Natixis Index Reveals Declining US Rank, Eroding Retirement Structure

Due to current economic strains such as changing employment patterns, inflation and public debt, the U.S. fell to No. 24 in Natixis Investment Managers’ 2026 Global Retirement index, dropping three spots from last year.

Once ranking No. 14 a decade ago, the U.S. has faced mounting pressures on its traditional “three-pillar” retirement model of government benefits, employer-sponsored plans and personal savings, including an aging, longer-living population and a Social Security trust fund projected to deplete by 2032

Norway claimed the No. 1 spot out of 44 developed countries, earning a score of 83%. Ireland was second with 81%, and the Netherlands came in third with a score of 79%. By comparison, the U.S. scored 68%.

Major Changes in Last Decade

The index rated 18 retirement concerns in four broad categories: finances, material well-being, health, and quality of life—including happiness and environment. The researchers calculated a mean score in each category and combined the category scores for a final overall ranking.

Findings from Natixis IM’s 2025 Individual Investor Survey, which were incorporated into the index, revealed that 78% of global retail investors reported feeling increasingly responsible for fully funding their retirement, compared with 67% who said the same in 2015. In the U.S., 81% of surveyed investors felt an increased responsibility to fully fund their retirement, up from 63% a decade before.

Researchers said U.S. investors showed growing concern over the long-term viability of Social Security benefits, which could be reduced by 22% if Congress does not prevent the program’s insolvency.

“We see a number of individuals who are literally worried that the benefits will be cut when they retire or, if they’re in retirement, they’re worried they’re going to get cut now,” says Dave Goodsell, executive director of the Natixis Center for Investor Insight at Natixis IM. “We’ve been talking about this model, the ‘three-legged stool,’ for decades, … and it’s kind of wobbly right now.”

Goodsell says the long-running shift to defined contribution plans from defined benefit pensions and the effect of inflation on savings are causing many workers to question the stability of U.S. retirement security.

“We really need a new model or a new methodology to talk about and explain where retirement income is going to come from,” Goodsell says.

Market Pressure on Retirement

The U.S. decline in the Global Retirement Index was driven in part by renewed financial pressures. The country ranked No. 18 in retirement finances, falling eight places from last year due to inflation and government indebtedness. Seventy-six percent of surveyed U.S. investors said mounting public debt will ultimately result in reduced retirement benefits, and 41% said inflation was “killing their retirement dreams.”

The monthly Consumer Price Index rose by 0.4% in August, up from 0.1% in July, with the increase being driven primarily by gasoline prices surging by 3.9%.

According to advisers surveyed this year in Natixis’ Global Survey of Financial Advisors, underestimating inflation was identified as one of the most significant risks to retirement security.

In a separate report by the Allianz Center for the Future of Retirement, nearly two-thirds (63%) of surveyed U.S. adults said they were waiting to make financial decisions because economic conditions were too unpredictable.

According to Allianz’s Q3 2026 Quarterly Market Perceptions Study, while many respondents were waiting on financial decisions, many also recognized that they could benefit from professional guidance. Most (62%) said they were more interested in professional financial guidance due to current market conditions.

“When the financial future feels overwhelming, we often default to doing what feels good now,” said Kelly LaVigne, vice president of consumer insights at Allianz Life, in a statement. “The risk is that spending on little treats today can chip away at long-term financial security.”

As participants take on more responsibility for retirement outcomes, Goodsell says plan sponsors and advisers should place greater emphasis on retirement income education, rather than focusing solely on accumulation.

“At a minimum, it’s education, and it needs to start way sooner than when they get their gold watch,” Goodsell says. “It’s got to start during the process of saving.”