Americans are less secure in their retirement than workers in much of Europe, as well as those in Canada and Japan, according to a new report released Thursday.
The United States ranks 19th globally in retirement security for its citizens, the report by Natixis Global Asset Management found. The Paris-based company said the findings suggest that Americans will need to pick up a bigger share of their retirement costs, as the number of retirees grows and government programs to support them become more strained.
“The message is clear: You will be called on to finance more of your retirement,” said John Hailer, chief of Natixis in Boston, where he oversees the Americas and Asia.
To reach its findings, Natixis compiled an index that gauges how well retired citizens live in 150 countries. It includes measures of health, wealth, and a total of 20 factors. Norway tops the list for retirees living well, followed by Switzerland and Luxembourg.
Weighing heavily against American retirees is the extent to which people here must save for their own retirement, vs. receiving company or government pensions. And the economic downturn hasn’t helped. More than half of Americans over age 30—or 53 percent—are on a path that will leave them without enough savings for retirement, up significantly from 38 percent in 2011, Natixis said.