Living a carefree retirement is under threat as political uncertainty, financial instability and the pressures of an aging population weigh on pensions.
New research highlights the problems for workers giving up work and pinpoints the best countries where they can enjoy retirement.
The report, by investment managers Natixis, cites an aging global population as perhaps the greatest challenge.
“We live in a world of 7 billion people where the average life expectancy is 72 years today and may be as much as 100 for those born in the year 2000. But it is critical to recognize that aging demographics are not the only challenge,” says the 2018 Global Retirement Index.
“Retirement security also depends on how society addresses critical questions about income and wealth inequality, affordable and accessible healthcare, environmental quality and safety, and the long-term stability of financial systems around the world.
How your country ranks
“If we are to look to a future when over 25% of the population of OECD countries1 and 17% of the total global population will be over age 65 by 2050, we must view global retirement security as a multi-dimensional problem at the leading edge of human sustainability.”
The report also points out that low returns on investments give retirees less money to live on, which means they must work longer to build enough savings to finance their later years or risk their savings on high-yield investments that have a greater chance of failing.
The report looks at 43 countries and ranks them from scoring finances, well-being, quality of life and health care.
Switzerland tops the list, followed by Scandinavian nations Iceland, Norway and Sweden. India props up the table closely followed by Brazil, Greece and China. The remaining BRICS emerging economy of Russia is also near the bottom – taking 38thplace.
The survey ignored nations in Africa and the Middle East.
Best countries for retirement
The top 25 ranking with scoring is:
Source Global Retirement Index 2018