On July 3rd, as election season ramps up, the New York Times reported that Biden is aware he only has a few crucial days to secure his candidacy. Rising tensions among political parties, especially as a potential Trump presidency looms large, means many American retirees are looking for other countries to call home.
CareData Research, alongside Natixis Investment Managers, created the Global Retirement Index. This index assesses 44 countries, comparing their policies and retirement security. Using data from the 2022 Natixis Global Retirement Index, 24/7 Wall St. nailed down the best countries in the world to retire in. We also looked at the Composite Welfare Index, which looks in depth at 19 indicators across four sub-indices. These include finances, health, quality of life, and material well-being.
Based on overall score, we ranked 25 countries. World Bank Open Data provided additional information, such as retirement population, life expectancy at birth, and gross domestic product per capita in U.S. dollars.
Not surprisingly, 18 of the 25 countries on this list are in Europe, with most Northern European countries making an appearance, including Denmark, Sweden, Finland (which scores the highest quality of life), Iceland, and Norway. In fact, Norway tops the list, mainly based on its high GDP per capita ($106,000) and high life expectancy (87%).
As for Asian countries, Korea and Japan both make the list. Korea has a high life expectancy of 83.5, while almost 30% of the Japanese population is above the age of 65. The Oceania countries of Australia and New Zealand also rank highly.
Why We Are Talking About This
Gobankingrates, a financing company, recently released a study revealing the troubling truth of just how far a retirement of one million will stretch in the United States. In Massachusetts, this amount will only last 11 years. Additionally, CNET recently reported that, as of July 4th, mortgage rates in America continue to increase. Today’s average rate is 7.06%, reflecting a one week increase of 0.05%. However, for some retirees, the focus is not on the money. For those who can afford it, quality of life and life expectancy are the priority. Though many of these highest-ranking countries come with a price tag, the benefits may outweigh the financial hit.
25. Estonia
- Global retirement index score, 2022: 66%
- Quality of life sub-index: 68% (sub-index ranking: 23)
- Pct of 65+ population, 2022: 20.6% of country population (world: 9.8%)
- GDP per capita, 2022: $28,333 (world: $12,647)
- Life expectancy at birth, 2021: 76.7 years (world: 71.3 years)
24. France
- Global retirement index score, 2022: 66%
- Quality of life sub-index: 78% (sub-index ranking: 14)
- Pct of 65+ population, 2022: 21.7% of country population (world: 9.8%)
- GDP per capita, 2022: $40,964 (world: $12,647)
- Life expectancy at birth, 2021: 82.3 years (world: 71.3 years)
23. Malta
- Global retirement index score, 2022: 68%
- Quality of life sub-index: Not in the top 25 for the sub-index (sub-index ranking: Not in the top 25 for the sub-index)
- Pct of 65+ population, 2022: 19.1% of country population (world: 9.8%)
- GDP per capita, 2022: $33,941 (world: $12,647)
- Life expectancy at birth, 2021: 82.9 years (world: 71.3 years)
22. Japan
- Global retirement index score, 2022: 69%
- Quality of life sub-index: 67% (sub-index ranking: 25)
- Pct of 65+ population, 2022: 29.9% of country population (world: 9.8%)
- GDP per capita, 2022: $33,815 (world: $12,647)
- Life expectancy at birth, 2021: 84.4 years (world: 71.3 years)
21. Slovenia
- Global retirement index score, 2022: 69%
- Quality of life sub-index: 69% (sub-index ranking: 22)
- Pct of 65+ population, 2022: 21.0% of country population (world: 9.8%)
- GDP per capita, 2022: $29,457 (world: $12,647)
- Life expectancy at birth, 2021: 80.9 years (world: 71.3 years)
20. Belgium
- Global retirement index score, 2022: 69%
- Quality of life sub-index: 74% (sub-index ranking: 17)
- Pct of 65+ population, 2022: 19.7% of country population (world: 9.8%)
- GDP per capita, 2022: $49,583 (world: $12,647)
- Life expectancy at birth, 2021: 81.9 years (world: 71.3 years)
19. United Kingdom
- Global retirement index score, 2022: 69%
- Quality of life sub-index: 82% (sub-index ranking: 7)
- Pct of 65+ population, 2022: 19.2% of country population (world: 9.8%)
- GDP per capita, 2022: $45,850 (world: $12,647)
- Life expectancy at birth, 2021: 80.7 years (world: 71.3 years)
18. United States
- Global retirement index score, 2022: 69%
- Quality of life sub-index: 72% (sub-index ranking: 21)
- Pct of 65+ population, 2022: 17.1% of country population (world: 9.8%)
- GDP per capita, 2022: $76,399 (world: $12,647)
- Life expectancy at birth, 2021: 76.3 years (world: 71.3 years)
17. Korea, Rep.
- Global retirement index score, 2022: 70%
- Quality of life sub-index: Not in the top 25 for the sub-index (sub-index ranking: Not in the top 25 for the sub-index)
- Pct of 65+ population, 2022: 17.5% of country population (world: 9.8%)
- GDP per capita, 2022: $32,255 (world: $12,647)
- Life expectancy at birth, 2021: 83.5 years (world: 71.3 years)
16. Israel
- Global retirement index score, 2022: 70%
- Quality of life sub-index: 74% (sub-index ranking: 18)
- Pct of 65+ population, 2022: 12.0% of country population (world: 9.8%)
- GDP per capita, 2022: $54,660 (world: $12,647)
- Life expectancy at birth, 2021: 82.5 years (world: 71.3 years)
15. Canada
- Global retirement index score, 2022: 71%
- Quality of life sub-index: 74% (sub-index ranking: 16)
- Pct of 65+ population, 2022: 19.0% of country population (world: 9.8%)
- GDP per capita, 2022: $54,966 (world: $12,647)
- Life expectancy at birth, 2021: 82.6 years (world: 71.3 years)
14. Austria
- Global retirement index score, 2022: 71%
- Quality of life sub-index: 82% (sub-index ranking: 8)
- Pct of 65+ population, 2022: 19.8% of country population (world: 9.8%)
- GDP per capita, 2022: $52,131 (world: $12,647)
- Life expectancy at birth, 2021: 81.2 years (world: 71.3 years)
13. Sweden
- Global retirement index score, 2022: 71%
- Quality of life sub-index: 87% (sub-index ranking: 3)
- Pct of 65+ population, 2022: 20.2% of country population (world: 9.8%)
- GDP per capita, 2022: $55,873 (world: $12,647)
- Life expectancy at birth, 2021: 83.2 years (world: 71.3 years)
12. Finland
- Global retirement index score, 2022: 71%
- Quality of life sub-index: 89% (sub-index ranking: 1)
- Pct of 65+ population, 2022: 23.3% of country population (world: 9.8%)
- GDP per capita, 2022: $50,537 (world: $12,647)
- Life expectancy at birth, 2021: 81.9 years (world: 71.3 years)
11. Germany
- Global retirement index score, 2022: 72%
- Quality of life sub-index: 80% (sub-index ranking: 13)
- Pct of 65+ population, 2022: 22.4% of country population (world: 9.8%)
- GDP per capita, 2022: $48,432 (world: $12,647)
- Life expectancy at birth, 2021: 80.9 years (world: 71.3 years)
10. Czechia
- Global retirement index score, 2022: 73%
- Quality of life sub-index: 68% (sub-index ranking: 24)
- Pct of 65+ population, 2022: 20.6% of country population (world: 9.8%)
- GDP per capita, 2022: $27,638 (world: $12,647)
- Life expectancy at birth, 2021: 77.4 years (world: 71.3 years)
9. Denmark
- Global retirement index score, 2022: 74%
- Quality of life sub-index: 88% (sub-index ranking: 2)
- Pct of 65+ population, 2022: 20.5% of country population (world: 9.8%)
- GDP per capita, 2022: $66,983 (world: $12,647)
- Life expectancy at birth, 2021: 81.4 years (world: 71.3 years)
8. Netherlands
- Global retirement index score, 2022: 75%
- Quality of life sub-index: 80% (sub-index ranking: 11)
- Pct of 65+ population, 2022: 20.3% of country population (world: 9.8%)
- GDP per capita, 2022: $55,985 (world: $12,647)
- Life expectancy at birth, 2021: 81.5 years (world: 71.3 years)
7. Luxembourg
- Global retirement index score, 2022: 75%
- Quality of life sub-index: 81% (sub-index ranking: 10)
- Pct of 65+ population, 2022: 15.0% of country population (world: 9.8%)
- GDP per capita, 2022: $126,426 (world: $12,647)
- Life expectancy at birth, 2021: 82.7 years (world: 71.3 years)
6. New Zealand
- Global retirement index score, 2022: 75%
- Quality of life sub-index: 81% (sub-index ranking: 9)
- Pct of 65+ population, 2022: 16.3% of country population (world: 9.8%)
- GDP per capita, 2022: $48,249 (world: $12,647)
- Life expectancy at birth, 2021: 82.2 years (world: 71.3 years)
5. Australia
- Global retirement index score, 2022: 75%
- Quality of life sub-index: 77% (sub-index ranking: 15)
- Pct of 65+ population, 2022: 16.9% of country population (world: 9.8%)
- GDP per capita, 2022: $64,491 (world: $12,647)
- Life expectancy at birth, 2021: 83.3 years (world: 71.3 years)
4. Ireland
- Global retirement index score, 2022: 76%
- Quality of life sub-index: 80% (sub-index ranking: 12)
- Pct of 65+ population, 2022: 15.1% of country population (world: 9.8%)
- GDP per capita, 2022: $104,039 (world: $12,647)
- Life expectancy at birth, 2021: 82.1 years (world: 71.3 years)
3. Iceland
- Global retirement index score, 2022: 79%
- Quality of life sub-index: 86% (sub-index ranking: 6)
- Pct of 65+ population, 2022: 15.3% of country population (world: 9.8%)
- GDP per capita, 2022: $72,903 (world: $12,647)
- Life expectancy at birth, 2021: 83.1 years (world: 71.3 years)
2. Switzerland
- Global retirement index score, 2022: 80%
- Quality of life sub-index: 86% (sub-index ranking: 5)
- Pct of 65+ population, 2022: 19.3% of country population (world: 9.8%)
- GDP per capita, 2022: $92,101 (world: $12,647)
- Life expectancy at birth, 2021: 83.9 years (world: 71.3 years)
1. Norway
- Global retirement index score, 2022: 81%
- Quality of life sub-index: 87% (sub-index ranking: 4)
- Pct of 65+ population, 2022: 18.4% of country population (world: 9.8%)
- GDP per capita, 2022: $106,149 (world: $12,647)
- Life expectancy at birth, 2021: 83.2 years (world: 71.3 years)
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.