As retirees approach their golden years, the reality of how much their mandatory pension will pay out starts to bite.
UBS analyzed 12 cities across the world in order to try and identify where people could best enjoy their retirement. And in an attempt to apply their research universally to a typical retiree, the Swiss bank's International Pension Gap Index, published Tuesday, based its results around "average Jane."
Jane represents a 50 year-old single woman, with one adult child, who has worked her whole life in the same city since she started her career at 20. UBS said Jane earned the median wage, enjoyed an urban lifestyle and "had not saved for anything more than a rainy day" before entering her final decade in work.
The bank's analysis concluded that, in every location, Jane's income would not be enough to lean back and relax in retirement.