Canada’s ranking in a global index of retirement security has slipped a spot to 14th place, according to a report from Natixis Global Asset Management.

Switzerland leads the index, followed by other European countries, Norway, Austria and Sweden, with Australia rounding out the top five. The U.S. sits several spots below Canada in 19th place.

According to the report, many of the top countries in the index “have demonstrated a commitment to innovation and have emphasized simplicity in their retirement scheme overall design and structure. Many also have proactive governments that have shown a willingness to come together and take bold policy stances in their ongoing efforts to stabilize retirement security for their citizens.”

The report notes that Canada has increased its ranking in the ‘quality of life’ and the ‘finances in retirement’ sub-indices. It says retirees in Canada benefit from a top healthcare system and related outcomes, such as high life expectancy and universal health coverage. Its performance in the finances sub-index has also improved due to the strength of the Canadian economy, the report adds.

For the United States, it says that the benefits of increasing economic stability are moderated by the potential for rising interest rates and inflation, and persistent income inequality. Despite ranking sixth highest in per capita income, the U.S. ranks first in per capita healthcare expenditures, yet 33rd for life expectancy and just 81st for income inequality, it notes.

The index is based on an analysis by Natixis of 20 trends across four broad categories: health and healthcare quality, personal income and finances, quality of life and socio-economic factors.