• Norway reclaims the top spot in this year’s GRI with a score of 83%, overtaking Switzerland which led the rankings last year
• Singapore makes the biggest leap this year, climbing 12 places from 25^th to 13^th while Denmark makes the most notable rise in the top ten, jumping from 9^th to 5^th
• The United States climbs one spot this year to 21^st, while Canada sees the steepest declines, dropping from 13^th to 20^th
• When asked about their concerns regarding retirement security, 40% of investors say they worry they won’t have enough money saved to enjoy their retirement
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9 September 2025 – Retirement security globally remains challenged, as a complicated economic environment, persistent inflation and aging populations continue to weigh on retirement preparedness, according to Natixis Investment Managers’ 2025 Global Retirement Index (GRI).

With some significant movement in country rankings, the annual index, released today, shows the advantage smaller countries have when it comes to retirement, with only one large, developed country, Germany (8^th), breaking into the top ten. This appears to result from the ability of smaller nations to reach greater consensus on key issues that affect retirees. 

In this year’s index, Norway claims the top spot with an overall score of 83%, displacing last year’s leader, Switzerland (81%) that now comes in 3^rd behind Ireland (82%). Denmark makes the most notable top ten jump, climbing from 9^th to 5^th and Slovenia enters the top ten for the first time, while New Zealand falls just outside in 12^th. For the first time in five years, two new countries have entered the top 25, The Slovak Republic (24^th) and Cyprus (25^th), displacing Japan and France that have continued to see their rankings decline over the past few years.

Commenting on this year’s results, Andrew Benton, Head of Northern Europe at Natixis IM said: Pressures on retirement across the globe are undeniable, and the results of the index underscore the importance of proactive planning across all areas to safeguard the future of retirees. Governments around the world are already responding to these challenges by deploying various measures to shore up pension systems, offer greater choice, and provide strong consumer protections. However, retirement security is a shared responsibility and individuals, governments, financial service providers and employers all have a role to play.”

The key to attaining a top ten ranking this year comes down to consistency across the sub-indices. Among the overall top ten countries, seven secure top ten finishes in Material Wellbeing and Quality of Life. However, as inflation, rising debt and low interest rates continue to disrupt long-term outcomes, just three countries (Ireland, Switzerland and Australia) finish in the top ten in Finances in Retirement.

Created in collaboration with CoreData Research, the GRI offers a comprehensive view of what it takes to enjoy a healthy and secure retirement. Beyond finances, it assesses factors such as healthcare access and cost, climate, governance, and overall population well-being. Rankings are relative, based on 18 performance measures across four sub-indices, Finances in Retirement, Material Wellbeing, Health, and Quality of Life, scored from 0% to 100%, which together provide a full picture of the retirement environment in each country.

A Global View of the 2025 Index

• Norway takes top spot this year, having featured in the top 3 since 2012. Its leading position is driven by strong performance in income inequality and happiness indicators.
• Ireland rises two places to 2^nd in the GRI rankings, its strongest performance to date, having recorded gains in three sub-indexes, while remaining 1^st in Finance. The most marked improvement comes in the unemployment indicator, as economic growth continues to fuel a strong labour market.
• Germany is the only large, developed country within the top 10, ranking 8th, led by strong performance in Health and Quality of Life.
• Singapore makes the biggest leap in this year’s rankings, climbing to 13^th from 25^th in 2024, a remarkable 12-place jump, largely due to a dramatic improvement in Material Wellbeing.
• France drops out of the top 25 altogether, slipping three places to 27^th with an overall score of 65%.
• Canada records the steepest declines, falling seven spots from 13^th to 20^th with scores decreasing across three of the four sub-indices, most notably in Health.
• New Zealand falls out of the top ten to 12^th following a four-point drop, while Luxembourg remains in the top ten but slips from sixth to ninth, even as it continues to lead the Health sub-index.
• The United Kingdom holds steady in 14^th place, though its overall score fell by two points due to losses in Material Wellbeing and Finances in Retirement.

Individuals feel the pressure on retirement security

Regardless of where home countries may rank, individuals are finding that retirement security can be an elusive goal in 2025. Burdened by persistent inflation, a more complicated economic environment, and rising public debt levels, 43% of individual investors say it will take a miracle to achieve retirement security.

Key Risks to Retirement Security in 2025

1. Inflation: Sticky inflation continues to erode retirement savings. According to the 2025 Natixis Survey of Individual Investors, 66% of investors report saving less due to higher everyday costs, 69% say it has reduced the future value of their retirement funds, and 38% say inflation is “killing” their retirement dreams.
2. Savings Responsibility: Inflation concerns cut deep but so do fears of failure, as 25% worry they’ll never save enough for retirement. 78% of investors acknowledge that funding retirement increasingly falls on their shoulders and many are unprepared. Savings goals remain too low and planning assumptions often fail to align with the income needed to last 25 to 30 years in retirement.
3. Pension Pressure: Rising public debt and aging populations are straining national retirement systems. One-third of investors globally worry that government benefits may be cut, reflecting concerns about the impact of tough policy decisions on their personal income.
4. Population Aging: Longer lifespans and aging populations are creating an increasing problem of old age dependency. In OECD countries, the median ratio of people aged 65+ to working-age adults is projected to rise from 32.5% in 2024 to 59.3% by 2050.

David Goodsell, Executive Director, Centre for Investor Insight said: “The GRI survey is now in its 13^th year and the fear of failing to achieve retirement security is palpable in 2025, as investors contemplate how personal finances, demographics, economics, and public policy concerns have converged, making it harder than ever to answer the biggest question about life after work: “How much do I need to retire?”

To view and download a full copy of the report, visit here