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Australia has placed sixth in a global ranking of welfare in retirement.

The study by Natixis Global Asset Management, compared 43 countries and considered finances, material wellbeing, quality of life and health.

It also rated the performance of each economy and then combined the scores to produce an overall ranking, which is updated annually.

The country which came out on top was Norway followed by Switzerland and then Iceland.

Australia scored high in quality of life and finances but declined in material wellbeing and health, resulting in an overall score of 78 per cent.

Kevin Haran, Australia managing director of Natixis Global Asset Management said that although Australia ranks well, it could do better in the material wellbeing category.

"This can be boiled-down to income equality. The Nordics have a lot greater income equality than ourselves," he said. "We are a rich nation, but we are drifting towards being less evenly spread," Haran says.

The scores of this ranking differ drastically to the experience of some Aussie retirees.

A survey of almost 600 Australian retirees and 400 pre-retirees, revealed that roughly half of people have no investments outside of super.

10 per cent of workers over 60 who were surveyed did not know much super they had.

"What's clear is that many Baby Boomers – through reliant on super for their retirement – don't understand it and don't have a plan for their retirement," said David Bryant, the chief executive of Australian Unity Wealth, which commissioned the survey.  

Many pre-retirees explained that their goals for retirement were to maintain their standard of living, enjoy a few treats and not have to worry about their finances.

The common treat pre-retirees aspired to enjoy was to travel.

Do you agree with Australia’s global ranking of retiree wellbeing? Let us know in the comments below. 

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