The US has slipped down the global ranks and is not even one of the top ten countries to retire, according to a study from Paris-based Natixis Investment Managers.
Despite improving employment and high per capita income, the United States dropped to number 18 among developed nations on the 2019 Global Retirement Index.
Natixis rated countries by life expectancy, retirement finances, quality of life, and "material well-being," which includes factors like income and unemployment rates.
Meeting the needs of today's retirees while preserving retirement security for future generations continues to be one of the most pressing challenges for economies around the globe"
Western Europe continues to lead as a region, with 15 countries finishing in the top 25 for the third year in a row. Among them, the Nordic countries led the way, with 4 in the top 10, including Iceland and Switzerland(1), Norway (3), Sweden (6) and Denmark (7).
Sitting near the bottom of the list is the US, which earned a global retirement index of 72% - same as the United Kingdom. The US scored highest in the health index column (86%), but its 58% material well-being score was the lowest of the bunch. The US posted lackluster scores in retirement financing (71%) and quality of life (76%).
Singapore emerged the global top scorer in retirement finances this year, although it performed poorly for retirees' quality of life and material wellbeing. In the overall ranking, the city-state remained at 28th place out of 44 countries surveyed.
Among Asian countries, India jumped to 27th place for retirement finances from 36th place last year, thanks to better rankings in governance, interest rates and inflation. China also made progress with a double-digit climb in the inflation indicator.
"Meeting the needs of today's retirees while preserving retirement security for future generations continues to be one of the most pressing challenges for economies around the globe," said Jean Raby, CEO at Natixis Investment Managers. "We created the Natixis Global Retirement Index to help facilitate a candid conversation about what steps need to be taken to ensure retirement security on a global scale."