Good news for retirees: Canada is the fifth-best place to grow old in

It is no secret that Canada’s population is aging. In fact, for the first time ever, there are more people over the age of 65 than under the age of 15.

CBC News says that according to a recent Statistics Canada report, “there were 5,780,900 Canadians 65 and older on July 1 [2015]. That compares to an under-15 population of 5,749,400. In percentage terms, 16.1 per cent of Canadians were in the 65-and-over group in July, with under-15s accounting for just 16 per cent of the population.”

This means that more than one in six Canadians are 65 or older. How well equipped is Canada to handle the aging population?

Canada is the fifth-best place to grow old in

According to the Global AgeWatch index compiled by HelpAge International, Canada is ranked as the fifth-best place in the world to grow old in. This is good news for our aging population.

The index factored in things like health and income status, education, employment rate and enabling environment to determine the best and worst countries to grow old in.

How Canada compares

Of the four main comparison points, Canada ranks in the top 10 for each one. Here are the results:

• Income security: Ranked 10th (score of 82.9/100), with 97.7% of people over 65 receiving a pension
• Health status: Ranked fourth (score of 80.3/100)
• Capability: Ranked 10th (score of 61.2/100), with a 60.5% employment rate and an 84.5% education attainment rate among older people
• Enabling societies and environment: Ranked ninth (score of 78.9/100), with 93% of people feeling they are satisfied with their freedom of choice

As summarized on EverythingZoomer.com:

• There are 8 million Canadians over the age of 60
• In 2014, people over 60 made up 22.3 per cent of the population. This will increase to 29.4 per cent in 2030 and 32.5 per cent in 2050
• A 60-year old Canadian can expect to live 25 more years
• A 60-year old Canadian can expect to live in good health for an average of 18.3 years

Top 10 places for growing old in

Here are the best 10 places for people to grow old in worldwide:

1. Switzerland
2. Norway
3. Sweden
4. Germany
5. Canada
6. Netherlands
7. Iceland
8. Japan
9. United States
10. United Kingdom

To maintain our high score in health status, it’s important for Canadians to have access to affordable health care. If you want to learn more about how private health insurance can help offset the costs OHIP doesn’t cover, get a free health insurance quote today.