Canada – still among the world’s top places to retire
Canada – true north strong and free – has been ranked the 8th-best country in the world in which to retire, according to a recent survey by Natixis Investment Managers.
The study, which was reported on in Wealth Professional, covered 44 developed countries, the magazine reports.
“Canada has been ranked eighth among 44 developed countries for retiree wellbeing in the 2019 Natixis Global Retirement Index with an overall score of 77 per cent. It improved its standing by one spot compared to last year by improving in retirement finances and material wellbeing and holding steady in health, though it slipped in terms of quality of life,” the magazine reports.
While the study put Canada’s finances near the top of the list, a couple of warning signs are out there, the magazine reports.
“The ongoing rise in the ratio of retirees to active workers has introduced a risk of old-age dependency — a trend that could impact future generations, particularly women — as well as rising pressure on government services over time. Canada’s financial ranking is also threatened by lower scores for tax pressure and interest rates,” reports Wealth Professional.
In plainer terms, since the number of retirees is gaining on the number of those working, the survey makers felt Canada may see negative impacts on government retirement services in the future.
Canada improved to 21st in the “material wellbeing” category, the magazine notes, but again warned that the current low-interest rate environment is forcing retirement savers “to invest in higher-risk assets, increasing their exposure to volatile markets — something that’s especially concerning for an investor segment that’s less able to recover from possible losses from market downturns,” Wealth Professional reports.
Other future concerns noted in the article are longevity risk – the danger of living to a very old age – and concerns about the climate.
On balance, however, it is nice to see that our many efforts to save for retirement are paying off, in that we live in a country that is one of the best to retire in. Think of that when you’re wrestling over whether or not to direct a few more dollars to retirement savings – at the end of the day, you’re going to be where you want to be, and those dollars will come in handy as future income. The Saskatchewan Pension Plan offers a great way to do just that.
Top 5 things about retirement
Now that we have proof that Canada is a great place to be a retiree, let’s look at some of the great things about being retired in general.
According to The Kerrie Show blog, the best things are:
- Time to spoil yourself
- Freedom to choose (as in, what to do)
- Being financially secure
- Pursuing your interests
- Having a busy social life
The blog notes that while some of us may find retirement to be a “strange environment,” and may miss performing “a necessary service” on the job, “one should look at the positive side of retirement… there are many benefits.” Very true, those words.
|Written by Martin Biefer
|Martin Biefer is Senior Pension Writer at Avery & Kerr Communications in Nepean, Ontario. A veteran reporter, editor and pension communicator, he’s now a freelancer. Interests include golf, line dancing, classic rock, and darts. You can follow him on Twitter – his handle is @AveryKerr22|