HomeFinlandFinland tops list of best pension systems in the world (TOΠ 5)

Finland tops list of best pension systems in the world (TOΠ 5)

In addition to the fact that Finland almost every year ranks first in the ranking of the best places to live on the planet and the happiest people, it is the country with the best pension system in the world. This follows from a global analysis conducted by Blacktower Financial Management Group, which looks at government spending, retirement age and average per capita contributions.

The country ranks first due to high government spending on pensions, which account for 13.4% of GDP, as well as due to the large percentage of the population that pays a monthly pension – almost 90%.

The five best pension systems in the world are in Europe. The second and third places in the ranking are occupied by Poland and Sweden, in both countries the average retirement age is 65 years, which is lower than the world average of 66 years.

“This study should be taken seriously when deciding which country a person wants to live and work in,” said Gavin Gluckluck, managing director of Blacktower Financial Management Group.

And this is true: given the plight of Ukrainian retirees in general, more and more of our compatriots prefer to gain many years of experience abroad. Because it will inevitably affect the future pension to a greater extent.

Here are the top 5 countries where you can live in retirement:

  1. Finland
  2. Poland
  3. Sweden
  4. Slovenia
  5. France

The lowest average retirement age in the world is 62 years – in Slovenia, Greece, Israel and Turkey. Denmark has the highest average retirement age of 74 years. According to various world studies, the most likely reason for this is one of the best health care systems in the world and long life expectancy.

As for pension contributions, in some countries they are much higher than in others. For example, in Italy, where 33% of the average salary is deducted from pensions. Other countries where people pay more for their pensions are Spain with 28.3% and the Czech Republic with 28%.

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