As you plan for retirement, you think about where you will go to relax and enjoy your golden years. Still, it’s important to think about the cost of living in your destination of choice. Some cities might look affordable at the first sight, but the real cost of life, healthcare, housing and other expenses can quickly grow out of your pockets.
If you’re thinking about retiring right now or thinking later on, having economic information of your intended country will help you plan ahead. Below are 15 of the most expensive cities to retire in that you may not have heard of.
Paris, France
While Paris is often so romanticized as the perfect retirement destination, it is actually quite expensive. Rent and everyday necessities in central Paris is steep, as are costs of living. France’s healthcare is one of the best in the world, but it’s not cheap, and if you’re retired, you may not qualify for some discounts and coverage.
Zurich, Switzerland
The Swiss are famous for living in luxury in an idyllic kind of landscape in which all live in exquisite quality of life. All of these qualities are present in Zurich, the country’s financial hub, at a steep price. Zurich housing is very expensive and the price of food, transportation and health care will eat away at a retirement budget.
Tokyo, Japan
Tokyo is an exciting and vibrant city , having a mixture of tradition and moderns. The cost of living can be surprisingly high—especially when it comes to housing. Healthcare in Japan is of excellent quality, it’s definitely something retirees should look into further, though such retirees should also be considering how much insurance and other medical expenses will eat into their savings that aren’t fully covered by the public system.
Los Angeles, USA
Retirees have an exciting lifestyle in Los Angeles because of its perfect weather, culture and proximity to beaches. But it’s also a very expensive place to live in. Housing can be very expensive. The prices are steep partly because the city is so massive and there is such a demand for real estate.
Vancouver, Canada
Vancouver is often named one of the most beautiful cities in the world, but that beauty comes at a price. Some of the highest real estate prices in Canada can make it tough to find affordable housing for retirees in the city. Utilities, groceries and transportation cost more than the average as well. Vancouver has a great quality of life and great views, but retirees will have to pay through the nose for it.
New York City, USA
If you want excitement and opportunity, you can’t beat New York City. Retirees are attracted to the cultural amenities, world class healthcare and endless entertainment, but the cost of living here is among the highest in the nation. It can be hard to save money while you’re still working. Rent, utilities, groceries, and even dining out take a big bite out of your retirement savings. Plus, property taxes and healthcare costs can get expensive in a hurry, making it a city that isn’t quite as cheap as it seems.
San Francisco, USA
San Francisco is a place with beautiful scenery, a tech industry and close to the Bay Area’s natural wonders. But it’s also one of the most expensive places in the world to live and especially to live in housing. The cost of living can be staggering, whether you’re looking to rent or buy.
London, United Kingdom
Many may have London and its rich history, cultural diversity and world renowned medical facilities as their dream destination. But living in London is expensive and can be a real shock for retirees on a fixed income. Transportation and utilities are more expensive in the city than in most other UK areas and housing can was notoriously expensive. Retirees may find themselves spending their savings more rapidly than anticipated on the lure of city museums, theatres and parks.
Sydney, Australia
Stunning beaches, a high standard of living and beautiful Sydney’s vibrant arts scene make it often ranked as one of the most livable cities in the world, but that high standard comes with a high price. Housing in Sydney is one of the most expensive in Australia, and healthcare, transportation and everyday goods are expensive too. Millions of tourists and retirees, however, often drive prices to unaffordable levels for those on a fixed retirement budget to settle down comfortably.
Copenhagen, Denmark
Copenhagen is a city with clean streets, friendly locals and a high standard of living. But that comes at a cost. While Denmark provides great public services and healthcare, housing is expensive, especially in the city center, and day to day living is still expensive. Essentially, retiring can become a tiring test to your financial savvy as dining out, entertainment and general goods become costly and make it difficult to operate on a tight budget.
Dubai, United Arab Emirates
Dubai has a reputation for its luxury lifestyle, tax free income and beautiful architecture. But, living in this glamorous city can be expensive for retirees with less income potential than the city’s wealthy residents. Rent prices rise steadily and housing costs are high, and food and utilities can be much more expensive than elsewhere in the world. Like all of Dubai’s healthcare, the quality of the facilities is good but private insurance and the cost of medical services can soon mount up.
Munich, Germany
Munich is famed for its stellar quality of life, its beautiful parks and its cultural history, but it comes with a premium price tag. Munich is notorious for expensive housing and Germany has an excellent healthcare system, but retirees may find that their healthcare costs are on the rise depending on how things stand with their insurance.
Barcelona, Spain
Spain’s famous city of Barcelona is very popular for its gorgeous architectural sights, as a very warm Mediterranean climate, and artistic flair. Though Spain is less expensive than most other European countries to live in, Barcelona isn’t. Housing is expensive, especially in the city centre, and healthcare costs are rising. Retirees will find it increasingly difficult to live comfortably without draining their savings.
Singapore
Singapore is famous for its cleanliness, safety and first class healthcare, which makes it a favorite spot for retirees. But, housing in particular is a shock to the system. It’s expensive to rent or buy property, eat out, commute, and buy groceries. Healthcare is top notch, but it’s expensive, so retirees need to plan carefully to make sure their retirement fund lasts.
Hong Kong, China
Alongside being one of the most dynamic cities in Asia, Hong Kong brings to the table of fascinatingly unusual mix of East and West. Hong Kong is one of the most expensive cities in the world to live in, with housing costs in the realm of the impossible, and the city notorious for its high living expenses in general.
Disclaimer: This list is solely the author’s opinion based on research and publicly available information.
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