These Are the Top 5 Countries for Retirement

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A new global ranking reveals which countries have the best retirement security, and the U.S. didn’t crack the top five.

The 2025 Natixis Global Retirement Index evaluated 44 developed countries across 18 indicators grouped into four categories: finances in retirement, material wellbeing, health and quality of life. The results show a clear pattern — smaller countries with strong social systems dominate the rankings.

The Top 5 Retirement Destinations

Norway reclaimed the No. 1 spot after strong performance in health outcomes, low unemployment and high income equality. Norway has consistently ranked in the top three since the index launched in 2012, showing remarkable stability in retirement security.

Ireland surged to second place thanks to improvements in inflation control and an economic environment that supports retirement security. The country’s rise demonstrates how managing inflation effectively can dramatically improve retirement prospects.

Switzerland landed at number three, maintaining its position as a perennial leader. The country has consistently ranked near the top since 2012, benefiting from political stability and strong financial systems.

Iceland came in fourth, another consistent top performer. Like its Nordic neighbors, Iceland benefits from comprehensive social programs and income equality.

Luxembourg rounded out the top five (though the index doesn’t detail specific reasons, it consistently performs well across multiple categories).

Where America Ranks

The United States sits at 21st overall among developed nations. Among large countries, only Germany (8th), the United Kingdom (14th) and Canada (20th) rank higher than the U.S.

The gap comes down to fundamental differences in how these societies approach retirement security. Top-ranked countries show consistency across all four subindexes rather than excelling in just one or two areas. They maintain lower public debt levels, more income equality and stronger social safety nets.

Why Larger Countries Struggle

Population size can matter. Larger countries face bigger retirement challenges because they carry substantial public debt, deal with greater income inequality from diverse populations, and experience more labor market volatility from broader exposure to the global economy.

Setting policies that support retirement security becomes exponentially more complex as population grows. Smaller countries like Norway and Iceland can reach consensus on key retirement issues more easily than massive nations like the U.S.

Germany stands as the exception — it’s the only large country in the top 10, earning high marks for material well-being through lower unemployment and improved income per capita.

What Americans Are Actually Worried About

The Natixis survey of 7,050 individual investors across 21 countries reveals that 46% say it will take a miracle to achieve retirement security. American concerns mirror global trends but hit harder given the country’s lower ranking.

Globally, 66% report saving less because of higher everyday costs, and 69% say inflation has eroded their retirement savings’ future value. One-third of individuals worldwide fear their government benefits will be cut, and 25% worry they’ll never save enough for retirement at all.

Unsurprisingly these anxieties are lessened in top-ranked countries where functioning social systems and income equality reduce individual burden.

Should You Actually Move Abroad?

Moving to Norway or Switzerland for retirement isn’t as simple as it sounds. These countries have strict immigration requirements and securing residency as a retiree can be difficult without major financial resources or family connections.

That said, the index reveals something important: Retirement security depends heavily on shared responsibility between individuals, governments and employers. Top-ranked countries excel because all three parties contribute meaningfully. The U.S. places more retirement burden on individuals through 401(k) plans and IRAs while offering weaker social safety nets.

For Americans considering retirement abroad, countries like Portugal, Costa Rica and Mexico (not in the top five but discussed in retirement planning circles) offer more accessible immigration pathways than Nordic countries while still often providing better retirement security than staying in the U.S.

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