Are you contemplating a return to Aotearoa after years of working and living abroad? Perhaps you’ve always envisioned retiring in New Zealand but are unsure if it’s the right place. According to the latest ranking from U.S. News and World Report, the list identified the top countries for a comfortable retirement, drawing on an international survey of nearly 17,000 participants, including a specific group of 5,900 individuals aged 45 and older.
Aotearoa has ascended to the second-best country in the world for retirement since its home to numerous stunning natural beauty from mountains to beaches. Another factor is that the country has vibrant retiree-friendly communities and the straightforward migration process makes it easier for retirees to relocate to the country. Switzerland claims the top spot, followed by Portugal, Australia, and Spain.
New Zealand moved up two spots from last year, and this significant rise in ranking reflects improvements in various aspects of life, such as quality of living, healthcare, and financial security for retirees. The country stands out for its high standards of public healthcare, reasonable living costs, and a strong emphasis on safety, making it an inviting place for those looking to retire.
According to Numbeo, New Zealand’s cost of living is, on average, 5.5% lower than that of the United States, with rental costs being 36.2% lower on average. SmartAsset reports that residents of New Zealand have access to subsidised or free healthcare.
While currently, younger generation of Kiwis are exploring opportunities abroad, many are choosing to return home to relish their golden years. They are drawn back by the rich culture and diverse travel options available. A study from Massey University indicates that lifestyle preferences, access to healthcare, and strong community ties are key factors encouraging these returnees.
Statistics New Zealand reveals a notable trend of Kiwis coming back home after time spent abroad. Recent figures show that in the year ending April 2024, there was a net migration loss of over 56,500 citizens, with many heading to Australia, but a significant number are also returning to their roots.
One appealing aspect for retirees is the opportunity to continue working in New Zealand, provided health conditions allow it. For business leaders planning to retire but wishing to remain involved in their sectors, such as retail or hospitality, this country provides a nurturing environment to stay active and engaged.
Many factors contribute to the growing attractiveness of New Zealand for retirees. The economic growth, and retirement visa processes are becoming more accessible. Rural areas such as Whangārei and Coromandel provide affordable housing, perfect for those who appreciate nature and a tranquil lifestyle.
The 2024 Global Retirement Index, which assesses financial factors such as inflation and pension systems, highlights that New Zealand is becoming more competitive in these areas compared to numerous other countries.
According to an analysis by the Westpac Massey Fin-Ed Centre, seniors living in urban areas can maintain a comfortable standard of living at about NZD 809 per week for a two-person household. In rural locations, this is achievable for approximately NZD 602 weekly. Many retirees in New Zealand enjoy a quality of life that is commendable on the global stage.
For Kiwi business owners considering retirement, there is a wonderful opportunity to experience a rewarding lifestyle. Most retirees depend on the pension, provided they have contributed to New Zealand Superannuation and KiwiSaver, alongside having personal savings and a solid retirement plan.
New Zealand’s improved retirement ranking may lead to positive shifts in the domestic economy. Increased interest from international retirees could create a demand for services tailored to older adults.
The growth in the retiree demographic presents new opportunities for business, from healthcare initiatives to property development, making it an exciting time for business leaders. This ranking highlights the significance of adapting to a more retiree-focused market in the coming years, ensuring that businesses remain well-prepared for future developments.
