2024年全球退休指數(shù)（英）

2024NATIXISGLOBALRETIREMENTINDEX

Onlythelonely

Individualsincreasinglyfeelthey’reontheirownforretirementsecurity.

Contents

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OnlytheLonely

TheGlobalRetirementIndex2024

Framework

TheBestPerformers

PerformancebySub-Index

HealthIndex

Spotlight:ImmigrationCanBeaLifelineforAgingSocieties

FinancesinRetirementIndex

Spotlight:BridgingtheGlobalRetirementSavingsGap

MaterialWellbeingIndex

Spotlight:AustralianRetirementandtheLongevityBalancingAct

QualityofLifeIndex

TheTop25:Year-on-YearTrends

CountryReports

References

Framework

AppendixA

Methodology

ConstructingtheIndicators

ConstructingtheGlobalRetirementIndex

AppendixB:FullRankings

Disclosures

Retirement

more

they’reon

Resultsfrom

thatthenumberfundretirementgrownfrom

securityisonshakygroundin2024asmoreand

individualsacrosstheglobecometotherealization

theirownwhenitcomestofundingafter-workincome.

thelong-runningNatixisGlobalSurveyofIndividualInvestorsshowofindividualswhobelieveitisincreasinglytheirresponsibilityto

ontheirown,ratherthantorelyonpublicandprivatepensions,has67%1to81%2between2015and2023.

Duringthattime,

termtrendssuchdefinedcontributiondebtmetshort-

volatility.Inthe

abouttheirchancesInjusttwoshort

itwouldtakea

from40%in2021affluentinvestorsshowsjusthow

Moremoney

Thenumberofacrosswealthexpressingthis

investorshavefelttheanxietyincrease,aslong- astheshiftfromdefinedbenefitpensionsto- plansandarapidlyincreasinglybillforpublictermshockssuchasCovid,inflation,andmarket

end,theirisolationisleadingmanytodespairofachievingretirementsecurity.

years,thenumberofindividualswhothoughtmiracletoachieveretirementsecurityincreased

to45%in2023.2Thefactthatthisisamongwith$100,000ormoreininvestableassetspervasivefundingconcernsare.

doesn'tmeanlessanxiety

investorswaitingonamiraclegrewalmostevenlybands:High-net-worthinvestors($1million+) sentimentgrewfrom35%in2021to42%in

2023;emerginghigh-net-worthinvestors($500,001–$1million)increasedfrom39%to43%;massaffluent($300,001–$500,000)investorsincreasedfrom41%to47%;andmassmarketinvestors($100,000–$300,000)increasedfrom43%to46%3,2

Attheheartoftheproblemformanyistheuncertaintyofhowtheywillfootthebill.Between2021and2023,thenumberofindividualswhoworrythatthey’llneverhaveenoughtoretireincreasedfrom39%to42%.WhileMillennialsremainthemostlikelytoexpressconcern(47%to48%),thesentimentisontheriseamongGenerationXers(42%to47%)andBabyBoomers(31%to35%)aswell.3,2

Whenitcomesdowntoit,oneinfive(19%)investorssaid

thateveniftheysaved$1million,theystillcouldn’taffordtoretire–thatincludes18%ofthosewhohavealreadyaccu-mulated$1million.2

Thenumberofinvestorswaitingonamiraclegrewalmostevenlyacrosswealthbands.3,2

42%

39%

43%

41%

47%

43%

46%

35%

2023

2021

2023

2021

2023

2021

2023

2021

-net-worthinvestors

million+)

Index2024

Massaffluentinvestors

($300,001–$500,000)

Emerginghigh-net-worthinvestors

($500,001–$1million)

High

($1

GlobalRetirement

Massmarketinvestors

($100,000–$300,000)

3

Inseekingtofulfilltheretirementfundingresponsibilitythatiskeenlyfeltbyeightoutofteninvestors,2

individualswillneedtonavigatefourkeyrisks:

Inflation:

Ourselves:

Interestrates:

Publicdebt:

Theworstofitmaybepastasinflationslowlyrecedestowardcentralbanktar-

gets,buttherecentbout

ofrisingpricesservesasastarkreminder,and83%ofinvestorssayrecenteventsremindedthemofjusthowbigathreatinflationposestotheirretirementsecurity.2Theywillneedtoact

accordinglytoensuretheyarepreparedforanynewepisodesdowntheroad.

Lowrateshadbeenakeyriskforretireesforthe15+yearsfollowingtheglobalfinancialcrisis,buttoday’shigherratespresentnewrisks.Mostnota-bly,withmorethan$6trillioninvestedinmoneymarket

funds,certificatesofdepositandsimilarinstruments,4theyneedtobeawareofacashtrapthatcouldkeepthem

frommeetingtheirneedforasustainablesourceoflong-termincome

Asecureretirementisa

journey,notadestination.Successrequiresrealisticexpectationsandmean-

ingfulcommitmentfrom

individuals.Whilemanymayappreciatethisinconcept,

noteveryinvestormakes

reasonableassumptionsandsetsrealisticgoals.NatixisInvestorsurveyresultsshowthatinvestorsdonothaveaconsistentvisionforwhatitwilltaketosucceed.

PublicdebtinOrganisationforEconomicCo-operationandDevelopment(OECD)coun-

trieshasmorethandoubledinthefirstquarterofthe21stcenturyaspolicymakersfirstnavigatedtheglobalfinancialcrisisandthentheglobal

pandemic.Althoughthestepswereneededtostaveoff

economicmeltdownintheshortterm,thedebtposessignificantlong-termchal-lenges.Agrowingnumberofindividualsworryhighdebt

levelswillresultincutstothegovernmentretirementbene-fitsthatareacornerstonefortheirretirementincomeplans.

Onewayprofessionaladvicemaybenefitinvestorsishelpingthemrecognizetheopportunitiesformaximizingtheirchancesatasecureretirementpresentedbytoday’smarket.Taking

advantageofthehighestinterestratesin15yearswouldbeagoodplacetostart.

Ifindividualsaretoachieveretirementsecurity,theywillneedtocarefullymanagetheserisks.Evenasinvestorsfeeltheyareontheirown,theydon’thavetobe.Arecentsurveyof500fundselectorsatleadingwealthmanagersaroundtheglobeshowsthat84%believeretailinvestorsneed

professionalhelpiftheyaretoachieveasecureretirement.5

GlobalRetirement

4

Index2024

theUSFederalReserve’stargetrangestandsat5.25%–5.5%,theBankofEnglandtargets5%,andtheECBtargets4.25%,retireescanfinallybreatheasighofrelief.

Fromaconsumermindset,itmaybehardtoseehigher

ratesassomethingthatbringsrelief,sinceitbecomesmoreexpensivetofinancecars,homesandotherlargepurchases.Buttheviewisdifferentforretireeslookingforincome,and63%offundselectorssayrisingratesaregoodforretireesinthelongrun.5Why?Higheryieldsonfixedincomeprovideretireeswithgreaterincomepotential.

Toomuchaofgoodthing

Withratesattheirhighestpointsince2007,investorshaveseizedtheopportunityandflockedtocashinstrumentssuchascertificatesofdeposit.Asaresult,morethan$6trillion

isnowinvestedinmoneymarkets.4Thoughthemovemayseemtoofferrisk-freereturns,investorsneedtorecognizethatthereisnosuchthingasafreelunch.

Whereinvestorswereexposedtotheriskoflowinterestrates,theymaynowbemissingnewriskposedby

overallocatingtocash.Infact,marketstrategistsand

economistswithintheNatixisInvestmentManagers

familysurveyedinJuly2024highlightedwhatinvestorsneedtoknowaboutcashbutmaybemissing.Evenwithcashpayingupwardof5%,53%oftheseinvestment

professionalssaidmoreattractivereturnscanbefoundelsewhere.Another43%saidinvestorsshouldbeawareofinflationrisk,whilethesamenumberalsowarnedofreinvestmentriskwhenconsideringcash.7

INTERESTRATES:

Howhigh?Howlong?

Low-rateriskshavemoderated,butretireesfacenewrisks.

Interestrateshavebeenamongthegreatestrisksto

retirementsecuritysincetheNatixisGlobalRetirementIndexwasintroducedin2012.Forthebulkofthattime,retireeshavebeenfacedwithultra-lowratesthatmadeitdifficulttoannuitizelifetimesavingsasapredicablesourceof

retirementincome.Butwithratesatornear15-yearhighs,manymaybesacrificingasustainablelong-termincomeforshort-termsecuritypresentedbycash.

WiththeFedfundsrateaveraging1.09%andtheEuropeanCentralBank(ECB)rateaveraging0.28%between2007and2022,retireeswerehardpressedtogenerateincomefromtheirassets.6Itwasascenarioinwhichprincipalcoulderodequicklyasretireesdippeddeeperintotheirsavingstocoverretirementexpenses.A10-yearbullmarkethelpedoffsetsomeoftheerosionbutsimultaneouslyexposedretireeassetstovolatilityasexperiencedattheonsetoftheglobalpandemicin2020andthenagaininthe2022marketcorrection.

Anupsidetoinflation

Post-pandemicinflationchangedthepictureonfixedincome,ascentralbanksmovedtoquellrisingpriceswithan18-monthdoseofrateincreases.Lookingatanenvironmentinwhich

PolicyRatemovement2007–20246

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-1

‘07‘08‘09‘10‘11‘12‘13‘14‘15‘16‘17‘18‘19‘20‘21‘22‘23

ECBDepositRateFedFundsUpperBoundRateBoEBankRate

GlobalRetirementIndex20245

WHERETHERISKSLIE:

Reinvestmentrisk:

5%yieldsmaysoundgood

now,butthekeyquestionforcashandcashinstrumentsiswhatthoserateswillbewhentheinvestmentsmature.Withinflationcomingclosertocen-tralbanktargets,thedirectionofcashismostlikelydown.Infact,Natixisstrategistsantic-ipateone(53%)ortwo(37%)

cutsfromtheFedbytheendof2024.Inthesametimeframe,97%anticipateone(30%)ortwo(67%)cutsfromtheBankofEngland,and87%anticipatetwo(70%)orthree(17%)cutsfromtheECB.OnlyinJapan,whereinflationisontheup-

swing,dotheyexpectarateincrease(57%).7

Longevityrisk:

Onaverage,individualssaytheyexpecttolive20yearsinretirement;thatmeans

theirsavingswillhaveto

workhardtogenerate

income.2Dedicatingtoo

muchtocashnowcould

limittheopportunitytogrowtheassetsneededtoprovideasmuchastwodecadesofincomeormore.

Inflationrisk:

Post-pandemicinflationhasbeenacriticalreminderof

justhowpainfulrapidlyrisingpricescanbe.Butevenasitrecedes,today’s3%inflationratecanhaveasignificant

impact,andthe5%returnoncashinvestmentsbecomearealreturnof2%.Simplyput,5%won’tgoasfarbecauseeverythingcostsmore.

Opportunitycost:

Natixisstrategistssaytherearemoreattractivereturns

tobefoundelsewhere.Theproofcomesinfirst-halfreturnsof15.3%forS&P500?,18.6%fortheNasdaq,13.3%fortheFTSEAll-WorldIndex,and

18.28%fortheNikkei.8EvenwithabriefboutofvolatilityatthestartofAugust,equitiesarestilloutperformingcash.

INTERESTRATES

THEUPSHOT:

Diversificationmatters.

Higherinterestratesaregoodnewsforretirees.Cashcertainlyplaysanimportantrolewithinadiversifiedportfolio,helping

provideapotentialriskoffsettostocksandbondsaswellasliquiditytocapitalizeonnewinvestmentopportunities.Butit’scriticalthatretirementplansrecognizethatevencashcomeswithsomekeyrisks.

WHATINVESTORSNEEDTOKNOWABOUTBONDS7

67%

Bondscanbeusedtogeneratebothtotalreturnandincome.

Cashratesareinthe5%rangenow,butthereisnoguaranteewhatrateswillbewhenthoseinvestmentsmature.Givencurrentmarketconditions,83%offundselectorssayretireesshoulddiversifytheirincomeinvestments.5Governmentandinvestmentgradecorporatebondsmayhavesomewhatlowerrates,buttheyhavelongerdurations–thetimeuntilthebondmatures–whichcanprovideretireeswithamoreconsistentlong-termincomestream.

57%

Activemanagementcanaddvalueto

bondportfolios.

50%

Nowisthetimetostartextendingduration.

40%

Creditqualityisbecomingmoreimportant.

46%

Bondsprovidediversificationonceagain.

40%

Incomeisfixed,butpricesarenot.

GlobalRetirementIndex20246

sleepsnomore.

havemoderated,but

isdone.

INFLATION:Thegiant

Prices

thedamage

Afteradecade

demicstimulus,

disruptions

decades.Reachingapowerfulreminder

pricescanimpact

Reaching40-yearertoconsumerstheirfinances—individuals.

grind,8,000affluentin23countries

financialfearand

Infact,42%went

dreamsofretirement

Thedream

It’sclearthat

forcingindividualsstandardoflivinglivingonafixed

findingtheywill

retirement.Savings

ofrelativecalm,theconvergenceofpan-consumerspending,andsupplychain

unleashedthemostpainfulboutofinflationin 40-yearhighsin2022,inflationdelivered toconsumersofjusthowmuchrisingtheirfinances.

highs,inflationdeliveredapowerfulremind-

ofjusthowmuchrisingpricescanimpactpowerfulenoughtoscarevenmoreaffluent

Surveyedin2023,24monthsintotheinflationaryinvestors($100,000+investableassets)

rankedrisingpricesastheirnumber-onerateditastheirtopinvestmentconcern.sofarastosayinflationwaskillingtheir

2

Likeeveryoneelse,retireesfeelthebiteofhigherprices

wheninflationstrikes.Buttheyfeelasecondbitewhentheyrealizethatcoveringhighercostsmeansdrawingdownalargerportionofassetstomeetmonthlyexpenses.Asa

result,thenesteggtheycountedonlasting20to25yearscouldcomeupshort.

Hasthegiantbeentamed?

It’stakenthreeyears,butallindicatorssuggestthatcentralbankpolicyinEurope,theUSandtheUKissuccessfully

reiningininflation,asa2%targetrateandasoft-landing

scenariolooklikely.Butevenastheriskpictureisimproving,it’snotgoneentirely.

.

Thisbrighterviewcomeswithsomecaveats:64%ofstrat-egistswithintheNatixisInvestmentManagersfamilyrankinflationasamoderate(47%)orhigh(17%)risk.Andin

killer

inflationcanchallengevirtuallyanybudget,

tostretchtheirincomestomaintaintheir .Butthepaincanbemoreacuteforthoseincome,likeretireeswhomoreandmoreareneedtorelyontheirpersonalsavingstofund

lookingatalandscapeinwhichpriceshaveeased,growthhasinchedforward,andmarketshaveswelled,40%arestillworriedthatinflationsurprisecouldendtherally.Allthis

concernforjustthenextfourmonths.7

thathastolastfordecades.

USvsEurozoneCoreCPI2000–20246

7

6

5

4

0

‘99‘00‘01‘02‘03‘04‘05‘06‘07‘08‘09‘10‘11‘12‘13‘14‘15‘16‘17‘18‘19‘20‘21‘22‘23

EurozoneCoreCPIUSCoreCPI

GlobalRetirement

Index20247

INFLATION

WHERETHERISKSLIE:

Inflationmayeasewithtime,butitisa

measurethatcomparesmonth-over-

monthandyear-over-yeartrends.Just

becauseitslowsdoesn’tmeanprices

havedeclined.Highcostsmayrecede

some,butunlikefluctuatingenergyandcommoditiesprices,whicharedrivenbydemand,otherday-to-dayexpensesarenotlikelytoreturntopre-pandemiclevels.

Thosewhoarealreadyretirednowneedtospendmorethantheyanticipated.

They’llbefacedwithadifficultdecision:Dotheylooktocutexpensestopreservemoreoftheirprincipalorinvestinriskierassetstopursuethehigherreturnsneededtomakeupforhighercosts?Cutting

expensescanbedifficultatanagewhenmedicalcostsmaybeescalating.Takingonmoreriskmaybeharder,asolder

individualsmaynothavethetimeneededtorebuildtheirsavingsshouldtheyexperiencesignificantlosses.

Inflationnotonlyimpactscurrentretireesbutalsocandisrupttheretirement

plansofyoungerworkers.Askedabouttheimpactofinflationonretirement

savingsayearago,83%ofinvestorssaidrecenthistoryshowsjusthowbigathreatinflationistotheirretirementsecurity.Andthatimpactwasimmediate,as66%saidinflationhadsignificantlyhurttheirabilitytosaveforretirement.Only32%saidithadmotivatedthemtosavemore.2

THEUPSHOT:

Bevigilant.Planahead.

Evenasday-to-daypricehikesrecede,inflationshouldn’tbefarfrominvestors'memories.Pricehikescanbeswiftand

painful.Savingsandinvestmentplansneedtoaccountfor

thecold,hardtruththatsomewheredowntheline,everythinggenerallycostsmore,notless.

66%

ofinvestorssayinflationhassignificantlyhurttheirabilitytosaveforretirement.

Lossofpurchasingpower:Longevityrisk:Lowersavingsrate:

GlobalRetirementIndex20248

INFLATION

importantassetontheirside:time.Withdecadestogountilretirement,GenZcanbenefitfromdollar-costaveragingandallowingsmallassetstocompoundovertime.

Butnobodyescapesinflation

Inflationcompoundsthefinancialpictureformid-career

workers.Atapointinlifewhenthey’realreadyfacedwiththecompetingprioritiesofraisingafamily,caringforparents,

andmaintainingahousehold,highercostscanmakeiteven

moredifficulttosaveforretirement.Forexample,GenerationXinvestors(age44–59)weremorelikelytosaytheyweresavinglessbecauseofinflation(55%)thanMillennials(age26–43)

andlesslikelytosaytheyweresavingmore(33%vs.37%).2

Thismostrecentboutofinflationmayhavecomeasasurprise,especiallyaspriceshadremainedincheckforwellovera

decade,butthelessonshouldbelasting.While76%ofthosesurveyedsayinflationhastaughtthemtheyneedtosavemore,itwillbeimportantthelessonsticks.2

GenZfeelsthemostpain

It’simportanttorememberthatwhileeveryoneissusceptibletorisingprices,inflationcanimpactsomegroupsmorethanothers.Askedwho’sbeenhurtworsebyinflation,Natixis

strategistspointtomembersofGenerationZ(age12–27).7Mostspecifically,itistheoldestofthisgroupwhoarefeelingitseffects.Enteringadulthood,theyarefacedwiththe

consequencesofawhite-hothousingmarketthatputsrentswelloutofreachformostentry-levelworkers.

Similarly,thoseearningentry-levelwageswillbechallengedtofindenoughtostarttheirretirementsavingswhiletheygrapplewithhigherrents,educationalloans,andagenerallyhighercostofliving.Evenwhenpricesarehigher,therearestepsanyoneofanyagecantaketoaddresstheirownretirementsecurity.

Youngerworkersmayfacefinancialpressures,butthey

shouldfindawaytostartsaving,evenasmallamount,forretirementwitheachpaycheck.Theyhavethemost

WHICHGENERATIONISINFLATIONHURTINGTHEWORST?

37%

17%

0%

13%

23%

10%

GenAlphaGenZMillennialsGenXBabyBoomersEveryone

GlobalRetirementIndex20249

PUBLICDEBT:

Isitsustainable?

Theriskishigh–andit’sbiggerthanitlooks.

Retirementsecurityoftencomesdowntooneessential

question:Who’sgoingtopayforit?Traditionalmodelstold

workerstheycouldexpecttogenerateincomefromthreedif-ferentsources:anemployerpension,governmentretirementbenefits,andpersonalsavings.Overtime,thatthree-leggedstoolhasbeenwobbly,asmanyemployershaveshiftedfromtraditionalcompany-fundeddefinedbenefitpensionstoem-ployee-fundeddefinedcontributionplans.

Thatpositioncouldbecomeevenmoreunstableaspublicdebtpressuresretirementsystems.Individualsaretakingnote,and76%ofinvestorsworrythatincreasingpublicdebtintheircountrywillresultinreducedretirementbenefitsinthefuture.2

Thereisreasonforconcern.Thedebtloadisaclearthreattoglobalretirementsecurity.Sincethestartofthecentury,theav-eragepublicdebtofOECDmembercountries,asmeasuredbyapercentageofgrossdomesticproduct(debt-to-GDPratio)hasmorethandoubled,from51.2%in2000to110.8%in2022.9

Muchofthatincreaseistheresultofextraordinarymonetarypolicyenactedbycentralbankstoaddresstwofinancialcrises.

First,policydecisionstostemlossesintheGlobalFinancialCrisisdrovetheaverageGDPforOECDcountriesfrom66.1%in2007to90.2%by2010.Then,effortstostaveofffinancialmeltdownduringtheglobalpandemicescalatedpublicdebtdramatically.Injustoneyear,theaveragedebt-to-GDPratiosoaredfrom105.3%in2019to126.1%in2020.9

Growingdebt.Growingrisk.

Inbothinstances,spendingwasnecessarytoaddressalikelyeconomiccatastrophe,buteachacceleratedaproblemthathadbeengrowingfordecades.Regardlessofwhythedebtishigh,itraisestheoverallrisktoretirementsecurity.

Facedwiththechallengeofbalancingbudgetsandmaintainingretirementbenefits,policymakershavefewchoices:

1)Theycanincreaserevenuesbyraisingtaxes

2)Theycanraisetheretirementage

3)Theycancutbenefits

Noneofthesearewinnerswithvotersoverthelongrun.Ifthereisafourthchoice,itiskickingthecandowntheroadanddelay-ingactionuntilsomeoneelsehastomakethetoughchoices.

Growthofpublicdebtsince2000

250%

150%

100%

50%

200%

0‘00‘01‘02‘03‘04‘05‘06‘07‘08‘09‘10‘11‘12‘13‘14‘15‘16‘17‘18‘19‘20‘21‘22

OECDFranceUKUSJapanSpainAustralia

GlobalRetirementIndex202410

PUBLICDEBT

WHERETHERISKSLIE:

Timing:Disruptiontoretirementmodels:

Cutstogovernmentretirementbenefitswilldestabilizeincomeplans–evenforaffluentindividuals.Areductioninretirementbenefitsrankshighonthelistofinvestors’fearsaboutretirement,as37%saytheyareworriedthattheirgovernmentbenefitswillbecut.Thisconcernranksonlybehindinflation(42%)andnothavingenoughtoenjoytheirretirement(47%).Theanxietyisfeltequallyacross

wealthbands(37%ofemerginghigh-net-worthinvestorsand35%ofhigh-net-worthinvestors).Whenitcomesdowntoit,58%ofinvestorsoverallsayitwillbedifficulttomakeendsmeetwithouttheirpublicretirementbenefits,asdo53%ofhigh-net-worthinvestors.2

Itcanbehardtodeterminejusthowsoonactionisneeded

toaddressthemountingpublicdebtproblemglobally.When

asked,just10%ofNatixisstrategiststhoughtgovernmentdebtlevelsweresustainableoverthelongterm.Overall,90%say

itiseithercurrentlyunsustainable(37%)—orsustainablefor

now—butathreatoverthelongterm(53%).7Asitgrows,poli-cy-makerswilleventuallyhavetoreckonwiththedebt.Intermsofretirement,thatchallengeisincreasedbyarapidlyaging

populationthatwillstressresourcesforentitlementprograms.IntheUS,2024isthepeakyearforretirement,as4.4million

BabyBoomerswillturnage65.10IntheUK,about19%11ofthepopulationwasoverage65in2020.ThechallengeismagnifiedinChina,wherethenumberofpeopleoverage50isexpectedtorisefrom2019’s254millionto402millionby2040.12

THEUPSHOT:

individualsareworriedtheywon’tbeabletoworkaslongastheylike.2Theirfearsarenotunfounded.Retirementplanscanoftenbeupendedbyalate-careerlayoff,theneedtostepoutofworktotakecareofsickfamilymembers,orpersonalhealthissuesthatcanendacareerprematurely.A2018studybythe

UrbanInstituteofUSworkersbetweentheagesof50and65foundthatonly16%werestillworkingatage65.13

Cuttingbenefitsisathirdoption,butitcouldprovetobetheleast-popularoption.Generationsofworkershavebuiltlong-termretirementplansonafoundationthatincludesincomefrompublicbenefits.Thegrowingdebtlevelinmanycountriesalreadyhasmorethanthree-quartersofinvestors(76%)worriedaboutcutstopublicretirementbenefits.2

Fromapolicystandpoint,itwillbecriticaltomakechangestopublicretirementsystemswithaneyetowardthelong-termneedsandexpectationsofindividualswhohaveworkedfordecadesunderanassumedmodelforretirementincome.

Getreadyforthebillstocomedue

Publicdebthasbeenareality–andattimesanecessity–inthefirstquarterofthe21stcentury.Fewbelievethelevelofgovernmentdebtacrossthedevelopedworldissustainableoverthelongterm.Asthedebtmatures,policymakerswillbefacedwithtoughdecisionsonwherethemoneyneededtopaythebillswillcomefrom.Retirementfundingwillbeakeyvariableintheequationformanycountries.

Onthesurface,thesimplesolutiontomakinguptheshortfallwouldbetoraisetaxes–it’snotapopularoption.Ifdebtis

goingtoimpactgovernments’abilitytodeliveronretirementbenefits,andparticularlythosethathavebeenfundedthroughpay-as-you-goprograms,itwillbecriticaltorecognizethat

individualsarestakeholdersinthedecisionaswell.

Raisingtheretirementageisanotherunpopularoption.But

thatassumesworkerswillbeabletokeepworkingthoseextrayears.The2023Natixisinvestorsurveyshowsthat42%of

GlobalRetirementIndex2024