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)
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
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