(NewsNation) — The United States has received a “C+” when it comes to the country’s retirement system, according to a new report.

That ranking, the Mercer CFA Global Pension Index writes, means the United States’ retirement system has some good features — but also some “major risks and/or shortcomings that should be addressed.”

“Without these improvements, its efficacy and/or long-term sustainability can be questioned,” Mercer’s report said.

America’s Mercer report rating went down between this and last year, going from 63.9 in 2022 to 63 in 2023. The average score for all countries mentioned in the report is 62.9. That puts the United States at 22 out of 47 countries.

“Retirement income systems around the world are under pressure like never before,” Dr. David Knox, lead author of the report and an actuary and senior partner at Mercer, said in a statement.

Other places given a C+ like the U.S. include Kazakhstan, Colombia, France, Spain and Croatia. Those that received A’s, meaning they have a “first-class and robust retirement income system that delivers good benefits, is sustainable and has a high level of integrity” are the Netherlands, Iceland, Denmark and Israel.

United States citizens’ retirement income system is comprised of social security and individual retirement plans like 401ks. Some ways the United States can increase its retirement grade, per the report, is by raising the minimum pension for low-income people, improving the vesting of benefits for all plan members, limiting access to funds before retirement, and introducing a requirement that part of one’s retirement benefit be taken as an income stream.

Mercer, for its annual study, benchmarks 47 retirement income systems around the world, with Botswana, Croatia and Kazakhstan being added this year. It ranks them based on indices such as adequacy, sustainability and integrity.