Republic ranked as world’s seventh best place to retire

The Republic is one of the best places in the world to retire, according to a new study that ranks it in seventh place globally.

The State’s rating has significantly improved in recent years, as it recorded the largest jump in both rankings and score of all 43 countries covered in Natixis’s latest global retirement index.

The Republic has entered the top 10 states to retire in for the first time in the rankings, after climbing from 14th spot last year, having moved up from 16th place in 2016 and 19th in 2015.

“Ireland’s ability to cut its unemployment rate to 6.2 per cent as of 2017, and subsequently reduce income inequality, contributed to its rise in the index. It also boasts a significant improvement in tax pressure, and thus an increase in the level of disposable income of retirees,” the study authors said.

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Now in its sixth year, the global retirement index provides a snapshot across 43 countries in terms of retirement security based on 18 factors across four broad categories: finances in retirement, material well-being, quality of life and health.

Material well-being

With an overall increase in score from 74 per cent to 77 per cent, Ireland saw steep improvements in the material well-being sub-index, where it climbed to 12 place globally. It scraped into the top 10 in the finances sub-index and was in 19th place in the health sub-index. The State recorded a slight decline in quality of life compared with the prior year but managed to stay in the top 10.

Western Europe continues to dominate the top 10 countries in the 2018 index with Switzerland ranked the best country to retire in, followed by Iceland, Norway and Sweden. New Zealand comes in fifth place with Australia, Ireland, Denmark, Canada and the Netherlands rounding out the leading countries.

"An aging global population may seem to be the greatest challenge. After all, we live in a world of seven billion people where the average life expectancy is 72 years today and may be as much as 100 for those born in the year 2000. But it is critical to recognise that aging demographics are not the only challenge," said Natixis's chief executive Jean Raby.

“Retirement security also depends on how we as a society address critical questions about income and wealth inequality, affordable and accessible healthcare, environmental quality and safety, and the long-term stability of financial systems around the world,” he added.