Most developed countries have some solution for caring for their aging population. Known as “retirement income systems,” these include combinations of investment accounts, pensions, and social security. The health of these programs has a huge impact on the quality of life for seniors.

Mercer is a global leader in retirement and investment outcomes. Each year, Mercer grades retirement income systems in different countries on three criteria: adequacy, sustainability, and integrity.

Adequacy is a measure of the benefits themselves and how well they provide for seniors. Sustainability estimates how well the programs will continue to provide in the future. Integrity refers to the confidence that the systems will be able to provide what they promise and not suddenly go bust.

You can’t move to another country in retirement and enjoy the benefits of their system, but you can move to a country with a lower cost of living, which will improve the personal adequacy of your retirement benefits.

Mercer uses these numbers to generate an overall grade for each program. Here’s a ranking of retirement income systems, including the United States’. 

The average grade is C+ (62.9).

Netherlands: A

The Netherlands tops the list at 85.0. Mercer says that an A grade denotes a first-class and robust retirement income system.

The Netherlands’ best score is in integrity, and its worst score is in sustainability.

Iceland: A

Iceland is indexed at 83.5. Iceland’s best score is in adequacy, and its worst score is in integrity.

Denmark: A

Denmark is indexed at 81.3. Adequacy and sustainability are tied for Denmark’s best scores, and its worst score is in integrity.

Israel: A 

Israel is indexed at 80.8. Israel’s best score is in integrity, and its worst score is in adequacy.

Australia: B+ 

Australia is indexed at 77.3. Mercer says that a B system has a sound structure, with many good features but some areas for improvement.

Australia’s best score is in integrity, and its worst score is in adequacy.

Finland: B+ 

Finland is indexed at 76.6. Finland’s best score is in integrity, and its worst score is in sustainability.

Singapore: B+ 

Singapore is indexed at 76.3. Singapore’s best score is in adequacy, and its worst score is in sustainability.

Norway: B 

Norway is indexed at 74.4. Norway’s best score is in integrity, and its worst score is in sustainability.

Sweden: B 

Sweden is indexed at 74.0. Sweden’s best score is in sustainability, and its worst score is in adequacy.

United Kingdom: B 

The United Kingdom is indexed at 73.0. The United Kingdom’s best score is in integrity, and its worst score is in sustainability.

Switzerland: B 

Switzerland is indexed at 72.0. Switzerland’s best score is in integrity, and its worst score is in adequacy.

Canada: B 

Canada is indexed at 70.2. Canada’s best score is in integrity, and its worst score is in sustainability.

Ireland: B 

Ireland is indexed at 70.2. Ireland’s best score is in integrity, and its worst score is in sustainability.

Chile: B 

Chile is indexed at 69.9. Chile’s best score is in integrity, and its worst score is in adequacy.

Uruguay: B 

Uruguay is indexed at 68.9. Uruguay’s best score is in adequacy, and its worst score is in sustainability.

Belgium: B 

Belgium is indexed at 68.6. Belgium’s best score is in integrity, and its worst score is in sustainability.

New Zealand: B 

New Zealand is indexed at 68.3. New Zealand’s best score is in integrity, and its worst score is in sustainability.

Portugal: B 

Portugal is indexed at 67.4. Portugal’s best score is in adequacy, and its worst score is in sustainability.

Germany: B 

Germany is indexed at 66.8. Germany’s best score is in adequacy, and its worst score is in sustainability.

Kazakhstan: C+ 

Kazakhstan is indexed at 64.9. Mercer says that a C system has some good features but also major risks and/or shortcomings that should be addressed and that without these improvements, its efficacy and/or long-term sustainability can be questioned.

Kazakhstan’s best score is in integrity, and its worst score is in adequacy.

Hong Kong SAR: C+ 

Hong Kong is indexed at 64.0. Hong Kong’s best score is in integrity, and its worst score is in adequacy.

United States: C+ 

The United States is indexed at 63.0. The United States’ best score is in adequacy, and its worst score is in integrity.

United Arab Emirates: C+ 

The United Arab Emirates is indexed at 62.5. The United Arab Emirates’s best score is in adequacy, and its worst score is in sustainability.

Colombia: C+ 

Colombia is indexed at 61.9. Colombia’s best score is in integrity, and its worst score is in sustainability.

France: C+ 

France is indexed at 61.7. France’s best score is in adequacy, and its worst score is in sustainability.

Spain: C+ 

Spain is indexed at 61.6. Spain’s best score is in adequacy, and its worst score is in sustainability.

Croatia: C+ 

Croatia is indexed at 60.3. Croatia’s best score is in integrity, and its worst score is in adequacy.

Saudi Arabia: C 

Saudi Arabia is indexed at 59.5. Saudi Arabia’s best score is in integrity, and its worst score is in sustainability.

Poland: C 

Poland is indexed at 57.6. Poland’s best score is in integrity, and its worst score is in sustainability.

Italy: C 

Italy is indexed at 56.3. Italy’s best score is in integrity, and its worst score is in sustainability.

Japan: C 

Japan is indexed at 56.3. Japan’s best score is in integrity, and its worst score is in sustainability.

Malaysia: C 

Malaysia is indexed at 56.0. Malaysia’s best score is in integrity, and its worst score is in adequacy.

Brazil: C 

Brazil is indexed at 55.7. Brazil’s best score is in adequacy, and its worst score is in sustainability.

Peru: C 

Peru is indexed at 55.5. Peru’s best score is in integrity, and its worst score is in sustainability.

China: C 

China is indexed at 55.3. China’s best score is in adequacy, and its worst score is in sustainability.

Mexico: C 

Mexico is indexed at 55.1. Mexico’s best score is in adequacy, and its worst score is in integrity.

Botswana: C 

Botswana is indexed at 54.5. Botswana’s best score is in integrity, and its worst score is in adequacy.

South Africa: C 

South Africa is indexed at 54.0. South Africa’s best score is in integrity, and its worst score is in adequacy.

Taiwan: C 

Taiwan is indexed at 53.6. Taiwan’s best score is in integrity, and its worst score is in adequacy.

Austria: C 

Austria is indexed at 52.5. Austria’s best score is in integrity, and its worst score is in sustainability.

Austria is the worst performer on the list for sustainability. The country has recently made a massive push for immigrant workers to supplement its declining workforce. A declining workforce means fewer young workers are available to contribute to the pension system.

Indonesia: C 

Indonesia is indexed at 51.8. Indonesia’s best score is in integrity, and its worst score is in adequacy.

South Korea: C 

South Korea is indexed at 51.2. South Korea’s best score is in integrity, and its worst score is in adequacy.

South Korea is the worst performer on the list for adequacy, suggesting current benefits aren’t sufficient.

Thailand: D 

Thailand is indexed at 46.4. Mercer says that a D system has some desirable features but also major weaknesses and/or omissions that need to be addressed.

Thailand’s best score is in integrity, and its worst score is in sustainability.

Turkey: D 

Turkey is indexed at 46.3. Turkey’s best score is in integrity, and its worst score is in sustainability adequacy.

India: D 

India is indexed at 45.9. India’s best score is in integrity, and its worst score is in adequacy.

Philippines: D 

The Philippines is indexed at 45.2. The Philippines’ best score is in sustainability, and its worst score is in integrity.

The Philippines is the worst performer on the list for integrity.

Argentina: D 

Argentina is indexed at 42.3. Argentina’s best score is in adequacy, and its worst score is in sustainability.

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