If you’re looking for a country that offers a quality retirement, you may want to look outside the U.S.
Natixis Investment Managers has released its annual ranking of countries with the best retirement based on finances, material well-being, health and quality of life.
This year, the U.S. managed to nudge up one spot to number 16 out of 43 countries.
The move was just a modest improvement compared with Ireland, which moved up seven spots to debut in the Top 10 for the first time at number 7. Canada also managed to move up to return to the Top 10 at number 9.
All of the countries that landed in the Top 10 have three things in common, according to Ed Farrington, executive vice president of retirement strategies at Natixis Investment Managers. They have low levels of income inequality, available health care and strong social programs.
The U.S. did not rank higher because of the challenges it faces in those areas, including a widening income gap, high health costs and the challenges of finding a secure retirement.
What did help to bump the U.S. higher included its financial strength, as well as improvements to its job market and certain environmental issues including air quality.
The overall ranking was calculated by combining the category scores. Here is how the Top 10 countries fared.
10. Netherlands
Global Retirement Index score: 76%
9. Canada
Global Retirement Index score: 77%
8. Denmark
Global Retirement Index score: 77%
7. Ireland
Global Retirement Index score: 77%
6. Australia
Global Retirement Index score: 78%
5. New Zealand
Global Retirement Index score: 78%
4. Sweden
Global Retirement Index score: 78%
3. Norway
Global Retirement Index score: 81%
2. Iceland
Global Retirement Index score: 84%
1. Switzerland
Global Retirement Index score: 84%