It's no secret that people are living longer nowadays. In fact, in 2018 the number of people aged 65 and above outnumbered children under the age of five for the first time in history, according to a Deutsche Bank analysis of United Nations data. Using figures from the Natixis Investment Managers 2019 Global Retirement Index (GRI), which looks at Health, Finances in Retirement, Material Wellbeing and Quality of Life, we take a look at the top 25 countries for retirees in 2020.

With a low cost of living, great food and drink, and an ideal location for exploring mainland Europe, the Slovak Republic is worth considering for retirement. The country remains in 25th position for the third year running, although its overall score has seen some improvement. This year the country has higher rankings in both Material Wellbeing and Quality of Life, and it also now offers the highest income equality of all GRI countries. There's still room for improvement though, with weak scores in environmental factors, employment and income per capita.

South Korea’s economy is growing fast, and the country boasts the world’s fastest internet, as well as cheap food and alcohol and beautiful mountains. This year South Korea sits in the 24th spot, the same as its 2018 ranking. It's seen a drop in overall score however, due to lower totals in the Quality of Life, Finances, and Material Wellbeing categories. It has seen an increase in its Health score, though. Despite a drop in the Finances category, this remains the country's strongest sub-index thanks to high scores in bank nonperforming loans and old-age dependency.

Home to vibrant, populous cities and beautiful countryside, it’s no surprise Japan attracts many expats. While the country enjoys the best score for life expectancy, it also has the lowest for old-age dependency. This, coupled with low fertility rates, has resulted in fewer working-age people to support the country's retirees, driving up social security payments. This has left Japan with the worst score for government indebtedness among all GRI countries. 

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Those craving excellent food and wine, a relaxed work culture and a good dose of sunshine should consider France as a retirement spot. The country has higher scores in Material Wellbeing and Quality of Life, although its Finances sub-index ranks in the bottom ten due to lower scores in interest rates, tax pressure and government indebtedness, dragging down its overall score. France does come out top in the WHO’s International Health Care rankings, however, offering low-cost, high-quality healthcare to retirees who choose to pay into the country's Social Security system.

The EU capital has a number of draws for expats, including free healthcare, a good social welfare system and high quality of life. As far as the survey is concerned, the country's Finances sub-index took a nosedive this year, falling 10 places in the rankings thanks to its five-year average for real interest rates dropping below zero. Belgium also has the third-lowest score for tax pressure and seventh-lowest for government indebtedness. It's not all bad news, though. The country has higher scores in Health and Material Wellbeing this year.

As English is one of its official languages, many English-speaking expats head to Malta for sunshine and a Mediterranean lifestyle in their retirement. The country’s overall position remains static this year, despite lower scores in Finances, Health and Quality of Life. The fall in the Health category score is mainly due to the insured health expenditure indicator, which has now slipped to the fifth-worst out of all GRI countries. However, the country generally offers excellent healthcare, which is very affordable.

The small country of Slovenia, with a population of just over 2 million, has rugged mountainous landscapes and picturesque spots galore, so it’s no wonder it’s becoming more popular with retirees. Slovenia has risen four places to 19th this year, with good gains in the Material Wellbeing and Quality of Life sub-indices. Improvements in Material Wellbeing, already the country's strongest sub-index, have been thanks to improved results in employment and income equality. Slovenia now has the second-best score for income equality of all GRI countries. Although the country uses the euro, cost of living is much lower than in Western Europe or the States. 

The US slips from 16th to 18th this year, with all four categories taking a hit. Material Wellbeing dropped due to increasing economic inequality and lower income per capita score. The Finances sub-index saw a weaker performance in tax pressure and government indebtedness, thanks to a growing number of retirees compared to working adults. A lower score for happiness meant a drop in Quality of Life, and Health slipped due to a lower life expectancy score, despite high spending on healthcare in the country.

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The UK sits in the same spot as 2018, but has seen its overall score slip slightly. A significant drop in the Finances sub-index is due to a lower tax pressure score, along with slight falls in government indebtedness and old-age dependency. In addition, weaker scores in life expectancy and insured health expenditure took their toll on the Health sub-index. There were gains in Quality of Life, however, and the UK took ninth place in this category, compared to 12th in 2018 and 14th in 2017.

With a strong economy and high standard of living, Israel appeals to many expats. The country has moved up three places and ranks at 19th this year. While it’s seen subdued improvements in three of its sub-indices, the higher ranking is mainly due to the score declines of several other countries. However, there have been some notable gains. The Health score has improved thanks to life expectancy moving up five spots, and a marked improvement in the employment indicator has given Material Wellbeing a positive push.

Bang in the middle of Europe, Austria offers excellent travel opportunities as well as good work-life balance, a healthier lifestyle and good public transport. It’s slipped one place to 15th this year. Despite improved scores in Finances and Quality of Life, these were not significant enough to offset weaker scores in Health and Material Wellbeing. The lower scores are due to weak results in life expectancy and insured health expenditure, and income equality and income per capita. However, its Quality of Life score remains strong (87%), and it’s one of the safest countries in the world.

This increasingly multicultural country now has around half a million expats living within its borders, and the Czech Republic is currently rated the 14^th best place to retire to. The country's Material Wellbeing sub-index remains its strongest, and has been boosted further thanks to rankings of first place for employment and fourth for income equality out of all GRI countries. The Czech Republic's Quality of Life category also ranked higher thanks to an improved happiness score, and an improved score in the Finances sub-index also contributed to the country's movement in the rankings.

Germany sticks at 13th place in this year's rankings. The country suffered losses in all four sub-indexes, with the most notable being Finances, thanks to lower scores in tax pressure, governance and old-age dependency. Germany remains the fifth-worst GRI country for old-age dependency for the third year in a row; perhaps not surprising considering the country has an old-age dependency ratio of 32.8, compared to 17.1 in 1960. 

Finland was named the world’s happiest country by the World Happiness Report 2019, but it’s also the 12^th best place to retire to. The country actually has a slightly decreased score thanks to dips in Finances, Material Wellbeing and Quality of Life. But despite the weaker result in Quality of Life, the country remains in second place for this category. On a more positive note, the country comes first for personal wellbeing and fourth in air quality.

After slipping one place the Netherlands drops out of the top ten this year. Weaker results in Health, Finances and Quality of Life account for the country's slightly lower overall score. The life expectancy indicator took a hit, as did insured health expenditure. Environmental factors were to blame for a slip in the Quality of Life category, although it remains one of the strongest on the list with a score of 82%.

This tiny country with a population of just over 600,000 is made up of more than 46% foreign residents. This year it entered the top ten, after finishing 11th last year. It's improved ranking is down to better scores in the Material Wellbeing and Quality of Life sub-indices. The country is also number one for Health, aided by top rankings for health expenditure. Improvements in the Quality of Life sub-index include better scores in the happiness and environment indicators, as well as a fourth-place ranking in biodiversity.

A vast country known for its laid-back lifestyle and warm, sunny climate, it’s no surprise that Australia attracts many expats. Despite this, it’s dropped three places from sixth to ninth position this year. This is down to lower scores in the Quality of Life and Finances categories, although the latter is still the country's strongest sub-index, ranking in fourth place among all GRI countries. The drop in the Quality of Life score is associated with dips in happiness and environmental factors. However, Australia did see improvements in both Health and Material Wellbeing.

Many people choose Canada for its beautiful scenery, outdoorsy lifestyle and friendly people, and this year it had improved scores in Material Wellbeing and Health which boosted it to eighth place in the rankings. Stronger performances in income equality and employment in the Material Wellbeing sub-index are particularly notable. The country also offers universal healthcare, high air quality, and political stability.

Denmark ranks first in the Quality of Life sub-index, with a score of 93% thanks to high results for air quality, environment factors, biodiversity and happiness. Improvements in performance of the Material Wellbeing and Finances sub-indices are responsible for the higher ranking, particularly a strong increase in the employment indicator score.

Like many other Nordic countries, Sweden has great health and social care, although the drawback is high taxes. In this year’s GRI, the country slipped two places, with declines in three of the four sub-index scores. Material Wellbeing saw an improved ranking, however, due to a higher score in employment. Sweden's Quality of Life sub-index may have seen a drop this year, but at 89% it remains strong in comparison to other countries on the list, with several indicators amongst the top ten.

Want jaw-dropping scenery, clean air and an outdoor lifestyle? Look no further than New Zealand. The country comes in fifth position this year, held up by its high rankings in Finances (2nd) and Quality of Life (5th), with air quality and environmental factors being particularly strong. However, the country actually suffered losses in all four sub-indexes in this year's GRI. The most notable decline was in the Health category, as a result of poorer scores in health expenditure. Quality of Life also took a hit due to a declining happiness score.

The Emerald Isle is known for its friendly people, stunning landscapes and great pubs, but if this year’s GRI is anything to go by there are a host of other reasons to retire there. It’s risen up the ranks in recent years, moving from seventh position last year and 14th two years ago. This has been largely fuelled by gains in the Health sub-index, where the country went from 19th in 2018 to ninth this year, with health expenditure per capita seeing the most improvement. Elsewhere, Ireland's Finances sub-index has also improved, and Quality of Life remains static for the third year in a row.  

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Norway’s mountains, fjords and impressive coastline attract those looking for a healthy, outdoor-focused lifestyle. It takes the third spot in the GRI this year, and while it’s the only country on the list to have a top 10 score across all indicators, its overall score declined this year. Norway ranks far down the list for Finances (59%), and lower scores in tax pressure and interest rates have seen this sub-index take a further hit. The country also has poorer scores in Quality of Life and Material Wellbeing, although these categories remain strong in fourth and second place respectively.

Knocked off the top spot this year, the mountainous country of Switzerland has seen a decline in score for three sub-indices. Material Wellbeing took a hit with poorer scores in all three indicators, with employment slipping from 18th to 10th position this year. However, with low taxes and quality, affordable healthcare it remains an attractive option for retirees. Switzerland is also the only GRI country that can lay claim to top 10 rankings in all four sub-indices.

With a population of just over 360,000, Iceland is one of the smallest countries on this list but it’s also the top for retirement. However, its prime position is largely thanks to Switzerland's more significant score decline – Iceland actually has a slightly lower overall score this year compared to 2018's rankings. Iceland's rankings for Material Wellbeing and Quality of Life both declined, while Finances and Health have seen improvement. Retiring here is not cheap, however. Iceland is currently ranked sixth most expensive country to live in across the world by Numbeo.

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