It isn't all long holidays and glasses of wine for UK retirees, according to the global retirement index released by Natixist Global Asset Management today. The United Kingdom fell from 18th to 22nd in an overall ranking of 150 countries due to concerns over public finances as well as an ageing population.
Despite enjoying better economic growth than its European counterparts, the UK still has to contend with a high debt-to-gross domestic product ratio, as well as the fact wage growth has only just started to pick up.
The UK came 14th out of the top 20 European countries when ranked in terms of retirement prospects. Here's how it stacks up on various aspects such as health, financial security, quality of life and material well-being.
We're towards the bottom of the top 20 European countries alongside Slovakia, Estonia and Malta. Ireland, which was one of the countries hardest hit by the global financial crisis, was the worst performer.
So it seems your "golden years" are best lived out in Nordic countries like Switzerland, Norway and Sweden. They have excellent healthcare systems and their retirees tend to be in a better financial position.
Peripheral European countries such as Spain fell out of the ranking 26 places to 55th due to economic weakness. Meanwhile, Greece also slipped 37 spots to 76th place.