One of the interesting things about Retirement is you can, if you have the resources, live anywhere you want. So when I saw the post on the top twenty countries Retirement programs I was interested. The global Retirement landscape faces
challenges due to a demographic shift, with an increasing aging population and
declining birth rates. Inflation is another significant stressor. Countries are
taking measures to address these challenges, such as adjusting Retirement age,
implementing reforms, and focusing on health and social reforms for seniors.
The Retirement systems of various countries are ranked based on Mercer and GRI
indices, considering factors like pension structure, financial security, and overall
well-being. Over the next two posts, I will summarize the information

 Iceland (Rank: 1):

    • Pension System: Improved quality of life and material
      well-being sub-indices. Healthy lifestyle and low pollution contribute to
      long life expectancy.
    • Strengths: Quality of life improvements, long life
      expectancy, and healthy lifestyle contribute to Iceland ranking first in
      Retirement systems.
    • Challenge: While Iceland’s Retirement system has witnessed improvements in the Quality of Life and Material Well-Being sub-indices, a challenge could be its relatively small population size. With a smaller population, there might be a risk of a limited contributor base to support the pension system over the long term. Maintaining financial sustainability and ensuring adequate funding for retirees could be an ongoing challenge due to the country’s demographic dynamics.
  1. Netherlands (Rank: 2):
    • Pension System: Supported by a strong asset base, and sound
      regulations, and provides good benefits to retirees.
    • Strength: A strong asset base, good regulatory
      framework, and benefits contribute to a well-ranked pension system.
    • Challenge: Demographic challenges and evolving
      employment patterns impact the pension system.
  2. Norway (Rank: 3):
    • Pension System: Earnings-related social security pension
      with a minimum pension level and mandatory occupational pension plans.
    • Strength: Ranks 1st in the Natixis GRI Index,
      excelling in material well-being and health sub-indices.
    • Challenge: Strategies needed to bolster household
      savings, reduce debt, and elevate mandatory contributions.
  3. Australia (Rank: 4):
    • Pension System: High levels of private superannuation
      savings reduce government pension spending.
    • Strength: B+ ranking by Mercer, driven by high
      private superannuation savings.
    • Challenge: Further enhancements are required, such as
      government superannuation contributions for primary carers.
  4. Switzerland (Rank: 5):
    • Pension System: Earnings-related public scheme,
      mandatory occupational pension system, and voluntary pension plans.
    • Strength: Strong performance in health, material
      well-being, finance, and quality of life sub-indices.
    • Challenge: Initiatives needed to enhance factors
      like the state pension age and homeownership rate.
  5. Denmark (Rank: 6):
    • Pension System: Public basic pension, means-tested
      supplementary pension, fully funded DC scheme, and mandatory occupational
      DC scheme.
    • Strength: Comprehensive welfare programs, equality
      emphasis, and a multi-pillar pension system.
    • Challenge: Improvements needed, such as raising the
      state pension age and reintroducing tax incentives.
  6. Ireland (Rank: 7):
    • Pension System: Pay-as-you-go program based on both
      public and private pension programs.
    • Strength: B grade from Mercer, ranking 13th with
      improvements in material well-being and finances.
    • Challenge: Health sub-index slip in the GRI Index.
  7. Finland (Rank: 8):
    • Pension System: Basic state pension, income-tested, and
      statutory earnings-related schemes.
    • Strength: Transparent and reliable Retirement
      system, holding or improving in all GRI sub-indices.
    • Challenge: Improvements are needed in factors like
      state pension age.
  8. Israel (Rank: 9):
    • Pension System: Universal state pension, income-tested
      supplement, and private pensions with compulsory contributions.
    • Strength: Ranks 4th globally with an index value
      of 80.8.
    • Challenge: Slippage in the health sub-index in the
      GRI Index.
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Originally Published on https://boomersnotsenior.blogspot.com/

Royce Shook Blogger

I served as a teacher, a teacher on Call, a Department Head, a District Curriculum, Specialist, a Program Coordinator, and a Provincial Curriculum Coordinator over a forty year career. In addition, I was the Department Head for Curriculum and Instruction, as well as a professor both online and in person at the University of Phoenix (Canada) from 2000-2010.

I also worked with Special Needs students. I gave workshops on curriculum development and staff training before I fully retired

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