With an overall score of 81%, Norway comes in at number one as the most retirement-friendly country on the list. Norway is at the top of this year's ranking for several reasons.
More often than not, retirees will find the most affordable and sunniest retirement destinations in the southernmost state of the continental U.S. — Florida.
Gold Coast is one of the cheapest places to live in Australia (89th globally). It is known for its high-standard education and academia and its budget-friendly living. International students will find the Gold Coast the perfect combination of study and social life, with its magnificent beaches and nightlife.
The most popular retiree destinations for Australians include New Zealand, Italy, Greece and Spain.
Australia has long been a popular retirement destination for the 'Poms'. In fact, the country is such a draw for pensioners that there are currently over 230,000 British expats claiming their state pension there.
Panama. Named to the top spot of "Best Places to Retire in 2022" on International Living's Annual Global Retirement Index, Panama has become a popular retirement destination.
The cheapest places to live have a low cost of living in a number of areas, including housing, groceries and transportation. Mississippi has the overall lowest cost of living of any state. Kalamazoo, Michigan, has the lowest cost of living for any city in the U.S.
According to Numbeo, a website that collects pricing data from citizens, the average cost of living in Australia is slightly higher than in the United States. While cities like Melbourne and Sydney may not be the cheapest places to live, they are still less expensive than living in a city like New York.
Ecuador. If you're looking for a country where you can retire outside the US comfortably with $800 per month and experience one of the most ecologically diverse places in the world, then Ecuador might be for you. The go-to city for US retirees in Ecuador is Cuenca, which also happens to be a UNESCO World Heritage site.
According to the Association of Superannuation Funds of Australia's Retirement Standard, to have a 'comfortable' retirement, a couple who own their own home will need an income of about $67,000. A single person will need an annual income of more than $47,000.
The ASFA Retirement Standard Explainer says a comfortable retirement lifestyle would need $640,000 in super for a couple, or $545,000 for a single person.
If your payments can continue while you're outside Australia and you intend to be away for: less than 12 months, we'll continue to pay you every 2 weeks into your Australian bank account. more than 12 months, we'll pay you every 4 weeks into your Australian or overseas bank account.
If you intend to move overseas for six months (183 days) or more in any twelve month period, you must notify the Australian Taxation Office (ATO). From the date of leaving Australia you must do this within 7 days. Update your contact details via myGov. If you already live overseas, you must notify the ATO.
Among Australia's states and territories, Tasmania stands out as clearly the oldest, with over 20% aged 65+ and 8.4% aged 75+. The Northern Territory is the youngest, with only 8.0% aged 65+, partly due to the large indigenous population, which has a lower life expectancy.
Caloundra on Queensland's Sunshine Coast has been a popular retirement destination for decades. With Brisbane being accessible by a short drive, and year-round sunny weather, it's not hard to see why.