PLAN AHEAD

The Cost Of Retirement Around The World, Mapped

The Cost Of Retirement Around The World, Mapped
There's never going to be a one-size-fits-all situation when it comes to perfecting retirement, but there are different ways you can look at it to figure out what works best. Here's what it would cost the average American to retire.
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Retirement is a sensitive issue, especially in the US, where stories of kids crowd-funding for their schools' workers are seen as heartwarming — when in reality, it could not be a clearer indication that the system needs to change.

The average American retirement account balance has seen negative changes — ranging from -19 to -23 percent — year-over-year between Q4 in 2021-22, and average retirement savings this year are lower than the past two years.

Using Numbeo's cost of living data, NetCredit broke down how far an American savings account, in USD, would take you around the world in terms of retirement. Their analysis factored in an average retirement age of 61 and life expectancy of 76.15 years to calculate what retiring comfortably meant.


Key Takeaways

  • The cost of retirement is lowest in mostly Asian and African countries — like Pakistan, Egpyt and Algeria — where living a comfortable, retired life would require at least $225,000.

  • Singapore is the only country where it would cost you upwards of a million dollars to retire, whereas in the United States that number is around $700,000.

  • Among US states, the most expensive retirement destination, Hawaii, would require you to cough up nearly $900,000. The cost of retirement in 39 out of 50 states, however, was lower than the desired $700,000 mark.


Click to enlarge images

cost of retirement world in american dollars map


retirement costs in american states map



Via NetCredit.

Comments

  1. Mike Fish 2 months ago

    I presume that the numbers above is per person. So a couple would double them?

  2. Dave Wilson 2 months ago

    How were these numbers chosen? I can't imagine the interest income from 700,000 being enough to retire, and with social security on the way out what does that look like going forward?

  3. viivaev 3 months ago

    nice article

  4. Thanks for sharing such information

  5. Abdulraouf Gando 3 months ago

    So, unfortunately Libya is not on that List and I am sure that the costs for one year costs less than $100,000 per year....

  6. KASHISH KASHISH 3 months ago

    Your fresh perspective has given me a new outlook. Thanks for broadening my understanding!

  7. This article is very eye-opening and shows how different the cost of retirement is around the world. It’s sad to see that the average American retirement savings are not enough to live comfortably in most countries, especially in the US itself. I wonder how the pandemic and the economic crisis have affected the retirement plans of many people. Do you think the US government should do more to help its citizens save for retirement? What are some of the best ways to increase your retirement savings?

  8. Leonard H 11 months ago

    I don't know where you come up with these numbers but you don't need that kind of money retire unless you're going to want to live high off the hog but if you buy a new car at retirement you're good for 10 years as long as you don't do all kinds of traveling and everything like that you can live very comfortably on what you get from social security with a very little backup you got more s*** with these numbers than anything

  9. iam sheshhu9 11 months ago

    Retirement is a time when people hope to have enough savings and resources to relax and enjoy their lives. However, the cost of retirement can vary greatly depending on where one lives in the world. In recent years, there has been a growing interest in mapping the cost of retirement around the world to provide insights for retirees and financial planners.

    Mapping the cost of retirement involves analyzing various factors, such as the cost of living, healthcare, taxes, and other expenses that retirees are likely to face. These factors can vary greatly depending on the country or region. For example, healthcare costs in some countries may be significantly higher than in others, which can impact the overall cost of retirement.

    In general, the cost of retirement tends to be highest in developed countries such as the United States, Canada, and Western Europe. These countries often have higher costs of living, higher taxes, and higher healthcare costs, which can make retirement more expensive. However, there are exceptions, such as in countries with strong social welfare systems, where the cost of retirement may be lower.
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  13. What about in Vietnam?
    Nâng ngực bằng mỡ tự thân - Nâng ngực không cần phẫu thuật
    https://thaithuonghoang.vn/tin-tuc/nang-nguc-bang-mo-tu-than-nang-nguc-khong-can-phau-thuat

  14. lat khalique 1 year ago

    How about Brunei? 😏

  15. What a Mickey Mouse fake news piece of BS. They don't even include Panama which is one of the top 5 places to retire in the world. Get real

  16. My parents retired in the Philippines with only $50k and $3k monthly combined pension (2007) and they live very well. In today's money, I would recommend $100k and a monthly pension of $2k, depending on how luxurious you want to live.

  17. tony barone 1 year ago

    It's not clear what this refers to. Comfortable retirement varies wildly from person to person. And what is the cost of separation from family?

  18. Terry Mark 1 year ago

    His is such BS. Are you saying I only need 700k and have no income coming in to retire in America? What are your variables used to determine these numbers? Cost of housing healthcare and durable items. This is in no way representative of what is needed to retire.

  19. Lyns A 1 year ago

    Those are some cute statistics, like when my toddler does math.

    1. Ajayi Feyikemi 1 year ago

      Lol

  20. Jason Muckle 1 year ago

    The Bank of Montreal in Canada had the retirement figures pegged as high as 1.4 million needed to be able to retire in Canada

    1. Lyns A 1 year ago

      Agreed, 1 4m or higher. The COL i. Canada is rising at an exponential rate. Folks relying on CPP can't afford housing without subsidy.

  21. lee canoa 1 year ago

    All these people.... "wheres russia? Why didnt they include russia"...if you look at all the data and READ!.... You'll see russia 1 below Portugal at $410k.... you're part of the problem ...spouting off not reading everything, with all the info there but quick to judge....pathetic if you ask me

  22. Siguang Wang 1 year ago

    I am surprised that the Hong Kong Special Administrative Region of China is not mentioned, most likely omitted so as not to irk the Wumaos, but its retirement amount would probably be even more eye-watering than Singapore.

  23. Isaac Hampton II 1 year ago

    In retirement we plan to live about half of the year in Argentina. Winters there & summers in the U.S.
    Not in Buenos Aries...too expensive.

  24. Jeanne Hodgkins 1 year ago

    You forgot the most expensive place on earth. Bermuda.

  25. Rapha Garcia 1 year ago

    The numbers for Brazil are very reasonable. Here, the net return on an investment is 0.5 per month (already considering inflation). So with $250k, you live forever on a salary three times the average Brazilian population.

  26. Seamus Ward 1 year ago

    Ireland ... €652.302..... wow. Not many Irish retirees have that to retire on. The people who compiled this data didn't take into account the high cost of living..... most retirees are on the breadline.

  27. whye mun sun 1 year ago

    cost of living is one dimension; you may want to compare the quality of life indices in numbeo as an additional consideration for your decision criteria

  28. whye mun sun 1 year ago

    https://www.numbeo.com/cost-of-living/ it's in the fine print lower left hand of the map. In numbeo, the estimator is useful to get a view on what you actually need based on your needs eg if you dont buy a car etc.

  29. Me Nu 1 year ago

    There is a one size fits all solution. Make sure you have two million bucks and you can now retire anywhere.

  30. richard bartos 1 year ago

    Stop playing politics and include Russia on the list.

    1. Chetan Bhatt 1 year ago

      its in one of the sources (noted by whye mun sun above) for this: https://www.numbeo.com/cost-of-living/country_result.jsp?country=Russia

  31. Muawiya Al-Anazi 1 year ago

    Russia got in a war that we're against so we delete it from existence, what kind of logic is that

  32. Are there any data about Russia?

  33. Lucy Hagopian 1 year ago

    What about Armenia?

    1. Death Angel 1 year ago

      Clearly says "no data" on the map's legend

  34. Douglas Pearson 1 year ago

    Ugh - I hate looking at terrible stats work like this.

    Please DO NOT follow this advice. They are using average life expectancy - which is how long you can expect to live when your are born.

    People who retire at 62 or 65 can expect to live a lot longer than 76 because they did not die in their first 62 years of life. At that age average life expectancy will be well into your 80s.

    And no retirement planner bases your retirement around average life expectancy because that would mean you have a 50% chance of living beyond having any savings at all. $0 in your bank account.

    Ugh this is terribly irresponsible to be publishing like this.

    1. lee canoa 1 year ago

      It's a base line ....I highly doubt any reader with this kind of money will use this as their one and only planner 🙄🤦

    2. Alison Setton 1 year ago

      Agree! No wonder people are so confused about money. I'm going to use this as a study in how to 'read' these so-called studies!

  35. Scott Davis 1 year ago

    How about Ireland? Good or bad decision?

  36. LexTeo8888 1 year ago

    I beg to differ that it will not cost $1m+ to live comfortably in Singapore for a US expatriate...yes, you can take public transportation and save yourself paying upwards of US$120k+ for a car...which by the way you can only use for 10years afterwhich you'll need to pay thru nose for right to extend lifespan of car!

    However, you're out of luck if you think you can save money by living in public housing...buying a public 2 bedroom flat on resale market costs upwards of US$250k+ as foreigners are not allowed to buy them firsthand. Renting a similar flat will cost you upwards of abt US$2500+/mth or US$50k a year.

    Do the figures and you'll find US$1.1m is barely enough to ek out a living with not much spare cash for luxuries.

    My net worth is about US$2m and I don't feel comfortable retiring in Singapore yet! All thanks to Mr. Inflation!

  37. Boon Seng Tnee 1 year ago

    I read the figures with interest. Most would not be able to enjoy a comfortable retirement when they either have no income or very low income at that age. I do have a comfortable retirement village in an resort golf club enclave with greenery and fresh air for less than US$400 per month in Malaysia.
    I am hoping others will join me to have more companions.

    1. Teoh Ah Seng 1 year ago

      May I know the place? Care to share ? Tks

  38. shekhar agrawal 1 year ago

    I don’t know what data and parameters are used in the analysis but the numbers are so low that it may confuse or depath the readers who are actually reading the article for some numbers or references

  39. Both my parents born in 27 and 29 lived to their 90s can you redo these with a life expectancy of 80-85? At 64 there are plenty of healthy 70+ people running around. Also the commenter who moved to Mexico, please share where you are sounds like a great place to retire

  40. Yomi Oloko 1 year ago

    I don't know how you got your figures but as usual for Africa I don't think you actually have any of your people living there.
    The figure for Nigeria is laughable. I hope the figure is for life after you reach retirement age.
    Having worked in the UK for years I've retired to Abuja, Nigeria on less than £1000 a year pension.
    I rent a 4 bed all rooms ensuite take taxi every where as I don't drive and can still afford to have 3 holidays a year to other African countries and once a year to Europe.
    If this is not a comfortable life then what is.
    I guess Americans must have a different notion of comfortable than the rest of us

  41. M. Reza Nasirloo 1 year ago

    The cost of retirement in Iran is 400K, on par with Japan and European countries, and this is what people earn monthly: minimum income 100-200$, average income 300-400$

  42. Lisa H 1 year ago

    Who wants to retire in Pakistan of all places!?!?!

    1. Sikandar 1 year ago

      There are all different ethnicities living in the US including Pakistani-Americans who are happy to retire in Pakistan, plenty of whom having diverse investments in addition to family members in that country. Don't be an ignorant, open your mind otherwise you just end up embarrassing yourself at a public forum.

      1. James C 1 year ago

        Well, with the exception of Pakistanis who currently live in the West but still have family there, know the language and know the local customs, for the rest of us Pakistan is one of the most unsafe countries in the world due to security concerns. I doubt that even many Amwrican Pakistanis will retire there; a few but not many...

        1. Sikandar 1 year ago

          Whatever you are saying doesn't matter to the stats of 'cost of living'. If you haven't understood yet, this page is giving a comparison of what the cost of living would be if you had to retire in different countries of the world.

  43. Luke Blydorp 1 year ago

    This is incredibly inaccurate, unless you're planning on retiring comfortably at a homeless shelter.

  44. Raffaello Lorenzo 1 year ago

    What about Lebanon?

    1. James C 1 year ago

      One of the best place to live in the 70s but wars and internal conflict made it extremely unsafe.

  45. K Allen 1 year ago

    Singapore housing is subsidized by the government for the majority of residents. Also, the average Singapore household has an annual income $80k+. Combine that with no need for an automobile (best transportation system in the world), reasonable health care costs, minimal taxes , and a prosperous economic climate, and most Singaporeans realize an exceptional and enviable lifestyle.

    Also, would be helpful to one exactly what a "comfortable" is.

    And finally, the presumption here is that a retireee is going to draw down his/her savings principal, when, in fact, if the US retire has Social Security income and an additional 5% annual dividend income off the $250,000 savings--which is $12,500 annually--the retiree never need touch the principal. If that $250k is invested in higher paying equities, and reinvesting dividends, then the income is greater.

    My husband and I retired to a very nice home in an expat village in Mexico (where we had a housekeeper and p/t gardener) and we lived like nobility compared to our life in the US.

    1. Red Head 1 year ago

      Average Singapore houshold income comes out to $80k+... not sure where you get that number not especially if you include millionaires and billionaires in the equation but one thing for certain majority (thus why they are living in flats and not private condos & landed properties) are earning between 32k+(single breadwinner-60k+(working couples).

      And an average $400k with a 99 year lease house (subjective grant of $30k) over a 30 year repayment is hardly a subsidy.

  46. Mark Hart 1 year ago

    50 % of Seniors in America have less than $30 k a year to live on. They should just bring Free Euthanasia to all. Obviously Capitalism isn't working. The end is near ladies.

    1. Jason Muckle 1 year ago

      Canada already has free Euthanasia through their MAID ( medically assisted) program

    2. Karma RS 1 year ago

      really??

    3. Lisa H 1 year ago

      Hahaha, well said!

  47. Jason Smith 1 year ago

    Sorry this study is a joke. Retiring on 700k in the US at the age of 61? Your study is based on the average age of death, but nobody can assume they will die at the average. In any event, I’m 40 and have a $3M net worth. I don’t feel even close to being able to retire.

    1. James C 1 year ago

      Well, you're still 20 some years away from retirement. Yeah, you may retire now but you need much more money... maybe 6, 7 or even 10 million $.

  48. michael price 1 year ago

    Not very clear. The more helpful figure would be an annual amount. This way one could calculate all sources of revenue needed to live a comfortable life. Pensions, social security benefits,savings, part time work, revenue from rental income, etc. The figures provided by this article do not specify if that amount is sitting in a bank account or a sack under your mattress. Finally, are we to assume that in this scenario the person will have used up their very last penny at age 76?

    1. Vidya Delvi 1 year ago

      That’s how I calculated my retirement - revenue from all sources, not a lumpsum. My condo is not yet fully paid off, but last year I retired at 66 with three pensions and I have a small educational consulting company, and rental income. I travel three or four times a year now visiting friends for alumni reunions around the world, and my kids in Canada. Oh, I live in BC, Canada.

  49. rosanne camenzuli 1 year ago

    What do these dollar amounts refer to exactly? Monthly savings or yearly
    Thanks

  50. marta caldwell 1 year ago

    According to this I can't even afford to live where I live now! How depressing.

  51. Mary Hood 1 year ago

    So is this amount per a single person? How does it apply to a couple that shares a home? Certainly the cost can't be double the amount listed.

  52. Michael Melicia 1 year ago

    From 🇷🇺 with ❤️! Noticably absent from discussion. I found it to be the perfect fit.

    1. Luke DeNaeyer 1 year ago

      No love for Russia. Sincerely, the civilized world.

      1. John Moody 1 year ago

        Clarification,

        I have love for Russians, but not for Putin.

  53. George Harol 1 year ago

    Doesn't mention those with monthly pensions. If one sells their million $ home and no pension, are they still able to survive? I live very comfortably here in SE Asia on pension but don't have savings.

  54. BoonSeng Chern 1 year ago

    If one takes public transportation & stay in public housing then Singapore should drop below Japan easily.

  55. Claira Oswald 1 year ago

    How much do I need to retire at 40?

    1. Vidya Delvi 1 year ago

      Depends on your retirement needs! Work on it!

  56. Dp Py 1 year ago

    76-77 years seems pretty low considering life expectancy has been going up. Would have been better if they had added on a few more years.

  57. frank Last name 1 year ago

    I was born 1970 52 years old. Relatives came from Croatia worked hard, joined unions and saved money. In there 90s now lived in there homes paid themselves 30 to 45000 a year. Pay about 5500 to 7500 in tax at end of the year. Most having tradesman wages retire comfortably with this amount in winnipeg,mb Canada

    1. Lisa H 1 year ago

      It is possible! Good for them! Love this!


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