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Thursday, March 28, 2024

10 Nations Ideal For Retiring By 2050

Our planet’s population is aging. The OECD projects that 30% of the world’s population will be 65 years of age or older by 2050.

While some nations are comparatively equipped to manage this rise in the senior population, others are already feeling the pinch and battling the difficulties that come with a fast aging population. Which nations are best able to care for their senior citizens? Based on several different variables that we’ll examine in more detail below, this chart presents the greatest countries in the world to retire in, according to data from the 2022 Natixis Global Retirement Index.

It makes sense that when people think about what makes a place an ideal retirement location, they would picture white-sand beaches, warm climates, and nonstop sunshine. And in reality, having the correct net worth gives one a lot of options for where to spend their elderly years. The Global Retirement Index (GRI) takes a different, more quantitative approach to retirement analysis. The annual report examines 44 different nations and assigns rankings based on how secure their retirement systems are. The index takes into account 18 factors, which are divided into four broad categories:

  • Health: Per capita health expenditure, life expectancy, and uninsured health expenditure.
  • Quality of Life: Happiness levels, water and sanitation, air quality, other environmental issues, and biodiversity/habitat are all considered to be aspects of quality of life.
  • Material Comfort: Income per capita, income equality, and employment rates all contribute to material well-being.
  • Retirement finances: public debt, dependency on the elderly, interest rates, inflation, governance, tax pressure, and non-performing bank loans.

Each nation receives a score between 0.01 and 1 based on these 18 parameters, which is then converted to a percentage. Norway is the nation on the list with the highest overall score for retirement-friendliness, at 81%. For several factors, Norway is ranked first this year. Its high average life expectancy, which is 83 years old, or 9 years greater than the global average, helped it earn the top score in the Health category. Norway is tied with Japan and Luxembourg for first place in the Health category and has the best score of any nation in the Governance category, which is determined by evaluating a nation’s political stability, government performance, and level of corruption.

Switzerland, a nation in Europe, is ranked second overall on the list with a score of 80%. It earns the greatest overall score in the category of Finances in Retirement as well as the highest ranking for environmental factors. Many nations are choosing to alter their pension systems to encourage people to stay in employment longer as longevity rates climb and the number of people reaching retirement age continues to rise globally. People in the UK, for instance, were able to apply for their State Pension after they turned 65 in 2018. This age restriction will increase to 67 by 2028. Government involvement, however, might not be required given that many people currently work past the customary retirement age, perhaps more out of necessity than choice.

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