Canadian retirees are among the healthiest and most financially secure in the world, according to an annual international ranking
By Jennifer Hughes
When it comes to health, quality of life, and financial well-being, Canadian retirees appear to have it pretty good—at least compared with those in 36 other countries around the globe. According to seventh annual Global Retirement Index, Canada is one of the top 10 countries in which to retire, ranking eighth among 43 others. Canada’s position has been steadily rising in recent years: in 2017, Canada was in 11th place, and rose to ninth in 2018. The Index is compiled by Natixis Investment managers, a global asset management firm.
The other top 10 countries are, from first to seventh, Iceland, Switzerland, Norway, Ireland, New Zealand, Sweden, and Denmark, with Australia and Luxembourg being ranked ninth and 10th, respectively.
The United States has been moving down in the index, placing 18th in 2019 (just behind the United Kingdom), 16th in 2018, and 17th in 2017.
In the sub-indices that combine to make up a country’s total score, Canada placed seventh for finances in retirement, eighth for health (partly because it was ranked second for air quality), ninth for happiness, 10th for life expectancy, and 13th for quality of life.
The 2019 Index identified three primary threats to retirement security around the globe: low interest rates, aging populations, and climate change. Though low interest rates make it easier to borrow money, they also make it harder to save for retirement and to generate income in retirement. And countries with large boomer populations, such as Canada, might soon face problems funding government pensions. We’re living longer than ever, and when more people are retired than are working and contributing to government pension plans, we might soon see funding for those plans cut. Lastly, climate change poses a serious risk to global sustainability.
Photo: iStock/Robert Daly.