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Global Retirement Index

About the index

No single factor determines retirement security. Achieving this critical goal requires balancing many competing needs: Interest rates matter for retirees as they look to annuitize savings, but access to healthcare can matter just as much. Employment is a significant factor in retirement as well, as it ultimately determines both how much revenue can be generated to support pay as you go public pensions and indicates the health of the economy in which retirees are living.

The Natixis Global Retirement Index is designed to help gauge in which countries factors like these are best aligned to ensure individuals can retire with dignity. Developed in cooperation with CoreData Research, it provides a comparative tool for measuring which countries are best positioned to attain retirement security.

Since its inception in 2012, the index has focused on 18 performance indicators across four key subindexes – Finances in Retirement, Health, Material Wellbeing, and Quality of Life – that factor into the lives of retirees.

Dive deeper into our Global Retirement Index

From top left to right, bottom left to right: quality of life, health, material wellbeing, finances

Top 10 countries

Images reads: 1 Norway, 2 Ireland, 3 Switzerland, 4 Iceland, 5 Denmark, 6 Netherlands, 7 Australia, 8 Germany, 9 Luxembourg, 10 Slovenia

In total, the index tracks the performance of 44 countries represented by Organization for Economic Cooperation and Development (OECD) members, International Monetary Fund (IMF) Advanced Economies, and BRIC countries (Brazil, Russia India, and China) to measure relative performance across the developed and developing world. All to provide policymakers with a comparative tool for evaluating retirement security.

Hospital icon - Performance by sub-index: Health

The Health sub-index is based on performance across three indicators: insured health expenditure, life expectancy and health expenditure per capita. Life expectancy is a key driver of overall performance in the sub-index.

Luxembourg remains at the top of the Health sub-index for the second year in a row, with Ireland jumping to claim second, up from fifth last year. Sweden slips one rank to third, while Norway remains in fourth. Switzerland rounds out the top five countries within the sub-index. The Health sub-index is based on performance across three indicators: insured health expenditure, life expectancy and health expenditure per capita. Life expectancy is a key driver of overall performance in the sub-index.

Ireland comes in second place following a notable increase in its life expectancy score, with its ranking climbing 11 places following an eight-percentage-point increase for this indicator. A stable fifth placement for the other two indicators drives its overall score up by two percentage points. Luxembourg keeps its spot at the top of the sub-index with a top score in insured health expenditure and an increase of four percentage points for life expectancy. Despite breaking into the top five for life expectancy, Sweden drops to third this year in the Health rankings, as a result of Ireland’s rise. Norway remains in fourth after a seven-ranking drop in life expectancy, contrasted with a rise of seven rankings in health expenditure per capita. Switzerland’s score remains unchanged, but the country falls two spots to fifth, underscoring the importance of continual progress to remain at the top.

Completing the top ten are Australia, France, the Netherlands, Japan, and the UK. Australia rises from seventh to sixth, following a one-percentage-point increase in its overall score due to an improved life expectancy score. France keeps its score and climbs two places up to seventh. Keeping its score consistent from last year, the Netherlands holds its place in eighth. Japan drops three places to ninth in the rankings, even though its overall score remains unchanged. This shift is due to a slight decline in health expenditure pr capita, combined with other countries improving their performance. The UK breaks into the top ten (tenth) with a three-percentage-point increase in its overall score, attributable to its life expectancy score rising by ten percentage points.

Germany, Denmark, New Zealand, Iceland, and Singapore occupy the spots from 11th to 15th in the Health sub-index. Germany ascends three rankings to claim 11th despite an unchanged score from last year, while Denmark holds its place in 12th, though its overall score also did not change. New Zealand jumps four rankings, landing in 13th, following a five-percentage-point increase in its life expectancy score. Iceland continues its downward trend, dropping to 14th from 11th last year after a decrease in life expectancy score, which sends its ranking within the indicator down seven places to 16th. Singapore also drops by two places following decreases in both the insured health expenditure and life expectancy indicators.

The next five countries down the table are Austria, Canada, Belgium, Cyprus, and Finland. Austria’s score remains unchanged but falls one spot to 16th this year. Canada sees a notable decrease in rank, down from tenth to 17th following a two-percentage-point drop in its insured health expenditure score and six-percentage-point drop in life expectancy score. Conversely, Cyprus makes a notable leap to 19th place, up from 26th last year, driven by improved scores across the board, particularly a 13-place jump in the insured health expenditure indicator. Both Finland and Belgium maintain their scores but drop one and two rankings, respectively.

Rounding out the top 25 are Spain, Italy, Slovenia, the United States, and Israel. Spain, Italy, and Israel remain largely unchanged in their scores, but each drop by at least one ranking within the sub-index. Slovenia climbs one spot to 23rd, following a one-percentage-point increase in its overall score. The United States shows notable progress, gaining three percentage points compared to last year, driven by an improved life expectancy score that lifts the country into the top 25.

Money icon - Performance by sub-index: Finances

Ireland, second in the GRI overall, holds the top spot in the Finances in Retirement sub-index for the second year in a row. The sub-index is based on performance across seven indicators: old-age dependency, bank nonperforming loans, inflation, interest rates, tax pressure, government indebtedness, and governance. 

Ireland’s continued success can be attributed to notable rises in its inflation, tax pressure, and bank nonperforming loans scores, along with strong performance in the government indebtedness, governance, and old-age dependency indicators. 

Switzerland maintains its position in second after increasing its score within the tax pressure and government indebtedness indicators, shifting its overall score up to 74%. Singapore rises one spot to claim third, following increases within the old-age dependency, inflation, and tax pressure indicators. South Korea also climbs a rank to finish fourth after steady scores across the board and improvements in its inflation and tax pressure indicator scores. Australia falls two places to fifth despite its overall score remaining unchanged (73%).

Completing the top ten countries for this sub-index are New Zealand, Lithuania, Chile, Estonia, and the United States. New Zealand sees its overall score increase by one percentage point and remains in sixth, while Estonia also remains in ninth place after a negligible change in its score from last year. Lithuania makes a sizable jump of four places to claim seventh following consistent scores across most indicators and a four-percentage-point rise in old-age dependency. Chile dips by one percentage point and falls one rank to eighth due to a drop-off in its inflation score. The United States finds a spot in the top ten following a one-percentage-point increase, which propels its rank up five places to tenth.

After the top ten, the next five countries in the Finances in Retirement sub-index are Canada, Israel, Iceland, Luxembourg, and the Czech Republic. A decrease of one percentage point in overall score nudges Canada out of the top ten, landing in 11th. Israel jumps two places into 12th despite a substantial drop in the inflation indicator, which was partly offset by a gain of nine percentage points in the tax pressure indicator. Iceland keeps its rank at 13th following a minor slip in overall score. Luxembourg sees a significant decline, dropping from eighth last year to 14th this year, due to an eight-percentage-point decrease in the bank nonperforming loans indicator. The Czech Republic jumps two places to round out the top 15 following a one-percentage-point increase in its overall score, thanks to gains across all indicators except for inflation and bank nonperforming loans.

From 16th to 20th place are Norway, Netherlands, Sweden, the United Kingdom, and Malta, respectively. Norway slips four places within the sub-index following a one-percentage-point decrease in its score, mainly due to  a substantial loss in the government indebtedness indicator. The Netherlands moves up by two spots to claim 17th on the back of a five-percentage-point increase in government indebtedness. Sweden slips two places, driven by a seven-percentage-point decline in bank nonperforming loans despite gaining 13 percentage points in inflation. The United Kingdom sees a minimal decrease in score and slips one spot to 18th, while Malta holds its score (65%) and ranking (20th) from last year.

Rounding out the top 25 countries for the Finances in Retirement sub-index are Latvia, Mexico, China, India, and Germany. China notably climbs six places to finish 23rd. Latvia and Mexico rise two and three rankings, respectively, while Germany and India slump by three places after small decreases to their scores.

Briefcase icon - Performance by sub-index: Material wellbeing

Norway overtakes the Czech Republic to top the Material Wellbeing sub-index, rising from sixth last year following an overall score increase of six percentage points to 86%. The Czech Republic slips down one place to second but has the same score as last year (83%). Slovenia also drops one spot in the rankings to third position with a static score. Meanwhile, Denmark stages an impressive improvement by flying 11 places up the table to fourth on the back of a 13-percentage-point score increase from 70% to 83%. The Netherlands completes the top five in the sub-index but drops two places down the rankings from third despite recording the same score as 2024 (82%).

The next five countries in the sub-index post a combination of gains and losses from 2024. Ireland lies in sixth place, rising three places up the rankings from last year with an improved score (81% vs. 77%). But Switzerland drops out of the top five by falling two spots to seventh with a marginally lower score. Meanwhile, Singapore is a standout success story, leaping 18 places up the sub-index table to eighth position and boosting its score from 56% to 79%. Powering its rise up the rankings is its income equality score, which increases by 31 percentage points from last year. Closing out the top ten is Germany (ninth) and Iceland (tenth), which drop two places and six places down the rankings, respectively. Losses in the unemployment indicator are the main drivers, with Iceland seeing a score decline of 21 percentage points and Germany’s score decreasing by ten percentage points.

The 11th to 15th rankings are held, respectively, by South Korea, Malta, the Slovak Republic, Japan, and Australia. Malta, which drops out of the top ten by declining two places to 12th, is the only country in this group to fall down in the rankings. Malta’s overall score decreases by two percentage points, driven by losses in income equality, where it plunges ten places to 30th. The Slovak Republic makes substantial progress, rising from 19th to 13th thanks to a perfect income equality score and improvements in the unemployment indicator. Meanwhile, South Korea and Australia both edge up one place from 12th and 16th, respectively. And Japan stays in 14th place, albeit with a marginally lower score.

Israel, Belgium, Austria, Hungary, and Russia complete the Material Wellbeing top 20. Belgium falls from 11th last year to 17th after posting decreases across all indicators and in particular, unemployment, where it drops seven percentage points. A reduced unemployment score also sees Austria post an overall score decline of three percentage points, pushing it five places down the rankings to 18th.

Hungary also loses ground, nudging down one place to 19th after registering marginal score declines in all indicators. Conversely, Israel and Russia move up the rankings by six places and five places, respectively. Russia, which finishes 20th in the sub-index, improves its overall score by six percentage points due to gains across the board. Most notably, Russia records a seven-percentage-point score increase in both the income per capita and unemployment indicators. Israel also improves markedly, increasing its score from 63% to 70% on the back of solid gains in the income equality and unemployment indicators.

Cyprus, Poland, Luxembourg, the United States, and New Zealand occupy the 21st to 25th positions, respectively, in the Material Wellbeing sub-index. Poland, Luxembourg and New Zealand all slide down the rankings – driven by declines in unemployment – while Cyprus climbs up the ladder and the United States stays steady. Poland loses the most ground, falling 14 places down the rankings and posting a 15-percentage-point score decline. In the unemployment indicator, Poland plunges from the top spot to 24th and sees its score tumble from 100% to 57%. Meanwhile, the United States retains its 24th rank despite its overall score decreasing by one percentage point. Cyprus makes the most progress in this group, rising six places up the table from 27th last year, owing to a substantial score gain of 21 percentage points in the unemployment indicator.

Leaf icon - Performance by sub-index: Quality of life

Finland takes the top spot in the Quality of Life sub-index, up from second in 2024 despite a decrease in score of one percentage point. The sub-index is based on performance across five indicators: air quality, biodiversity and habitat, environmental factors, happiness, and water and sanitation.

Finland’s leadership in the sub-index is driven by strong performance in happiness and water and sanitation, taking a top spot in both indicators, as well as air quality, where it ranks fourth. It also increases its score in the environmental factors indicator by two percentage points.

Norway follows Finland’s lead in second place, jumping from fourth in 2024. The country secures a top ten placement in all five indicators in the Quality of Life sub-index. Norway increases its score in the biodiversity and habitat indicator as well as in the environmental factors indicator. Iceland and Sweden rank in third and fourth, respectively, both with a score of 87%. Iceland improves its scores in air quality and biodiversity and habitat while Sweden improves in the environmental factors indicator. Denmark closes out the top five rankings for the Quality of Life sub-index, down from first in last year’s GRI. This follows decreases across all five indicators, mainly in the biodiversity and habitat indicator.

Closing out the top ten countries in the Quality of Life sub-index are Luxembourg, Switzerland, Ireland, Netherlands, and Germany. Luxembourg keeps its score from last year but jumps four spots in the Quality of Life sub-index, while Switzerland loses a spot down to seventh, with its score slipping from 83% to 80%. Ireland keeps its score but enters the top ten by rising four places to eighth, while the Netherlands drops three percentage points in score and slips from eighth to ninth. Germany also keeps its score of 78% and secures a spot in the top ten countries in the Quality of Life sub-index, up from 15th in 2024. Germany improves its score in the biodiversity and habitat, environmental factors, and water and sanitation indicators, securing the top spot in the latter with a perfect score.

After the top ten, the next five countries in the Quality of Life sub-index are the United Kingdom, Austria, Australia, Belgium, and New Zealand. The United Kingdom keeps its 11th place spot despite a two-percentage-point decrease, while Austria slips three rankings to 12th, losing three percentage points. Australia keeps its 13th place and loses three percentage points as well, while Belgium rises two spots but also loses two percentage points. New Zealand closes out the top 15 countries in the Quality of Life sub-index, falling from seventh place last year as it registers an eight-percentage-point decrease.

From 16th to 20th place are Lithuania, Canada, France, Slovenia, and Estonia. Lithuania jumps eight rankings from 24th following a one-percentage-point increase. Canada keeps its ranking in 17th but loses four percentage points. France slips four spots to 18th, with a seven-percentage-point decrease. Slovenia and Estonia close out the top 20 countries in the Quality of Life sub-index, both at 71%.

Rounding out the top 25 countries are Spain, the Czech Republic, Israel, Italy, and the United States. Spain loses two spots with a five-percentage-point decrease, while the Czech Republic keeps its score of 70% and increases three spots to 22nd. Israel and Italy both land at 68% for the Quality of Life score, both decreasing in score and rank from the previous year. The United States closes out the top 25 countries in this sub-index, with a score of 67%, down from 71% in the previous year.

About the 2025 Global Retirement Index

The Global Retirement Index (GRI) is a multi-dimensional index developed by Natixis Investment Managers and CoreData Research to examine the factors driving retirement security and to provide a comparison tool for best practices in retirement policy.

The index includes International Monetary Fund (IMF) advanced economies, members of the Organization for Economic Cooperation and Development (OECD) and the BRIC countries (Brazil, Russia, India and China). The researchers calculated a mean score in each category and combined the category scores for a final overall ranking of the 44 nations studied.

The views and opinions expressed may change based on market and other conditions. This material is provided for informational purposes only and should not be construed as investment advice. There can be no assurance that developments will transpire as forecasted. 

Actual results may vary.

All investing involves risk, including the risk of loss. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments. Investment risk exists with equity, fixed income, and alternative investments. There is no assurance that any investment will meet its performance objectives or that losses will be avoided.

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