This Might Be The Best Country For Retirement In 2024

Summary

• Norway ranks as the best country to retire in 2024, with a score of 83% due to its high life expectancy, significant investment in healthcare, and low unemployment rate.
• Norway also boasts a high quality of life, ranking second globally, with factors such as safety and environmental quality contributing to its score.
• Other reasons to retire in Norway include the English-speaking population, beautiful natural scenery, and a robust economy fueled by oil and gas.

One out of six Americans choose to retire abroad, with the high cost of living being the major cause of wanting to live outside the country. On average, the monthly living expenses for one person in the U.S. is $2,434, which makes it 2.38 times more expensive than the world average, and housing and healthcare services can be very pricey. While there are many incredible places to retire, financially conscious seniors often settle for some of the cheapest countries to live in around the world.

However, there are many other things to consider aside from finances. Wealth management company Natixis recently released the top countries for retirement based on four categories; health, quality of life, material well-being, and retirement finances. Here is the best country to retire in 2024, according to wealth management experts.

Norway Is The Best Country To Retire To In 2024

Overall score: 83

Some seniors dream of spending their sunset years in tropical destinations with plenty of pristine beaches right on their doorstep. However, for some people, quaint villages, breathtaking snowy landscapes, and endless views of fjords are enough to give them an enjoyable retirement.

Those retirees may want to consider the charming Scandinavian nation of Norway, especially now that it just ranked the best country to retire in 2024, with a score of 83%.

Thanks to its incredible improvement in life expectancy, which is now 83.3 years at birth, Norway ranks the highest. This makes it one of the countries on the globe with the highest life expectancy rates and was able to outscore countries like Canada, Austria, and the United States, where life expectancy has declined because of the 2020 COVID-19 pandemic.

For
health
, the study considered the healthcare expenditure per capita, life expectancy, and the average amount spent on healthcare services by uninsured citizens.

Another reason Norway is at the top is the large amount of investment the country puts in healthcare coverage. Norway spends 8.1% of its GDP on healthcare, making it one of the countries that spends the most on healthcare.

The entire population of 5.5 million people benefit from publicly-funded healthcare coverage, and in 2022, the Scandinavian nation spent a total of $47 billion or $8,637 per citizen.

The country also scored well in retirement finances, with its low unemployment rate of 3.8% contributing to its higher ranking.

To see which countries ranked better in
retirement finances
, the study used government debt, inflation, governance, taxes, interest rates, non-performing loans in banks, and the dependency rates of seniors.

The High Quality Of Life In Norway Makes It The Destination For Retirement

Quality of life index: 183

Based on several factors, Norway is ranked the second-best country in the world for quality of life. Some of the reasons for its high score include safety and environmental quality.

Norway is also the 6th happiest nation with a score of 7.392.

Happiness levels, air quality, water and sanitation, the environment, and biodiversity were used to determine the
quality of life
.

According to Numbeo, Norway has a quality life index of 184.25, based on purchasing power, safety, climate index, cost of living, average commute time, and pollution.

Other Reasons To Retire In Norway

Lack of communication barrier, beautiful scenery, and a robust economy also make Norway a perfect country to retire in 2024

Apart from Norway’s high quality of life score, retirement finances, material well-being, and health, there are many reasons to choose this Scandinavian destination for retirement:

• Many of the locals speak English. The majority of the Norwegian population speaks English, and seniors will enjoy interacting with them in the language that students learn in school. While English is widely spoken in Norway, it is wise to learn a bit of the local language as it’s used in many settings.
• Beautiful natural scenery. Comprised of majestic peaks, fjords, glaciers, and waterfalls, Norway boasts some of the most breathtaking landscapes.
• A robust economy. Norway is one of the richest countries with oil and gas contributing 20% to its strong economy.

Material well-being
scores were found by putting together the per capita income, income equality, and employment rates in each location.

Best Places To Retire In Norway

Stavanger, Bergen, and Oslo are some of the best places to retire in Norway

Norway is brimming with beautiful places to visit, but where to retire depends on the experiences one wants to have after retirement.

Stavanger’s vibrant streets, coastal views, and multiple natural attractions make it a great place to retire. The city also boasts a world-class healthcare system and an incredible culinary scene with plenty of opportunities to explore fresh seafood.

Bergen makes a great choice, thanks to its amazing blend of breathtaking natural beauty, rich cultural scene, and a high standard of living.

Oslo, one of the most expensive cities in Europe for foodies, is another wonderful option to consider. The Norwegian capital has a spectacular natural beauty, vibrant culture, and a high quality of life that make it great for retirees.

Seniors will also find plenty of things to do in Oslo, including experiencing royalty in the Royal Palace and seeing the Medieval Castle at Akershus Fortress.

Even without the wealth management experts’ global retirement index report, Norway is one of the best countries to retire in 2024, with so many advantages for seniors looking to spend their sunset years in Europe.