Australia ranks sixth in Natixis Global Retirement Index report

Australia has ranked highly in the latest annual Natixis Global Retirement Index report.

Australia ranks sixth in Natixis Global Retirement Index report

The fourth annual Natixis Global Retirement Index report was released this week. The report rates 43 of the world’s most important developed counties individually on health, quality of life, material wellbeing and finances in retirement, to determine each country’s Global Retirement Index (GRI) score.

The retirement leaders, with scores of 77 per cent or better were Norway, Switzerland, Iceland, New Zealand, Sweden, Australia, Germany, the Netherlands, Austria, and Canada. Australia ranked a respectable sixth, the same position as last year.  

The countries achieving the lowest scores were Greece, Brazil, Russia, Turkey, China, Spain, Cyprus, Mexico, Portugal and India. As a comparison, all of these countries scored below 57 per cent on the GRI, with India recording the lowest score of just 12 per cent.

Strong performances in the happiness and air quality indicators helped to improve Australia's quality of life ranking, while stellar performances in governance, interest rates and bank non-performing loans drove up the finances in retirement rankings. As a result, although Australia’s ranking remained the same, our overall score for the year increased.

Read more from www.theage.com.au

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    COMMENTS

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    tisme
    21st Jul 2016
    10:15am
    Australia is the lucky country ?? ask those living on the streets or those at risk of it. those who cant afford basics. etc etc
    Franky
    21st Jul 2016
    10:19am
    What's that got to do with it? This is about life in RETIREMENT and not the rest of the population.
    Old Geezer
    21st Jul 2016
    4:22pm
    My guess is it ranks up their with the best places to be homeless too.
    Franky
    21st Jul 2016
    10:17am
    It would be good to know what criteria were used.
    Farside
    21st Jul 2016
    11:57am
    Read the report at http://durableportfolios.com/docs/398/951/2016%20Natixis%20Global%20Retirement%20Index%20Report_Final.pdf
    MICK
    21st Jul 2016
    10:49am
    I find the list a bit hard to follow. Iceland was hit pillar to post by the GFC and lost huge amounts of its national capital. So how does Iceland rate at all?
    Australia? Everything is relative but reports maybe do not factor in the attack on pensioners and retirees by the incumbent government intent on destroying the viability of retired Australians to have a fair lifestyle.
    Farside
    21st Jul 2016
    11:57am
    Australia finished top 6 thanks to good results in health, material well being and quality of life and particularly finances in retirement. The finance sub-index showed exceptional governance, interest rates and bank non-performing loans that compensated for weak results in old age dependency and tax pressure. All you can say is finances aside, Australia and other top 10s are better places to retire than those at the bottom of the list.
    FM
    21st Jul 2016
    11:03am
    Natixis is a French bank and this survey focussed on government policies to have people contribute for retirement and the security of banking systems in managing retirement savings not on the adequacy of retirement savings for retirees.
    It would not be too cynical to say that they were mainly interested in increasing the billions of dollars of superannuation funds that banks and Financial Institutions manage.
    Their assessment categories were as follows: -
    • Access – More of the responsibility for funding retirement falls to individuals. It’s critical that policy makers and employers work to ensure they are set up to succeed.
    • Incentives – Across the globe, policy makers know that favorable tax treatment can be a powerful tool to drive positive behavior in retirement saving. Employers also play a key role in increasing participation with matching contributions, employee education, and access to professional advice.
    • Engagement – For individuals, the key is to move beyond just participation and engage fully in their retirement plan. It’s critical to understand your goals, understand the choices you have and most importantly understand just how much risk you can take on. It’s then that you can move from merely saving for retirement to investing for your future.
    • Economics – Retirement security extends well beyond the savings vehicles themselves and includes consideration for a growing population that will be living on a fixed income for many years to come. Monetary, fiscal, and healthcare policies all play a critical role in ensuring that retirees are self-sufficient.
    They like the fact that Australia has a compulsory contribution levy, tax concessions for contributing to superannuation and that people are engaged in managing their retirement funds (largely because they are forced to). They did not consider whether these savings are actually secure and would result in a secure pension income as well as superannuation as is the case in the other countries mentioned, or just in trying to manage a lump sum against a changing flood of retirement rules. They threw in a few other variables such as the quality of the Health system (Medicare) and very some subjective variables such as perception of the quality of life for good measure.
    David
    21st Jul 2016
    11:24am
    It's pretty obvious that you're much better off living in Australia as a retiree than in Greece, Brazil, Russia, Turkey, China, Spain, Cyprus, Mexico, Portugal or India.
    FM
    21st Jul 2016
    11:29am
    Some retirees may be some may not. There are wealthy retirees in all those countries and they all have pensions. The politics may or may not affect them.
    David
    21st Jul 2016
    12:10pm
    I'd much rather be a poor retiree living in Australia than a poor retiree living in Greece, Brazil, Russia, Turkey, China, Spain, Cyprus, Mexico, Portugal or India.
    Anonymous
    24th Jul 2016
    8:51pm
    I totally agree David. I love this country and there is no other place I would want to retire in and I truly believe in the main, retirees are looked after pretty well.

    21st Jul 2016
    12:48pm
    Those amongst the first five pay pretty hefty taxes, but the retirement rewards are a lot greater than here - except for politicians, that is, they get it MUCH better HERE! Greedy sods!
    Sceptic
    22nd Jul 2016
    1:25pm
    I guess that proves that you do not know much about politicians in Greece, Brazil, Russia, Turkey, China, Spain, Cyprus, Mexico, Portugal or India.
    4b2
    21st Jul 2016
    1:21pm
    I can understand why the concern is on funding retirement with the growing aging population. But why do successive coalition government freeze employer contributions to superannuation? Howard did, then Abbot did the same when he took power. Then complained about the heavy lifting and the great financial crises including funding pensions!!

    We were the lucky country but Howard and the successive crew turned that around.
    MarLin
    21st Jul 2016
    1:22pm
    There are many issues involved in deciding "happy retirement", but surely a basic one is the ability to keep your money safe. The Australian banks have a lot to answer for, but I think we have sufficient oversight and governance to avoid the problem experienced in many other countries where retirees are too frightened to keep their savings in a bank in case they suddenly vanish.
    We spend time every year in my wife's country of origin in SE Asia, and I can vouch that expat retirees from many countries have a major problem with financing their lifestyle (such as it is!), because they can't trust the banks. Even locals don't trust their banks - which is why gold is almost a basic staple in Asia.
    Sure, we've got lots to complain about downunder - but I suspect it's mainly because we're used to higher standards of living. There are many other retirees around the world who are much worse off than most of us!
    Anonymous
    21st Jul 2016
    4:04pm
    Yes,very true, but one does not like to see a hard worked for and an accustomed lifestyle go down the toilet because of a greedy, inept government using the taxpayers' umbrellas for their rainy day. If you look hard enough you WILL always find someone who is worse off, but does that stop you from trying to better YOUR circumstances?
    MarLin
    21st Jul 2016
    10:54pm
    Entirely agree with you, FE - but it ain't gonna happen in Australia until the entire political system is somehow overhauled so we only get people in positions of power who deserve to be there and can be judged and held accountable as closely as most of us were in the workforce! Look at the last election - it was a toss-up between a tosser and another tosser, so most of us went independent. But while that will hopefully slow Millionaire Mal down a bit, it won't do the country much good in the long term.
    Sorry, I'm just ranting a bit here - because the whole political landscape in Australia is such a mess and shows no promise for the future that I can see! In fact the only "plus" is that we at least haven't got the likes of The Donald or Boris to contend with now that Rudd, Juliar and the mad monk are no longer running the show...
    Rae
    21st Jul 2016
    3:46pm
    We are very lucky here. It is pretty safe compared to a lot of places.

    Go look around your local shopping complex and retirees are shopping, dining out, having coffees, attending the movies.

    As tisme says we could do more for the mentally ill and addicted and victims of violence but overall most retirees are doing okay.
    FM
    21st Jul 2016
    3:50pm
    What is wrong with Spain, Portugal and Cyprus. Droves of other Europeans go there to retire especially from the countries rated highly above. Greece has beautiful historic locations as does Turkey. Poor retirees in all those countries have pensions and usually good family and community support networks. Poor retirees in Australia can be on the street. Sadly one who slept at night by the local wharf lost his life to pneumonia a couple of months ago. There is an Aussie tendency to deny there are problems and hardship here and pretend that everyone is well off. This article was largely a banking review of management and security of retirement savings. While Australian legislation ensures our banks are secure for general banking deposits there is not a great deal of security for many of the instruments in which managers invest super as evidenced by the massive super losses when the share market went down.
    Strummer
    22nd Jul 2016
    7:20am
    I can't understand the whingers on these pages. My generation [I'm 70 this year] was born in the greatest country that's ever been in the greatest time that ever been. Count your blessings!
    Farside
    22nd Jul 2016
    11:42am
    too true. The volume of ignorant, ill-informed claptrap spouted on these pages makes it easy too understand why some societies take issue with freedom of speech.
    MarLin
    22nd Jul 2016
    1:05pm
    That's a bit harsh, Brian - who decides that someone's opinion is "ignorant, ill-informed claptrap"? Everyone's entitled to their own opinion and if you don't like it you don't have to read it.
    That said, you've voiced your opinion - even if others might think you're spouting "ignorant, ill-informed claptrap"!
    I certainly don't agree with much of what appears in the "comments" from day to day, but I simply turn the page when people are standing on their soapboxes - and I recommend you do the same.
    MD
    26th Jul 2016
    11:44am
    Thankyou - linhmartin, in beating my response you've said it succinctly.