Recent research has revealed the countries around the world whose citizens are the most prepared for retirement, and concluded that Luxembourg is the country most financially prepared For retirement.
The study, undertaken by Audley Villages, a company that manages luxury retirement villages, analysed a variety of metrics, including retirement age, government pension initiatives and health grade of the 37 OECD countries and capital cities in order to determine which cities and their citizens are the most prepared for retirement. The luxury retirement village developer reveals how retirement planning varies around the world.
In order to determine how financially prepared each country was for retirement, the study took metrics including average yearly incomes, pension percentage of pre-retirement earnings, the percentage of household disposable income put into savings and the percentage of individuals who own their own property.
The top 10 countries most financially prepared for retirement were as follows:
Luxembourg sits in first position and is the country with the third-highest average yearly income, at $73,910. Retirees enjoy 90.1% of their pre-retirement earnings as their pension - the third-highest of any other country. People who live in Luxembourg are prepared for a long and comfortable retirement with nearly 16% of their yearly income being put into savings.
Hungary, in fourth place, has the highest percentage of citizens who own their own properties, at 91.7%. This means retirees are able to stay in their own homes for longer and have the reassurance of using equity for a cash influx if they need it.
Switzerland comes in 9th place despite having the best saving habits out of all OECD countries. An average of 16.17% of all household disposable income is put into savings, meaning Swiss people can plan ahead and be financially comfortable when heading into retirement.
