was $1,34 in Albion Park last week on our way to Sydney. 

graham and lyn
graham and lyn from NSW commented:

give me Aussie any day!! 

Roque
Roque from NSW commented:

We have to give some to get some, so I prefer the sunshine & the free vitamin D we get from it, to the cold northern winters (and summers) in Norway. 

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