Australia is one of the best places in the world to grow old in. And that's official.
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A global index that measures the welfare of retirees puts Australia near the top, with a system that is improving relative to that in other countries.
While Switzerland takes out the top spot in the 2015 Global Retirement Index, Australia's position has improved to third in 2015 from 11th in 2013 and 5th in 2014.
The index, which is produced by Natixis Global Asset Management, one of the biggest fund managers in the world, is based on more than just retiree finances.
It scores countries on 20 performance indicators including health of retirees and access to quality health services as well as their safety and having the means to live comfortably.
It also rates the performance of each economy. Natixis then combines scores to produce an overall ranking.
Eight of the 10 highest-ranked nations are northern European. Australia shares third place in the 2015 rankings with Iceland, the Netherlands, Sweden and Denmark.
Australia scores well in all categories and particularly well in health and quality of life. While there is much hand-wringing in Australia about the state of the economy, it performs well by international standards.
Natixis says Australia has relatively low levels of public debt, strong bank balance sheets and low levels of inflation.
It has been one of the faster-growing developed economies with low levels of unemployment.
Natixis also notes Australia benefits from a strong welfare system and high income equality.
The only black mark is Australia's high per capital levels of carbon dioxide emissions and a lack of action to help tackle climate change. Australia scores only 28 per cent on climate change, one of the lowest scores in the world. The United States ranks 19th behind South Korea, Japan and the Czech Republic.
It is estimated that only about half of the workers in the United States are covered by a workplace retirement plan. Australia has had compulsory superannuation since 1992.
New Zealand, which ranks highly in 10th place, has a government-administered superannuation program called KiwiSaver.
The United Kingdom ranks 22nd. The country had experienced a "stronger-than-most" economic recovery in 2014 after several years of stagnant growth following the financial crisis, Natixis says.
However, government debt was higher than average and real incomes have yet to benefit significantly from improving fundamentals, the fund manager notes. An extended period of low interest rates in the United Kingdom also makes it difficult for retirees to save.
