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The U.S. Is Only The 19th Best Place In The World For Retirees
For retirees hoping to live long and prosper in their golden years, the U.S. is only the 19th best place to be, according to a new index by the
The humbling report, called the , places Western European countries far ahead of the U.S. in areas like health, finances, quality of life and material well-being.
“The message is clear: You will be called on to finance more of your retirement,” John Hailer, NGAM’s president and chief executive officer, said in a statement.
“Citizens of other industrialized nations can rely on strong social safety nets in old age, at least for now. In the U.S., we encourage
Norway ranked the best out of 150 nations studied, followed by Switzerland, Luxembourg, Sweden and Austria.
The U.S. was also overshadowed by its neighbor to the North, Canada (No. 13), Japan (No. 15), and came in just one spot ahead of the United Kingdom (No. 20).
Here’s where the U.S. falls behind:
A costly health care system. Although the U.S. spends than any other country in the world, consumers are still left to cover a big portion of those costs on their own
Aging boomers. Americans are living longer than ever, but federally-sponsored social programs that so many older consumers rely on today may not be able to sustain future retirees. According to NGAM,
Retirement savings deficit. It should come as no surprise that more consumers are relying on social programs to supplement their income in old age. The Great Recession played its roll in pummeling nest eggs for millions of workers, but U.S. workers aren’t exactly known for their savvy savings strategy to begin with. More than 53% of American workers 30 and older are on a path that will leave them unprepared for retirement, according to a recent U.S. Senate Report. And as it stands, o