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Subscribe to RSSThe United States ranks 19th worldwide when it comes to retirement security, according to a new analysis of worldwide economic and other data. That's probably comes as no surprise to many Americans who are fretting about whether they’ll ever have enough money to stop working.
The Natixis Global Retirement Index puts U.S. retirees in a more precarious position than retirees in Western European countries including Norway, Switzerland and Germany, which have strong social programs providing health care and retiree benefits. But the analysis finds that the U.S. also lags countries including Israel, Japan, Slovenia and the Czech Republic.
On the other hand, we do rank better than the Brits, who came in at No. 20. And we’re apparently in much better shape than Zimbabawe, which placed dead last at 150th in the rankings.
Natixis, an asset management firm with $779 billion in assets under management, created the index using worldwide data from the World Bank, United Nations and other sources. The index weighed factors including health expenditures, life expectancy, income inequality, unemployment and the ratio of young workers to older retirees.
The list comes as more Americans are fretting about their retirement own security. A Pew report released last fall found that nearly 4 in 10 Americans are not very confident they’ll have enough money for retirement, a sharp increase over just a few years ago.
Fewer Americans are also now counting on retiring by age 65, a switch from a trend toward earlier retirement that lasted into the mid-1980s.
In the last several decades, many companies have moved from pension-type retirement plans to 401(k)-type plans that put more responsibility on individuals to save for their golden years.
Many Americans aren’t saving enough, and some people who did have retirement savings were forced to pull money from those plans during the recent recession. The Natixis study cited a Senate report released last summer showing that, in total, Americans have saved $6.6 trillion less than they should have at this point for retirement.
The recent run-up in the stock market has probably helped some Americans feel better about the state of their 401(k)s, but a bull market won’t be enough to make up the shortfall many Americans face.
The United States does have social safety nets in the form of Social Security and Medicare, which provide some monthly assistance and help to cover many health care expenses. But many other developed countries have much stronger safety nets that provide much more robust financial security.
“The message is clear: You will be call on to finance more of your retirement,” John Hailer, Natixis’s president and chief executive for the Americas and Asia, said in a statement.
Here are the top 20 nations in the Natixis retirement index.
1. Norway
2. Switzerland
3. Luxembourg
4. Sweden
5. Austria
6. Finland
7. Netherlands
8. Denmark
9. Germany
10. France
11. Australia
12. Israel
13. Canada
14. Belgium
15. Japan
16. Slovenia
17. Czech Republic
18. Slovakia
19. United States
20. United Kingdom
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Ahhh...don't you actually have to have lived, worked, and contributed to Slovenia's pension system for a substantial amount of time to participate in it?
And it's not really an expat destination like Panama, at least from what I have read about it.
Exactly and when you have MORE people taking from the system than contributing, soon or later that system will fail !
In Norway, Germany and Sweden etc. YOU work and pay into a system that will provide for you when retire, unlike here people can get SSI benefits without putting in and disability claims have soared and except by the government .
excuses include : too fat to work, high cholesterol, asthma, in home care provider for their own kids, faked injuries, drug addicts, alcoholic, and the list goes on !
our government has made it easy to be lazy and get paid..
Steve, Your not going over there looking for a handout you are suppose to of made your pension and years for SS here.
Then why are giving money to or subsidizing so many of those countries. Israel we just give money too but the European countries we have subsidized their defense for the last 60 years. As far as SS disability, if society deems we do that then lets vote the amount to take care of them and SS is only for those that retire. I am not against it, but now we hide it. The biggest threat to most people is health care and it increasing at double digit rates. Congress will have to go against the lobyists, like trial lawyers, insurance companies etc and also we have to tackle life choices like obesity, smoking etc. and if you do it fine but you pay for it. Me now I am saving the max and I am paid well but I also speak spanish and am planning on living in another country where health care is affordable and the cost of living isn't so high. You all need to travel some we don't have the best health care that is a joke.
Dm57,
....hit the nail on the head. Of course those countries can provide these substantial benefits.
We pay for the security of the world through our incredibly expensive military. I cannot believe that America is not tired of this yet. I certainly am.
Americans haven't been saving enough because they have been encouraged to go into debt by the Fed.
I REFUSED to go into debt - in fact I paid off EVERYTHING as fast as I could. now I have about the magic "million" (401k plus "cash") plus SS and the rest - roughly 65,000/year total. unless the whole currency collapses, I'm pretty confident I can make it - But, I'm moving to Thailand (just to be sure)
They're all socialist countries. I'm for capitalism!
You are for the maximum misery for most people.
Perhaps you're unaware that they're not mutually exclusive?
Yeah, right.
"Private the profits and socialize the losses," must be the new "Capitalist Motto" in the U.S.
No wonder we're not even in, "The Top Ten," and no wonder this nation has the greatest wealth gap compared to the world's 196 countries, between the rich ...and everyone else in its own population that have gotten geometrically poorer as time goes by.
15 Mind-Blowing Facts About Wealth And Inequality In America
Read more: http://www.businessinsider.com/15-charts-about-wealth-and-inequality-in-america-2010-4?op=1#ixzz2Mtz2MZZT
@Skylark: Coming from the former Czechoslovakia, I can assure you that the maximum misery for the most people was under COMMUNISM.
I never really thought of retiring to Slovenia. I'm told Pittsburgh has come a long way the past few decades, and there is a little bit of frontage on Lake Erie. But if I had my druthers I'd probably go a little further south - like Maryland.
Slovenia is actually pretty nice. Our company has an office there with highly skilled workers who speak better English than many Americans. Nice mountains within view of the capital city. Not bad at all.
North Carolina is a very good state to retire. The weather is decent and it has a reasonable cost of living.
Our throw-away society has reached the point at which it has decided it's okay to throw away people when we're done with them.
If they ain't rich enough to take care of themselves when they get older, throw them in the trash! Murica! We're number 19!
I hope someday we can evolve into humane (yes, I spelled that right) beings. Imagine that.
My retirement plans have nothing to do with finances. I will be able to retire in a little more than a year but I don't plan to do that. I truly enjoy my work and the people that I work with. I plan to put in another 10 years.
So in plain English it means, you do not have enough to retire and you will be taken feet first from your place of employment, unless they fire you first, because you too old and too expensive :)
I think she said she will be able to retire in a year.
Well lets see when the Mexicans and millions of others suck every last nickle out of the USA I guess we will all be looking.
there are more white red-staters on government assistance than inner city minorities. THEY are the ones bleeding us dry, while trying to blame it on people who are darker than them.
Tampa,
Why did race have to come into this? Do you have any facts to back up your statement or do you just hate white people?
Hey, Laura --Allen W was talking about "Mexicans and millions of others" -- it sounds pretty clear that he is not talking about "white people."
So Tampa responded to that. Maybe not in the most diplomatic way, but apparently it is a fact that the majority of welfare recipients are white...
http://www.addictinginfo.org/2012/09/13/welfare-white-and-drugless/
skin tone of a Mexican is usually somewhat darker than your run of the mill "gringo". There are currently 11 MILLION undocumented in the US...every race and all colors are represented.
The big "Blue" states pay more in welfare than many red states combined. when it comes to the states taking more in than paying it comes down to which has the most millionaires. it is the millionaires that pay taxes not the middle class and .
Were in the working class. Just so you know that is below the middle class our household income is 87K last year. and we paid 5% Federal income taxes, in 2011 we made 91K and paid 6% in 2010 we made 83K and paid 5% and in 2009 we made 74K and paid 4% federal income taxes.
Auto 101, I don't believe your income puts you in the "working class." That term is a social term, not a financial term. Financially, you're lower-middle class.
Your percentages are the effective tax rate you pay after all the deductions and credits you're able to take.
Watch out for the "flat taxers," they'll make sure you pay 30%...
What class your in is not based on your income it is the type of job you have that is what is most common definition that has actual place that has you in a box Income has no defined class category you can make 200K and be in the top 5% of income earners and still be in The middle class. there is nothing middle class about being in the top 5%.
However if you look at the type of job one has they that makes it more class defined Middle class needs some form of college to hold that job. Working class is any position the does not require an education. My wife is enlisted and I'm an Auto technician both does not need a college education there for we are working class.
RE: Mikki-2545976
Social Security, Medicare, group medical insurance ( you have at your place of work) farm subsidies, progressive tax, unions, BIG OIL subsidies ... are you just dumb or kidding ? -THOSE are just a few of the socialist principles we in the USA live by.
Pay off the house and all debt before retiring. Start saving at an early age. Easier said than done but a lot of people spend recklessly all their lives and then wake up to the fact that they never made a plan, not to mention sticking to one. Failing to plan is planning to fail!
I'm waiting for my lottery retirement plan to kick in! Then I'll be all set! lmao!
Don't move to MI to retire. Governor Snyder started taxing all pensions last year. Back in 1963, Gov Romney gave us our very first income tax. Yes, those damn Dems are really the problem.
I retired after working as an independent professional for thirty years and with the help of experts that analized my income and expenses were able to recommended the best plan to save enough to retire with adequate funds that are still helping me and my wife to survive a decent life.People should educate themselves to better manage their retirement plans. .
Just another fact that the propaganda-spewing US government will spin and/or ignore. You guys are the world leaders in nothing. Your decline is epic.
obama got his wish.... he made us a second tier country! What an idiot....
you think americans stopped saving just 5 years ago? lay off the hannity and beck.
Let's look at some facts genius.
Dow at an all time high.
Corporate profits setting records
U.S companies like GE bringing jobs back from overseas.
We're still , by a large margin, the largest producer of manufactured goods in the world.
So, who is an idiot? Want a clue? Look in the mirror.
Facts are nasty little things aren't they?
"You're entitled to your own opinion, but you're not entitled to your own facts." Sen Daniel Patrick Moynihan.
The fact is ..I made more money 20 years ago with less per hour..Yes, I'm not a salary guy. Professional R&D machinist, so where is the money? You already answered that.." Corporate profits setting records " Why? We are getting less money as the cost of living has gone thru the roof..Health-care insurance alone is enough to break the bank..Your not allowed to have a simple surgery unless you can cough up your share..that's the beginning of the end..Shareholders and top management is where the money goes..Workers are left out of the equazion..
Common workers just want thier fair share ..They are not getting it because of Corporate greed and the fact that corporations will trim anything possible to satisfy the shareholder and sit on billions in net profits.
I speak as a shareholder myself.
I'm 62 and I retired 3 years ago. I'm not rich, but I'm very comfortable. It's really not hard to get here. I had 3 rules: 1) Spend less than I made. 2) Control my debt. 3) Save. I know there are things that happen in life that can affect your ability to follow the rules, but most people I know that I've seen go into bankruptcy or foreclosure were just irresponsible.
Unfortunately, my ex-wife spent a lot more than I made. Then she got half of my 401(k) and pension credit. Then I had to pay alimony for 5 years.
I guess it was irresponsible of me to get married, and not get divorced earlier.
well, you know what they say about alimony - it's the fuc king you GET for the fuc king you GOT...
I am all ready retired rather I like it on not. At the age of 60 I am of no value to anyone. My 401K is gone because I have been unemployed for the last four years. The only retirement pension I am looking forward to is my social security when I turn 62. This is an uncaring selfish nation and I suggest to anyone who has the money get the hell out of this Country, there is no future for you here anymore, unless you are rich. The unbridled godless capitalism has destroyed this Country for the middle class.
No Rick it was NOT capitalism that destroyed us, it was liberal progressive, socialists. AND the stupid majority of americans who voted in the present criminals in the fed and white house.
yeah, look at all those awful european socialist countries on the list ahead of us. Awful progressive policies have doomed them it seems. We've been the bastion of "freedom" and wealth for much of the world precisely because we spend and live recklessly, and throw away the disposable people of our society when it is determined that they no longer have any monetary or production value. All hail capitalism!
that's utter and total BULLS HIT, vern (ain't that right vern?)
I call it obamanomics at its finest.... Despite him hanging around, if a person starts investing at 20 and sticks with it, is willing to have a job and maybe buy an investment property of two along the way then he or she should be able to salt enough away to survive... Remember, obama won't be around forever so things eventually will recover.
No but the damage he has done to this once great country will last decades.
he's easily the best president of the last 45 years. put down the kool aid and pick up a book not written by Glenn Beck or a former navy seal.
vern qualifies as a reichwingnutreligionazi I'd guess...
For the overall best country in the world to be #19 is rather sad, but does not suprise me. More and more, people and businesses are greedy and selfish, even the ones who claim to care about others so much. Or could it be that the US is so caring about underemployed/unemployed people before they retire that there's nothing left to spend on retired people?
We support big business and the rich, but not the worker. How have all the earnings that big business have reaped recently, helped the worker.