Canada has a strong retirement system, but it’s lower than it was last year.
According to the 2014 Global Retirement Index—compiled by Natixis Global Asset Management and CoreData Research—Canada scored 14th among 150 nations analyzed, down one spot from last year. Canada’s score remained the same as in 2013, while other nations’ scores improved.
The index is based on an analysis of 20 key trends across four broad categories: health and healthcare quality, personal income and finances, quality of life and socio-economic factors. Together, these trends provide a dynamic measure of the life conditions and well-being expected by retirees and near-retirees.
While Canada is ranked lower than most western European countries, it’s higher than the United Kingdom (No. 18) and the United States (No. 19). The top 15 countries this year are Switzerland, Norway, Austria, Australia, Denmark, Germany, Finland, New Zealand, Luxembourg, Iceland, Belgium, Netherlands, Canada and France.
“Canada has increased both its ranking in the quality of life and the finances in retirement sub-indexes, where it has also outperformed the average 30 top-performing nations,” notes the report.
It also states that retirees in Canada benefit from a top healthcare system and other positive related outcomes such as life expectancy and universal health coverage.
“However, Canada’s performance in the finances in retirement sub-index is particularly outstanding, as it has increased its ranking,” says the report. “Thanks partly to the wealth derived from natural resources, the Canadian economy has prospered in recent times. This has had positive effects on retiree life, as the Canadian government has been able to fund generous social security programs.”
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