The worst country to retire to in the EU has been revealed

While Spain might have wonderful weather and delicious food, a recent study found that it is in fact one of the worst countries to retire in out of the European Union.

The study, carried out by Natixis Investment Managers The World Retirement Index, compares the quality of retirement worldwide.

Natixis collaborated with Core Data Research on the study, which compares retirement funds, material well-being, health, and quality of life.

After measuring these elements, each country was given a score from 0 to 100 based on the qualification of 18 different parameters.

Spain's overall score for 2024 was 49%, which caused it to fall two spots on the global ranking. Surprisingly, China, Greece and Mexico surpassed Spain this year.

According to a summary of the study published by The Olive Press, Spain had the worst rating out of the EU countries. Spain came in 39th out of a total of 44 countries, just ahead of Russia, Brazil, Turkey, Colombia, and India.

Spain struggled the most in material well-being, which takes into account income equality, income per capita, and unemployment. Spain obtained a sad score of just 16%, causing it to end up at the bottom of the scoreboard with Colombia and India.

Spain did better in the area of finances in retirement but is still struggling, obtaining a score of just 58%. Finances in retirement measure factors such as old-age dependency, bank non-performing loans, inflation, interest rates, tax pressure, government governance, and indebtedness.

While finances may be a problem for retirees in Spain, the country does shine in two areas: health and quality of life.

When it comes to health which takes into account life expectancy, health expenditure per capita, and non-insured health expenditure, Spain made it into the top 20 countries in the world scoring an impressive 85%

Spain earned a solid 75% score on quality of life, which considers happiness, air quality, water and sanitation, biodiversity, and habitat environmental factors.

The report highlighted that Spain has been in steady decline as a retirement haven for quite some time. The country has gone down nine slots over the past ten years, in 2014, Spain was ranked as the 30th best place to retire in the world.

As reported by The Olive Press, the Iberian lead for Natixis, Javier Garcia de Vinuesa, says that the results of the report serve as a warning for Spain.“We must be aware of the ageing population in Spain and the impact of this on the sustainability of the pension system."

Spain may be the worst country for retirees in the EU but which are the best countries for retirement in Europe? According to the Natixis study the best country to retire in is Switzerland which topped the charts with an overall score of 82%.

Norway came in second place with a score of 81% followed by Iceland, Ireland, the Netherlands, Luxemburg, Australia, Germany, Denmark and New Zealand as the best place to retire to.

While Spain may not be the best place to retire to financially, for those who dread cold, dark winters, and value a high quality of life and well being, Spain still remains a solid choice.

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