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The top 10 countries for a comfortable retirement

Noah Sheidlower   

The top 10 countries for a comfortable retirement
Geneva, Switzerland.pawel.gaul/Getty Images
  • Switzerland is the best country to retire comfortably, according to U.S. News & World Report.
  • Portugal, Australia, and New Zealand also topped the list thanks to good healthcare and affordability.

Looking for a comfortable and scenic place to retire? Perhaps try the mountains and lakes of Switzerland.

Switzerland ranked at the top of U.S. News & World Report's Best Countries ranking both overall and for a comfortable retirement. Switzerland also topped lists for being "open for business," meaning most business-friendly, and for headquartering a corporation. Switzerland also topped last year's Best Countries ranking, which analyzes 87 countries on attributes including entrepreneurship and quality of life.

"Switzerland is not known necessarily as the most affordable country out there, and it's pretty expensive at least relative to its neighbors and other countries in Europe," Devon Haynie, an assistant managing editor at U.S. News & World Report, told Insider.

"But people are really a big fan of Switzerland," she said, noting Switzerland ranked as the most economically stable, safest, and least corrupt country.

Portugal, Australia, and New Zealand also ranked high for the best countries for a comfortable retirement because of their healthcare programs, social security and pensions, and cost of living. The list was based on how people perceive countries' affordability, tax environment, friendliness, climate, and healthcare systems. The United States ranked 30th on the comfortable retirement list, while seven of the top 10 are in Europe.

The US ranked higher on the best countries to start a career, coming in third behind Germany and Canada. The US was fifth on the list of best countries to start a business, which was topped by India, Thailand, China, and Mexico. In the overall best country ranking, the US also came in fifth.

Here are the top 10 countries in the world for a comfortable retirement, according to the U.S. News & World Report ranking:

10. Denmark

10. Denmark
Copenhagen.      Scott E Barbour/Getty Images

Denmark provides full social security benefits to people who've lived in the country for at least 40 years between the ages of 15 and 65. Those who've lived there for fewer than 40 years receive 1/40 of the full amount for each year of residency between 15 and 65. Denmark does not have a retirement visa, and it requires a long-term visa for stays over three months. Denmark does have a strong social safety net and a universal, decentralized healthcare system.

9. Greece

9. Greece
Santorini.      Roman Sigaev/Shutterstock

Residents who have lived in Greece for 15 or more years receive a national old-age pension at age 67. Greece has cheaper healthcare than the US, though the country's still-recovering economy may pose some challenges if you're considering moving there for work before retiring.

8. Italy

8. Italy
The Colosseum in Rome.      Matteo Colombo/Getty Images

Italy has a contributory social security system in which employers and employees collectively contribute about 40% of gross compensation. Italy also has an Italian elective residence visa, which has an annual income requirement of about $35,000 for individuals. The country's housing costs are significantly lower than in the US and it has a strong healthcare system.

7. Sweden

7. Sweden
Stockholm.      K'Nub/Getty Images

Sweden has no official retirement age, and residents can apply for an income pension the month they turn 62. Americans must have a Schengen visa to retire in Sweden, which has a 33% lower cost of living than the US, August data from Numbeo found. All Swedish residents can access the country's public healthcare, often ranked as among the best in the world.

6. Canada

6. Canada
Ottawa.      Reuters

Old Age Security in Canada, funded by general tax revenues, provides seniors 65 or older with monthly payments depending on how long they've lived in Canada or certain other countries. Canada offers universal healthcare to citizens and permanent residents, with single-payer health insurance available to citizens throughout their lives.

5. Spain

5. Spain
Madrid.      Vicente Méndez/Getty Images

It's possible to retire in Spain for under $25,000 a year, SmartAsset reported, thanks to low property taxes and relatively inexpensive rents compared to the US. Spain has a public healthcare system, and for international retirees, Spain has a residence visa that doesn't permit holders to work in the country. Spain's minimum age for receiving a pension is 65.

4. New Zealand

4. New Zealand
Auckland.      Scott E Barbour/Getty Images

New Zealand has no official retirement age, though it provides a flat-rate public pension to residents 65 or older who've lived in New Zealand for 10 years since the age of 20 or five years since the age of 50. Though New Zealand's cost of living is comparable to the US, the country offers a temporary retirement visitor visa, which requires people to be at least 66 and maintain a certain minimum investment in New Zealand, and a parent retirement resident visa with considerably higher financial requirements. Residents also receive subsidized or free public healthcare.

3. Australia

3. Australia
Sydney.      zetter/Getty Images

Most Australian residents are eligible to receive a pension starting at age 67 after meeting residency rules, an income test, and an assets test. The country also has the Australian Retirement Trust, which handles over $240 billion in retirement savings, as well as an investor retirement visa for self-funded retirees with no dependents. Australia has universal healthcare, though many elect to use private health insurance.

2. Portugal

2. Portugal
Lisbon.      Alexander Spatari/Getty Images

The retirement age in Portugal is 66 years and seven months, though it is set to drop to 66 years and four months this year. Data from Numbeo found that Portugal's cost of living, excluding rent, is 29% lower than it is in the US, and the visa process for Americans is often considered simpler than those of other European Union countries. Portugal has free healthcare for residents and Americans who have lived in the country for five years and are permanent residents. The country also has golden visas that can be obtained by purchasing 500,000 euros worth of real estate or investing 500,000 euros in scientific research.

1. Switzerland

1. Switzerland
Zurich.      Allan Baxter/Getty Images

The retirement age in Switzerland is 65 for men and 64 for women, though it's possible to retire early by a year or two. The country has social security covering healthcare benefits and a three-pillar pension system including old-age, survivors, and invalidity insurance. Though Switzerland is one of the most expensive countries in the world, the Swiss healthcare system is considered among the best. Americans looking to retire in Switzerland can apply for a long-term type D visa.

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