For millennials in Canada, thinking about saving up to retire may feel daunting.
With the cost-of-living crisis, many Canadians struggle to afford groceries and housing and might be unable to fathom having enough money for retirement.
A 2024 study released by Sambla, a loan and mortgage comparison site based in Sweden, gives a snapshot of how expensive it could be to retire in different countries.
The report ranks the 20 most expensive countries to retire in, and unfortunately, Canada is pretty high on that list.
Sambla
The Great White North is the sixth-most expensive country for retirement, according to Sambla.
“To find out how the cost of retirement differs across the globe, we collated the cost of living without rent in 100 countries. We compared this figure with each country’s retirement age and average life expectancy,” the report explains.
“This was able to estimate how much money the average local would need to retire in their corresponding country.”
The report found that Canada’s cost of living without rent is £645 (around C$1,145).
With an average retirement age of 60 and an average life expectancy of 83, Sambla concluded that Canadians would need to save around £178,175 (C$316,332) to retire.
If you think that’s expensive, Switzerland is the most expensive country to retire in.
According to Sambla, the cost of living there is £1,040 (C$1,847), and residents must save about £248,102 (C$440,511) for retirement.
And this doesn’t even include the price of housing.
If you’re wondering where to move for cheaper retirement, South Korea is the most inexpensive country on the list, with residents needing to save about £130,266 (C$231,290) to retire.
Do you want to retire in Canada? Why or why not? Has the cost-of-living crisis changed your retirement plans?
Let us know in the comments or by emailing [email protected].
This article was originally published on January 8, 2024. It has since been updated.