The Best Country to Retire In? Not the U.S.

Also: 80% of Retirees Say Social Security Benefits Need Better Protection From Inflation

͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌  No images? Click here October 24, 2023 We may be the richest country in the world, but our retirement system sure doesn’t show it. Once again, the United States earns an embarrassingly low overall score (63), according to Mercer’s retirement research ranking To be fair, no country was awarded 100 or even a grade in the 90s. Netherlands topped the list with a score of 85.  If you want a rosier view, another retirement index found that most developed countries — yep, even the U.S. — got higher overall scores for retirement security than they did last year.  For 2023, the U.S. snagged an overall score of 71%, up from 69%. The top two spots went to Norway (again) and Switzerland (same as last year). The increase for the U.S. comes on the heels of improved economic conditions, mostly from employment growth and wage gains, according to Natixis.  For more on the U.S.’s retirement grade, read Money reporter Pete Grieve’s story. — Jill Cornfield, deputy editor P.S. If you got this newsletter from a friend, sign up here for email delivery to make sure you don't miss the next issue.

Retirement Stat of the Week: 65 million

If you’re on Medicare or reaching the age of eligibility, you know that fall means it’s time for the program’s annual open enrollment. From Oct. 15 through Dec. 7, the 65 million Americans who are enrolled in Medicare — that’s an eye-popping 20% of the population — can change their coverage for the 2024 plan year.

Retirement 1, 2, 3

Nothing saved for retirement? Here are six things to do if you want to retire at 65. This lesser-known 401(k) feature is offered by fewer than a quarter of 401(k) plans, but it’s a no-brainer for big savers. For the millions of workers in 19 states who don’t have a workplace retirement plan, auto enrollment plans are a chance to save for their future.

More Insights and Advice from Money

personal finance Here’s the Median Net Worth for Every Age Group — How Do You Compare? Median household net worth grew 37%, the largest three-year increase ever documented by the Federal Reserve. READ MORE Money; Getty Images

retirement 80% of Retirees Say Social Security Benefits Need Better Protection From Inflation Most think Congress should provide an annual COLA that more accurately measures price increases that affect older Americans. READ MORE Money; Getty Images

insurance Employee Health Insurance Costs Are Up a ‘Nasty’ 7% This Year The cost of private health insurance is increasing rapidly after a brief respite during the pandemic. READ MORE Money; Getty Images

banking & investing Best Regional Banks for Every Financial Situation We looked at 293 banks and credit unions to determine the best in these regions and states. READ MORE Simon Landrein For Money

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