Yahoo Finance You Won’t Believe How Far a $1 Million Nest Egg Goes in These Countries
If you’ve managed to save $1 million for retirement, congratulations. Based on the average annual nondiscretionary expenditures in the United States for a single person, that money could last you for more than 41 years. This may not be true in big coastal cities like New York, but across the U.S. as a whole, $1 million could cover more than four decades of necessary annual expenditures.
Retired but Want To Work? Try These 8 Jobs for Seniors That Require Little to No Experience
Also: The Simple, Effective Way To Fortify Your Retirement Mix
As impressive as that is, there are many other countries where that $1 million can last much longer — some of which might surprise you. Australia, for example, has a reputation as a high-cost country, but your $1 million could last you over 43 years there. Fancy vast open spaces, stunning landscapes and high adventure? Consider New Zealand, where your $1 million could stretch for more than 46 years.
Thinking of retiring on a beach? Your $1 million won’t last 20 years in Bermuda, but how does over 74 years of retirement in either Fiji, Costa Rica or Jamaica sound? All offer pristine beaches and low costs — the dream combination for many retirees.
Whether you’ve already retired with $1 million or if that’s the goal you’re working toward, you’ll find plenty of desirable countries where your money can last through your golden years.
50. Bermuda
Annual cost of living: $23,180.68
Annual rent: $27,486.41
Total annual cost: $50,667.09
How long it will last: 19 years, 8 months, 20 days
Learn: 8 Best Places in California for a Couple To Live on Only a Social Security Check
See: 12 Worst Places in Georgia for a Couple To Live on Only a Social Security Check
49. Hong Kong
Annual cost of living: $12,220.17
Annual rent: $24,138.00
Total annual cost: $36,358.18
How long it will last: 27 years, 5 months, 26 days
Find Out: Almost 1/3 of Retirees Are Spending More Than They Can Afford – 5 Costs To Cut First
48. Switzerland
Annual cost of living: $19,716.99
Annual rent: $16,421.28
Total annual cost: $36,138.27
How long it will last: 27 years, 7 months, 26 days
47. Singapore
Annual cost of living: $12,726.86
Annual rent: $19,651.02
Total annual cost: $32,377.88
How long it will last: 30 years, 10 months, 11 days
46. Luxembourg
Annual cost of living: $13,236.69
Annual rent: $17,675.33
Total annual cost: $30,912.02
How long it will last: 32 years, 3 months, 28 days
45. Iceland
Annual cost of living: $14,148.11
Annual rent: $12,360.86
Total annual cost: $26,508.97
How long it will last: 37 years, 8 months, 10 days
Social Security: Is the $16,728 Yearly Bonus Real?
44. Norway
Annual cost of living: $15,185.02
Annual rent: $10,458.95
Total annual cost: $25,643.96
How long it will last: 38 years, 11 months, 19 days
43. Ireland
Annual cost of living: $12,246.84
Annual rent: $13,351.91
Total annual cost: $25,598.76
How long it will last: 39 years, 0 months, 13 days
42. Qatar
Annual cost of living: $10,595.00
Annual rent: $14,756.70
Total annual cost: $25,351.70
How long it will last: 39 years, 5 months, 1 day
41. Bahamas
Annual cost of living: $13,216.30
Annual rent: $11,879.77
Total annual cost: $25,096.07
How long it will last: 39 years, 9 months, 26 days
Discover: 15 Worst Places To Live in North Carolina on Just a Social Security Check
40. Macao
Annual cost of living: $11,009.14
Annual rent: $13,621.33
Total annual cost: $24,630.46
How long it will last: 40 years, 6 months, 27 days
39. United States
Annual cost of living: $11,368.37
Annual rent: $12,851.58
Total annual cost: $24,219.95
How long it will last: 41 years, 3 months, 4 days
38. Denmark
Annual cost of living: $13,337.09
Annual rent: $10,616.10
Total annual cost: $23,953.19
How long it will last: 41 years, 8 months, 19 days
37. The Netherlands
Annual cost of living: $11,707.21
Annual rent: $11,414.72
Total annual cost: $23,121.92
How long it will last: 43 years, 2 months, 20 days
More: Most Americans Plan To Spend Less Than $2,000 a Month in Retirement – Are They Being Realistic?
36. Australia
Annual cost of living: $11,904.86
Annual rent: $10,962.49
Total annual cost: $22,867.35
How long it will last: 43 years, 8 months, 12 days
35. United Arab Emirates
Annual cost of living: $9,879.67
Annual rent: $12,838.75
Total annual cost: $22,718.42
How long it will last: 43 years, 11 months, 26 days
34. Israel
Annual cost of living: $12,944.91
Annual rent: $9,609.02
Total annual cost: $22,553.93
How long it will last: 44 years, 3 months, 21 days
33. Japan
Annual cost of living: $13,525.33
Annual rent: $8,396.66
Total annual cost: $21,922
How long it will last: 45 years, 6 months, 31 days
Find: 12 Worst Places in Arizona for a Couple To Live on Only a Social Security Check
32. New Zealand
Annual cost of living: $11,267.97
Annual rent: $10,179.91
Total annual cost: $21,447.89
How long it will last: 46 years, 7 months, 3 days
31. Seychelles
Annual cost of living: $11,672.70
Annual rent: $9,657.13
Total annual cost: $21,329.82
How long it will last: 46 years, 10 months, 6 days
30. Malta
Annual cost of living: $10,864.82
Annual rent: $9,750.14
Total annual cost: $20,614.95
How long it will last: 48 years, 5 months, 21 days
29. France
Annual cost of living: $11,975.46
Annual rent: $8,290.82
Total annual cost: $20,266.28
How long it will last: 49 years, 3 months, 22 days
28. Canada
Annual cost of living: $10,381.66
Annual rent: $9,390.92
Total annual cost: $19,772.58
How long it will last: 50 years, 6 months, 15 days
27. Finland
Annual cost of living: $11,406.02
Annual rent: $8,303.65
Total annual cost: $19,709.67
How long it will last: 50 years, 8 months, 12 days
26. Austria
Annual cost of living: $11,260.13
Annual rent: $8,441.57
Total annual cost: $19,701.69
How long it will last: 50 years, 8 months, 20 days
25. Sweden
Annual cost of living: $11,343.27
Annual rent: $8,294.03
Total annual cost: $19,637.30
How long it will last: 50 years, 10 months, 20 days
I’m a Retirement Planning Expert: Here Are 4 Reasons You Shouldn’t Retire in Florida If You Have a Budget of Over $5K a Month
24. United Kingdom
Annual cost of living: $10,301.65
Annual rent: $9,079.82
Total annual cost: $19,381.47
How long it will last: 51 years, 6 months, 23 days
23. Belgium
Annual cost of living: $11,544.06
Annual rent: $7,825.77
Total annual cost: $19,369.83
How long it will last: 51 years, 7 months, 3 days
22. Germany
Annual cost of living: $10,406.76
Annual rent: $8,656.45
Total annual cost: $19,063.21
How long it will last: 52 years, 5 months, 1 day
21. Barbados
Annual cost of living: $12,537.05
Annual rent: $6,465.88
Total annual cost: $19,002.93
How long it will last: 52 years, 7 months, 1 day
More: Don’t Claim Social Security Benefits Until You Reach This Milestone
20. South Korea
Annual cost of living: $11,911.14
Annual rent: $7,027.15
Total annual cost: $18,938.29
How long it will last: 52 years, 9 months, 6 days
19. Bahrain
Annual cost of living: $9,154.93
Annual rent: $9,448.65
Total annual cost: $18,603.59
How long it will last: 53 years, 8 months, 17 days
18. Italy
Annual cost of living: $10,816.19
Annual rent: $6,863.58
Total annual cost: $17,679.77
How long it will last: 56 years, 6 months, 9 days
17. Lebanon
Annual cost of living: $10,080.47
Annual rent: $7,434.48
Total annual cost: $17,514.95
How long it will last: 57 years, 0 months, 19 days
See Here: Successful Retirees Master These 7 Money Moves To Keep Their Retirement Funds Secure
16. Kuwait
Annual cost of living: $7,821.54
Annual rent: $9,570.53
Total annual cost: $17,392.07
How long it will last: 57 years, 5 months, 15 days
15. Puerto Rico
Annual cost of living: $10,984.04
Annual rent: $6,058.56
Total annual cost: $17,042.59
How long it will last: 58 years, 7 months, 19 days
14. Panama
Annual cost of living: $8,630.99
Annual rent: $7,569.19
Total annual cost: $16,200.17
How long it will last: 61 years, 8 months, 6 days
13. Cyprus
Annual cost of living: $9,401.22
Annual rent: $6,574.93
Total annual cost: $15,976.15
How long it will last: 62 years, 6 months, 19 days
5 Cities Becoming Popular With Baby Boomers: Are They Right for Your Retirement Years?
12. Spain
Annual cost of living: $8,670.20
Annual rent: $6,956.59
Total annual cost: $15,626.80
How long it will last: 63 years, 11 months, 12 days
11. Libya
Annual cost of living: $10,362.83
Annual rent: $4,772.44
Total annual cost: $15,135.27
How long it will last: 66 years, 0 months, 8 days
10. Taiwan
Annual cost of living: $9,718.10
Annual rent: $5,410.68
Total annual cost: $15,128.78
How long it will last: 66 years, 0 months, 19 days
9. Myanmar
Annual cost of living: $6,034.79
Annual rent: $8,569.86
Total annual cost: $14,604.65
How long it will last: 68 years, 5 months, 3 days
I Retired a Millionaire in My 30s: 10 ‘Stupid Simple’ Money Tricks To Help You Get Rich
8. Brunei
Annual cost of living: $7,449.76
Annual rent: $7,023.95
Total annual cost: $14,473.70
How long it will last: 69 years, 0 months, 15 days
7. Portugal
Annual cost of living: $7,768.20
Annual rent: $6,664.73
Total annual cost: $14,432.93
How long it will last: 69 years, 2 months, 27 days
6. Trinidad and Tobago
Annual cost of living: $8,888.25
Annual rent: $5,413.89
Total annual cost: $14,302.15
How long it will last: 69 years, 10 months, 13 days
5. Slovenia
Annual cost of living: $8,654.52
Annual rent: $5,603.12
Total annual cost: $14,257.64
How long it will last: 70 years, 1 month, 1 day
Next: 10 Best Mexican Cities To Retire on a Budget of $2,500 a Month
4. Ethiopia
Annual cost of living: $8,605.89
Annual rent: $4,948.84
Total annual cost: $13,554.72
How long it will last: 73 years, 8 months, 20 days
3. Fiji
Annual cost of living: $7,788.60
Annual rent: $5,705.75
Total annual cost: $13,494.35
How long it will last: 74 years, 0 months, 19 days
2. Costa Rica
Annual cost of living: $8,502.35
Annual rent: $4,939.21
Total annual cost: $13,441.57
How long it will last: 74 years, 4 months, 5 days
1. Jamaica
Annual cost of living: $8,527.45
Annual rent: $4,894.31
Total annual cost: $13,421.77
How long it will last: 74 years, 5 months, 14 days
Methodology: GOBankingRates analyzed 50 countries using Numbeo’s Mid-Year 2020 Cost-of-Living Indices by Country to find how long a $1 million nest egg will last in each. Numbeo’s Cost-of-Living Indices are based on the cost of living in New York City, so GOBankingRates first found Numbeo’s estimate of annual expenditures for a single person without rent in New York City and annual cost of rent for a one-bedroom apartment in New York City. GOBankingRates then multiplied these figures by each country’s cost-of-living and rent index scores to create estimates for an individual’s (1) annual expenditures excluding rent and (2) annual rent in each country. These two factors were combined to give each country a (3) total annual expenditure estimate which was then divided by 1,000,000 to find (4) how long $1,000,000 will last in each country. The country where $1,000,000 will last the longest was ranked No. 1. All data was collected on and up to date as of Sept. 9, 2020.
This article originally appeared on GOBankingRates.com: You Won’t Believe How Far a $1 Million Nest Egg Goes in These Countries
