Future planning

Healthcare & income levels drive up Luxembourg’s retirement security score

The grand duchy came in 7th out of 44 countries in an annual retirement security study produced by Natixis Investment Managers. Norway topped the list. Photo credit: Julius Yls/Unsplash

The grand duchy came in 7th out of 44 countries in an annual retirement security study produced by Natixis Investment Managers. Norway topped the list. Photo credit: Julius Yls/Unsplash

The grand duchy garnered better scores as a locale for retirees this year than it did in 2021, but still placed below its standing a decade ago.

Luxembourg was named the 7th best country for retirement security in an annual asset manager’s index. That was a rise of 4 slots from 11th position in 2021, but lower than the grand duchy’s 3rd place in 2012.

Norway, Switzerland and Iceland were the 3 top spots for retirement security this year, according to Natixis Investment Managers. Greece, Turkey, Columbia, Brazil and India were at the bottom of the table.

Overall scores were based on four sub-indices: health, finances in retirement, quality of life and material wellbeing. The grand duchy recorded gains in all four sub-indices.


Luxembourg was 2nd in the health sub-index in 2022, largely due to hefty healthcare expenditures. This has been a strong point for the grand duchy over the index’s decade history. Luxembourg ranked 3rd in 2021 and 6th in 2012.

Quality of life

It was 10th in the quality of life sub-index this year, boosted by its showing in both the “biodiversity and happiness indicators”. This was a gain on 13th place in 2021 and 15th place in 2012.

Material wellbeing

The grand duchy ranked 9th for material wellbeing, with Natixis noting that “it has the second highest income per capita score among all GRI countries.” It was number 17 in 2021 and number 2 in 2012.

Finances in retirement

Luxembourg scored less well in the finances in retirement sub-index, coming in 21st place, which was still an improvement over its 24th rank in 2021. The rise was “a function of score increases in government indebtedness and governance,” and the soundness of its banks. However, “Luxembourg’s ranking for finances in retirement suffers from below average rankings for interest rates (26th) and tax pressure (35th)”.

The grand duchy held 10th place in 2012.

‘Bad year to retire’

The Natixis report said that 2022 was “a bad year to retire” due to sudden spikes in inflation and slumping markets. On the other hand, rising interest rates hold the promise of “long-term gains” despite the “short-term pain”. At the same time, people retiring in 2022 still had time “to reset” their financial plans.

Comparison of 44 countries

Natixis Investment Managers’ Global Retirement Index 2022 assessed 44 of the world’s wealthier and larger countries. The aim of the report, Natixis said, was “to examine the factors that drive retirement security and to provide a comparison tool for best practices in retirement policy.”

The study was conducted between March and June 2022, and the index was released earlier this month.

Natixis Investment Managers is a Paris- and Boston-based asset manager with €1.1trn in assets under management. It is part of BPCE, France’s second-largest banking group.