A couple running away from Luxembourg to Iceland. / © Pexels
A study of the international retirement landscape has placed the Grand Duchy in second spot.
The study compares data from the OECD - covering largely wealthy, developed countries - along with data from the latest World Happiness Report.
When compared across eight different factors, Luxembourg came second only to Iceland in the report, which was published by American retirement guide Better Benefits.
In particular, Luxembourg ranked highly for its low retirement age of just 62, its generous pensions and benefits for the elderly, and relatively high life expectancy. Life satisfaction and happiness ratings were also above average for OECD countries.
Read also: Quick guide: Getting a pension in Luxembourg
It was bested by Iceland on a number of measures, however. For one, Iceland has slightly better life expectancy. The number of pensioners in poverty is also the lowest among the OECD, at 3%. Luxembourg's poverty rate, in comparison, is 7%. Happiness and life satisfaction ratings in Iceland are also higher, while the quality of support network is rated 7 percentage points higher than Luxembourg, at 98%.
On the other hand, the retirement age in Iceland stands at 67, and elderly incomes as a percentage of average wage are lower than in Luxembourg.
If you're looking forward to enjoying your 'golden oldie' years in the Grand Duchy, however, it's worth keeping in mind that in 2021 the European Commission recommended Luxembourg up its retirement age to 72.
Here's the top 10 countries to retire to:
Rank | Country | Average Life Expectancy | Pension Age | Gross Pension Replacement Rate | Elderly Incomes (65+) (% of average wage) | Rate of Old-Age Income Poverty | Happiness Rating | Life Satisfaction /10 | Quality of Support Network | International Retirement Score |
1 | Iceland | 82.77 | 67 | 51.8% | 95.04% | 3.05% | 7.557 | 7.6 | 98% | 8.11 |
2 | Luxembourg | 81.99 | 62 | 76.6% | 107.77% | 7.13% | 7.404 | 7.4 | 91% | 7.96 |
3 | Norway | 82.18 | 67 | 46.0% | 91.40% | 4.34% | 7.365 | 7.3 | 96% | 6.86 |
4 | Austria | 81.32 | 65 | 74.1% | 93.96% | 10.02% | 7.163 | 7.2 | 92% | 6.64 |
4 | Sweden | 82.56 | 65 | 53.3% | 86.34% | 11.39% | 7.384 | 7.3 | 94% | 6.64 |
6 | Spain | 83.32 | 65 | 73.9% | 95.77% | 10.16% | 6.476 | 6.5 | 93% | 6.54 |
6 | Switzerland | 83.51 | 65 | 44.1% | 82.84% | 16.50% | 7.512 | 7.5 | 94% | 6.54 |
8 | Finland | 81.64 | 68 | 56.6% | 82.59% | 7.24% | 7.821 | 7.9 | 96% | 6.50 |
9 | Netherlands | 82.05 | 69 | 69.7% | 85.56% | 3.10% | 7.415 | 7.5 | 94% | 6.43 |
10 | France | 82.40 | 66 | 60.2% | 99.80% | 4.40% | 6.687 | 6.7 | 94% | 6.39 |
