Review of Forbes’ Top 10 Overseas Retirement Destinations Part 1

Forbes drew on the research of leading institutions and bodies around the world to compile their list of what are theoretically the 10 best places to retire abroad.  For example, they used the research and findings from the likes of Mercer and FutureBrand and came up with a ranking system to determine where in the world are safe, welcoming, accessible retirement havens offering a high quality of life.

The top ten list includes many typical favourites from Australia to Canada, from France to Spain and from Panama to Italy.  However, there are a couple of unusual entries in the form of Thailand and Austria that have surprised a few would-be retirees who have been researching their options and alternatives, so we thought we should perhaps provide a review of Forbes’ top 10 overseas retirement destinations so that you can see what’s so good about each choice.

Additionally, in the spirit of fair and balanced journalism, we’re going to present the good, the bad and the ugly about each nation in turn as well, allowing a would-be retiree thinking of moving abroad and looking for the best place to live to understand which elements of a new life in a given nation they will enjoy, and which they may have to endure!  This is part one covering Australia, Austria, Canada, France and Ireland…and in part two we will examine Italy, Malaysia, Panama, Spain and Thailand.

Retire Abroad to Australia

Australia always ranks highly when it comes to quality of life indexes because the nation has got it so right on so many fundamental levels.  Naturally blessed with stunning weather for the most part, and also enhanced by a stunning landscape and a varied and unusual eco system, Australia is fascinating and appeals to many.  Plus points for British or American retirees are that the language spoken ‘down under’ is English, and there is a great familiarity in terms of base culture and social systems for example.

Australians seem to have a fairly good work/life balance, and the nation has a balanced political and economic position on the world stage meaning that you’re unlikely to encounter any large upheavals in life.  The nation ranks well in affordability terms on many international scales and indexes, however property in Australia is expensive – and in the larger urban areas it is prohibitively so.

Other negative issues against Australia include the fact that it is expensive to fly to from the States or Europe and the flying time is long.  There are probably more deadly breeds of insect, reptile and animal in Australia than anywhere else in the world, the interior of the nation is barren and inhospitable, affordable real estate is often badly constructed by Western standards with tin roofs being common, and finally – there is little in the way of culture in the average Australian town!

Considering Austria for Retirement Abroad

With its inclusion in the Forbes Top 10 Retirement Destination’s list, Austria has probably had its very first outing as a contender for a good place to live abroad in retirement!  Whilst people may have heard of the likes of Vienna and Salzburg as places of cultural interest to visit on a European tour, few will ever have considered moving to this German-speaking nation permanently.  For a start there’s the language barrier – although German is not necessarily considered as difficult a language to learn as French or Portuguese for example, and most educated Austrians speak at least a basic degree of English anyway.

The nation is certainly geographically stunning – with lakes, forests, mountains and fabulous architecture aplenty, it is a charming place to consider.  Again, economically, politically and socially it’s very well balanced, there is no high crime and the standard of living is very high.  Austrian real estate is affordable away from the main urban areas, the cost of living is relatively affordable – although not cheap – but the main downside is the level of bureaucracy you will encounter if you move there.  Coupled with this, Austrians are quite reserved and are certainly not as friendly as their German counterparts for example.

You can well consider Austria if you want to live privately in retirement though, as you may find it takes an exceptionally long time to make any friends locally, and even when you do you will struggle to have a meeting of minds on any level – Austrians are quite unique!

Retiring Abroad in Canada

Canada has a well-deserved place in the top 3 in Forbes’ list in our opinion because it strikes a very healthy balance between what are important elements when you relocate abroad.  For example, immigration is restricted meaning that your suitability for the nation is actually reviewed for you before you’re allowed in!!!  Additionally the standard of living in Canada is quite high whilst the cost of living is affordable.  There are many stunning areas of the nation to explore – and Canada has great cities with so much going on on the social and cultural scene that you will find plenty to do.

Real estate can be affordable if you search out a bargain in suburbs and smaller towns – recreational activities are plentiful – and if you like snow and the winter, then Canada has it all going for you!  English is the main language, except in Quebec of course, so this can make it easy to fit in.  Medical care is affordable, retirees from abroad are welcome and the only real downside to Canada is that it gets incredibly, death defyingly cold.

France for Your Overseas Retirement

For Brits, France is an evergreen retirement destination – it’s so close geographically speaking, and yet so ‘foreign’ that it really is living abroad!  In terms of art, culture, geography, architecture, cuisine and quality of life you can barely beat it.  Whether you want the majesty of the Alps or you’re after Mediterranean living, you like castles or prefer a bustling city, France has it all.  It is a vast, stunning, fascinating and welcoming nation where you can even pick the pace of life you’d like to lead!  In Paris it’s bustling, in Brittany it’s laid back, on the Med it’s laid back but fairly affected and in rural France it is so slow as to be positively sleepy.

On the downside you have the language barrier and that fact that yes, if you do decide that rural living is for you, you may well find that actually, life is dull to the point of terminal boredom, (don’t say you weren’t warned).  The French can come across as superficially charming but difficult to get to know on a much deeper level as they hold themselves aloof from you – bureaucracy is also a pain in France.

Moving to Ireland in Retirement

For those who don’t want to move too far, what about Ireland – it has a different government and economy, yet you are so geographically and culturally close to the UK it’s a very easy place to call home.  The Irish are famous for their welcome, although there are those who still resent mainland Britons quite openly.  In terms of the transition into a new life in Ireland however, as everything is pretty much ‘done the same way,’ it is easy.

The Irish economy is seemingly suffering and stalling worse than the British – on the one hand this is positive as it’s forcing a more realistic price rebalance that’s bringing property prices back in reach of the ‘normal’ person.  However, on the other hand it’s proving an issue as rising unemployment makes life for the average person hard.  Further negative issues include the amount of alcohol you have to drink to fit in in Ireland and the cost of property still in Dublin!

This concludes our review of the first five of Forbes’ top 10 retirement hotspots abroad…as you can see so far, each nation chosen has a lot of positives in its favour – but you have to be aware of the downsides too before you move, otherwise you risk facing disappointment and having your dreams for your new life abroad dashed.