Workers may have to rethink their retirement plans, warns a survey ranking the world’s pension systems.
Iceland, the Netherlands and Denmark again took the top three rankings in this year’s Mercer CFA Institute Global Pension Index. But the report recommended that retirement ages need to be lifted almost everywhere in the face of mounting threats from aging populations, ballooning government debt and low birth rates.
The current economic environment of reduced wage growth, rising inflation and reduced investment returns in many asset classes is also placing additional financial pressures on retirement income systems, the report found. The US ranked 20th of the 44 countries surveyed, while newcomer Portugal came in at 24 and mainland China was ranked 36. Mexico, in 29th place, was singled out for improving its score significantly due to pension reforms.
As fertility rates decline and people live longer, the United Nations predicts the portion of the world’s population aged 65 or over will rise from 9.7% this year to 16.4% in 2050. Retirement ages among the countries surveyed ranged from 55 to 68, and Knox said that governments needed to encourage people to work “a bit longer.”
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