U.S. retirement system ranks poorly compared with other developed nations: media

LOS ANGELES, Sept. 21 (Xinhua) -- The U.S. retirement system may seem flush -- yet it ranks poorly in relation to those in other developed nations, said a report of CNBC.

Collectively, Americans had more than 39 trillion U.S. dollars in wealth earmarked for old age at the end of 2021, according to the Investment Company Institute.

However, the United States places well outside the top 10 on various global retirement rankings from industry players, such as the Mercer CFA Institute Global Pension Index and Natixis Investment Managers 2021 Global Retirement Index, said the report.

The U.S. retirement system was given a C+ grade in 2021 in the Mercer's index. The country ranked 17th on the Natixis' list, said the report.

Where the United States largely lags behind those countries is that its retirement system is not set up so that everyone has a chance at a financially secure retirement, the report quoted experts as saying.