Current:Home > Contact-usHere's the top country for retirement. Hint: it's not the U.S.-LoTradeCoin
Here's the top country for retirement. Hint: it's not the U.S.
View Date:2024-12-24 00:17:47
The U.S. might get a lot of things right as a country, but retirement is far from one of them, a new global ranking of retirement security suggests.
The top nation for retirement security is Norway, followed by Switzerland and Iceland, according to the new study from Natixis Investment Managers. The U.S. slipped two places in this year's analysis, from No. 18 in 2022 to No. 20 on this year's ranking of 44 nations.
The reasons for America's middling standing when it comes to retirement security come down to the nation's high inflation and rising government indebtedness, as well as lowered life expectancy, which has declined due to COVID and rising overdose and gun-related deaths.
Hoping for a miracle
At the same time, more Americans are expressing increased anxiety about retirement, with Natixis finding that 47% said it would "take a miracle" for them to achieve retirement security, up 6 percentage points from 2021.
"The big thing has been inflation, and even though it's come under control more in the past six months, eight months, people have a bit of post traumatic stress from it," Dave Goodsell, head of the Natixis Center for Investor Insights, told CBS MoneyWatch.
He added, "A good example is the number of people who said it would take a miracle to retire. Part of that is feeling the pressure of higher prices."
Notably, these feelings of stress are coming from a survey group of affluent, individual investors with at least $100,000 in investable assets, while roughly half of Americans have nothing saved for retirement.
Almost half of those surveyed by Natixis said they believe they'll have to make tough choices in their later years, with one-third believing they'll need to work in retirement and about a quarter expecting they'll have to sell their home.
"The simple truth is you don't need a miracle — you need a plan," Goodsell said. "You really need to step back and see what you can possibly do to increase your odds of success."
"Standout performer"
The global index of retirement security ranks nations based on four areas: health, quality of life, finances in retirement and material well-being.
"Countries in the top 10 overall tend to be good all-rounders," the Natixis analysis found.
Norway, which the firm called a "standout performer," ranked first in health and fourth in quality of life. Life expectancy rose in Norway, in contrast the the U.S.' decline. The U.S. ranked 25th for health in the current survey, down from 17th in the prior year.
"If you look at the top performers, they tend to be smaller countries," Goodsell noted. "It's easier for a smaller country to get consensus on a lot of the issues, say, like health care," compared with larger countries like the U.S.
Below are the country rankings in the 2023 Natixis Investment Managers Global Retirement Index:
1. Norway
2. Switzerland
3. Iceland
4. Ireland
5. Luxembourg
6. Netherlands
7. Australia
8. New Zealand
9. Germany
10. Denmark
11. Austria
12. Canada
13. Finland
14. Sweden
15. Slovenia
16. United Kingdom
17. Israel
18. Czech Republic
19. Belgium
20. United States
21. Korea
22. Malta
23. France
24. Japan
25. Estonia
26. Singapore
27. Slovak Republic
28. Italy
29. Portugal
30. Cyprus
31. Poland
32. Lithuania
33. Hungary
34. Latvia
35. Chile
36. Greece
37. Spain
38. China
39. Russian Federation
40. Mexico
41. Colombia
42. Turkey
43. Brazil
44. India
veryGood! (773)
Related
- Early Black Friday Deals: 70% Off Apple, Dyson, Tarte, Barefoot Dreams, Le Creuset & More + Free Shipping
- As FEMA prepares for Hurricane Milton, it battles rumors surrounding Helene recovery
- Florida has nearly all ballots counted on Election Day, while California can take weeks. This is why
- Chrishell Stause and Paige DeSorbo Use These Teeth Whitening Strips: Score 35% Off on Prime Day
- Beyoncé's Grammy nominations in country categories aren't the first to blur genre lines
- What makes a storm a hurricane? The dangers across 5 categories
- Florida Panthers raise Stanley Cup banner, down Boston Bruins in opener
- How AP VoteCast works, and how it’s different from an exit poll
- Brianna LaPaglia Reacts to Rumors Dave Portnoy Paid Her $10 Million for a Zach Bryan Tell-All
- Rookie Drake Maye will be new starting quarterback for Patriots, per report
Ranking
- What’s the secret to growing strong, healthy nails?
- Save Up to 71% on Amazon Devices for October Prime Day 2024 -- $24 Fire Sticks, $74 Tablets & More
- You Might've Missed How Pregnant Brittany Mahomes Channeled Britney Spears for NFL Game
- Troy Landry from 'Swamp People' cited following alligator hunting bust: Reports
- Stop smartphone distractions by creating a focus mode: Video tutorial
- Trump calls Maine Gov. Janet Mills a man in a mistake-riddled call to supporters, newspaper reports
- How AP uses expected vote instead of ‘precincts reporting’ when determining a winner
- Yes, voter fraud happens. But it’s rare and election offices have safeguards to catch it
Recommendation
-
Fighting conspiracy theories with comedy? That’s what the Onion hopes after its purchase of Infowars
-
In final rule, EPA requires removal of all US lead pipes in a decade
-
Where to watch and stream 'It's the Great Pumpkin, Charlie Brown' this spooky season
-
Angel Dreamer Wealth Society: Insight into Market Trends, Mastering the Future of Wealth
-
Democratic state leaders prepare for a tougher time countering Trump in his second term
-
AIΩ QuantumLeap: Disrupting Traditional Investment Models, the Wealth Manager of the Intelligent Era
-
These Amazon Prime Day Sweaters Are Cute, Fall-Ready & Start at $19
-
Dream Builder Wealth Society: Charity First