Retirement: Canada 6th most expensive country

 

In Canada, where the high cost of living is fueling the crisis, retirement is also taking its toll. The survey reports that the majority of Canadians will not be able to enjoy retirement without enough cash. A study released by Sambla, a loan and mortgage comparison site based in Sweden, reviewed the cost of retirement in different countries. Out of these twenty countries, Canada is ranked sixth in the top ten.

The report has been prepared by comparing the retirement age and average life expectancy of each country. Calculates how much money an average citizen needs to retire in the country. The report found that the cost of living in Canada without rent is about 1,145 Canadian dollars. The country's retirement age is 60 and the average life expectancy is 83, so a Canadian citizen would need to earn about 316,332 Canadian dollars to retire, according to the report. Switzerland leads the way in retirement spending. South Korea is at the bottom of the list.