How’s Your Retirement Looking?

If you’ve ever wondered where the best places in the world are to grow old comfortably, you’re in the right place. Using the Mercer CFA Institute Global Pension Index (2024), we’ve ranked the countries with the best pension systems out there. We also considered retirement age, cost of living, and average payouts—so this list goes beyond just numbers. Whether you're retiring soon or just planning ahead, here's where to aim for a comfy, secure future.

#25. India

India’s pension system is still evolving. The government offers plans like the National Pension Scheme (NPS), but many retirees rely on family. There’s a growing push for reform, but for now, low coverage and minimal payouts keep India lower on the list. Still, it’s affordable to live here, especially for retirees on a budget.

Muhammad Mahdi Karim, Wikimedia Commons

#24. Argentina

Argentina has struggled with inflation, economic instability, and an aging pension system. While retirees are promised income, the purchasing power often doesn’t hold up. The system is generous on paper, but the reality is less so. Still, with good healthcare, low living costs, and enticing afternoon siestas, many expats find ways to make it work.

Deensel, Wikimedia Commons

#23. Indonesia

Indonesia is working to expand coverage, but only a small slice of the population is in the formal pension system. Many older adults rely on savings or family. The upside? Daily expenses and healthcare are affordable, which gives retirees some breathing room.

Om khonjin, Wikimedia Commons

#22. Philippines

While the Philippines has systems like the SSS (Social Security System), the benefits are quite limited. Many locals and expats rely on private savings or family help. On the plus side, warm weather, community support, and low cost of living make it an appealing place to retire.

Bahnfrend, Wikimedia Commons

#21. China

China’s government covers a huge number of citizens through public pension plans. However, the payouts are often quite low. With an aging population and rising healthcare costs, the system is under pressure. Still, many regions offer decent medical services and low-cost living for retirees.

N509FZ, Wikimedia Commons

#20. Poland

Poland has a relatively structured pension system, but changes in retirement age and the shift from public to private funds have made things rocky. Still, it's affordable and offers decent healthcare, making it manageable for local retirees and some adventurous expats.

Jar.ciurus, Wikimedia Commons

#19. Italy

Italy’s public pension system is generous, but it’s not considered sustainable in the long term. A rapidly aging population is putting pressure on the system. That said, if you’re already retired in Italy, you’ll enjoy strong healthcare and a relaxed pace of life with relatively high pension benefits.

Pixabay, Pexels

#18. Belgium

Belgium’s pension system is stable and publicly funded, offering reasonable payouts. However, the high cost of living can eat into that monthly income. It’s a well-organized system, but you’ll need solid financial planning to stretch your euros well into retirement.

Ank Kumar , Wikimedia Commons

#17. Austria

Austria offers one of the more generous pension systems in Europe. Most retirees receive around 80% of their working salary. The cost of living is on the higher side, but great public transportation, beautiful mountain towns, and strong healthcare make it appealing for retirees.

Sharon Hahn Darlin, Wikimedia Commons

#16. Ireland

Ireland’s pension system is modest but well-run. The state pension doesn’t offer a huge payout, but many supplement it with private savings or workplace pensions. With a friendly atmosphere, strong expat community, and good healthcare, Ireland has earned its middle-of-the-pack spot.

Ardfern, Wikimedia Commons

#15. UK

The UK’s pension system combines a basic state pension with private or employer-based plans. It’s stable but not overly generous, especially in cities where the cost of living is high. Still, retirees get access to strong public services and healthcare.

Dominika Gregušová, Pexels

#14. USA

The U.S. offers Social Security, which provides a base income, but most Americans need personal savings or 401(k)s to retire comfortably. Retirement age is flexible, and those who wait can increase their benefits. It’s a solid system for planners, but not forgiving for those who don’t prepare.

Lukas Kloeppel, Pexels

#13. France

France’s pension system is known for strong benefits and early retirement ages. The government has introduced reforms due to rising costs and protests, but the system still treats current retirees very well. It’s a comfortable place to retire—if you're already in the system.

Wladyslaw (Taxiarchos228), Wikimedia Commons

#12. South Korea

South Korea’s public pension system has expanded quickly but still has low coverage among older citizens. There's also a high level of elderly poverty. However, the government is actively reforming the system, and the cost of living (outside Seoul) can make up for smaller benefits.

kallerna, Wikimedia Commons

#11. Colombia

Colombia has a two-tier system with public and private options. Coverage is growing, and the cost of living is one of the lowest in Latin America. Many retirees—especially expats—are drawn here by low prices and surprisingly solid healthcare options.

Rosalba Tarazona, Wikimedia Commons

#10. Germany

Germany offers one of the most well-managed pension systems in the world. The contributions are mandatory and consistent, and the payouts are dependable. With good healthcare and public services, Germany is a favorite among both locals and retiring expats.

File:Museumsinsel Berlin Juli 2021 1 (cropped).jpg: Kasa Fue derivative work: Georgfotoart, Wikimedia Commons

#9. Switzerland

Switzerland’s three-pillar pension system combines public, occupational, and private savings. It’s extremely effective but also very expensive to maintain. The upside? Great healthcare, stunning landscapes, and a rock-solid economy. But it helps to bring some savings with you.

Xavier von Erlach, Unsplash

#8. Israel

Israel has made big improvements in its pension system in recent years. Mandatory savings, a national insurance program, and strong oversight make it reliable. The cost of living can be high in cities, but many areas offer a comfortable lifestyle for retirees.

Ynhockey, Wikimedia Commons

#7. Canada

Canada’s pension system includes the Canada Pension Plan (CPP) and Old Age Security (OAS), both of which provide moderate but stable income. Add in great healthcare, scenic retirement spots, and relatively low elder poverty, and Canada ranks as a great pick for retirees.

Peter_Glyn, Wikimedia Commons

#6. Chile

Chile was the first country to move to a fully-funded private pension system in the 1980s. While it's faced criticism over payouts, reforms have improved its fairness and coverage. Compared to other Latin American countries, Chile’s system remains the most stable and reliable.

Omnespsx (D•ES), Wikimedia Commons

#5. Netherlands

The Netherlands consistently ranks near the top. It combines state and workplace pensions with near-universal coverage. Most retirees receive around 70% of their working income. The system is highly regarded for both sustainability and fairness—making it a gold standard for Europe.

Swimmerguy269, Wikimedia Commons

#4. Denmark

Denmark has a universal public pension, plus mandatory occupational pensions. The system scores high for integrity, adequacy, and long-term sustainability. It's simple, well-regulated, and ensures that Danish retirees get to enjoy their famous work-life balance even after leaving the workforce.

Pudelek, Wikimedia Commons

#3. Norway

Thanks to oil wealth and responsible management, Norway has a well-funded, future-proof pension system. Citizens receive a base pension, with plenty of options for supplemental savings. With a high quality of life and robust healthcare, Norway is an ideal retirement destination—if you can handle the cold.

Andreas M, Unsplash

#2. Iceland

Iceland may be tiny, but its pension system is mighty. It features mandatory employer contributions, personal accounts, and strong public oversight. Retirees enjoy high replacement rates and financial security. It’s consistently ranked among the world’s best places to retire comfortably.

robingileo, Wikimedia Commons

#1. Australia

Australia takes the crown with its highly ranked Superannuation system. Workers are required to contribute a portion of their wages into personal retirement accounts, supported by government assistance when needed. The result? A robust, well-funded system that gives retirees flexibility, solid payouts, and peace of mind.

Melbpal, Wikimedia Commons

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Sources: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10