Britons were given a life satisfaction rating of 6.8 out of 10, in research from Better Benefits Guide comparing 36 countries across the world. Incomes for people aged 65 and over were found to be 81.31 percent of the average wage, with life expectancy at 81.13.
The UK has a rate of old-age income poverty of 15.15 percent, worse than Poland on 12.79 percent, which was sixth worst overall.
The UK’s best score compared to the rest of the world was for the happiness rating, at 6.943, which ranked 17th best.
Japan had the highest life expectancy, at 84.37, with a better rating than the UK for elderly incomes compared to average wages, at 85.19 percent, although it also had a higher rate of old-age income poverty, at 20 percent.
The United Kingdom had a good quality of support network rating, at 93 percent, compared to the other ten worst countries.
The top 10 worst countries with their international retirement scores were:
- Estonia – 2.11
- South Korea – 2.36
- Lithuania – 2.46
- Latvia – 2.75
- Mexico – 3.39
- Poland – 3.54
- Chile – 3.57
- Japan – 3.93
- United Kingdom – 4.07
- Belgium – 4.14
The best country to retire was Iceland, with one of the highest life expectancies, at 82.7, and with elderly incomes just below average wages, at 95.04 percent.
In second place was Luxembourg, where elderly incomes are higher than typical wages, at 107.7 percent, with a low pension age of 62, with Norway in third place.
The only other country where pensioners’ incomes are above average wages is Israel, but the rate of old-age income poverty is relatively high, at 20.55 percent.
The place with the highest happiness rating was Finland, which came in eighth place overall, while 11th place Denmark had the lowest rate of old-age income poverty, at three percent.
People in Denmark work for the longest, retiring at the age of 74, followed by Italy and Estonia, which both have a retirement age of 71.
The research also investigated the best states in the United States to settle down for retirement.
The study concluded that the best state to retire is Delaware, with the highest mean retirement income, of $34,771.
This was followed by Washington, with a mean income of $31,605 and Oregon, with mean incomes of $30,446.