The UK has dropped from 17th to 18th place in an annual list of the best countries to retire in, with Norway claiming the top position for a second year in a row.
Switzerland and Iceland joined Norway in the top three performers on the list, while India scored lowest, followed by Greece and Brazil, with ageing populations identified as the key challenge facing countries worldwide.
"There are many more people living longer and there are not enough people coming up behind them to support today's system," the report says.
"This rapid growth of seniors will force many countries to rethink their public pension systems. Many in the developed world will be forced to address powerful demographic trends sooner rather than later."
The research involved the study of 43 developed countries, with each given a score out of 100. The top 10 are shown below:
Although eight of the top performers were in Western Europe, they struggled in the 'finances in retirement' sub-index, with higher tax burdens and levels of public debt dragging down their scores.
This was particularly prevalent in countries such as Italy, Spain and Portugal, while North America scored highly in the finances category, but not so well in the others, resulting in the US and Canada ranking 17th and 11th respectively.
The Asia Pacific scored worst in the index as a region, recording the lowest scores for the health and quality of life sub-indices, and second worst for material wellbeing and finances, partly due to China's sixth-to-last ranking.
Eastern Europe and Central Asia ranks third among all regions due to a relatively high score for material wellbeing, resulting in it finishing narrowly above Latin America.
The report says that smart fiscal choices will be needed in order to ensure governments deliver on public pension entitlements, while also incentivising workers to participate.
In addition, it argues that employers will need to keep engaging with retirement benefits, and individuals will need to maximise their savings, both at work and on their own.
"The world is getting older. Let's hope that it's also getting wiser - and that all players do their part to achieve a more secure retirement globally."
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