Australia and other developed countries have experienced improved retirement security for the first time in a decade, but Australians are retiring later, according to the Natixis Investment Managers’ Global Retirement Index.
Australia maintains its position among the top ten countries for retirement security, holding seventh place. The leading nations are Norway, Switzerland, Iceland, Ireland, and Luxembourg.
But the data shows that Australians are retiring later than their global peers: the median retirement age across all countries surveyed was 61, in Australia it is 65.
The Global Retirement Index, created with Core Data Research, factors in financial stability, healthcare access, climate, governance, and overall happiness.
The index combines scores from 18 performance measures in four sub-indices. Australia has improved or maintained its rank across all sub-indices.
The improved sub-indices are:
- 3rd for finances in retirement (compared to 4th in 2022)
- 9th for health (9th in 2022)
- 15th for quality of life (15th in 2022)
- 13th for material wellbeing (compared to 19th in 2022)