The most (and least) expensive countries in the world for retirement - BenefitsPro

THE MOST EXPENSIVE COUNTRY FOR RETIREMENT IN NORTH AMERICA

BERMUDA

Bermuda is also the most expensive country in the world to retire. You would need $1,065,697 to maintain NetCredit's example lifestyle there.

(Photo: Andrew F. Kazmierski/Shutterstock.com)

THE MOST EXPENSIVE COUNTRY FOR RETIREMENT IN SOUTH AMERICA

URUGUAY

You would need $351,480 to retire in Uruguay. That's roughly half the cost of retiring in the U.S.

(Photo: Tania Malréchauffé on Unsplash)

THE MOST EXPENSIVE COUNTRY FOR RETIREMENT IN EUROPE

SWITZERLAND

It will cost $842,790 to retire here.

(Photo: Tim Trad on Unsplash)

THE MOST EXPENSIVE COUNTRY FOR RETIREMENT IN THE MIDDLE EAST AND CENTRAL ASIA

ISRAEL

Retiring in Israel will cost $632,745. It costs twice as much to own a car in Israel as it does in the U.S., so expenses can be cut dramatically if you can do without your own wheels.

(Photo: The World in HDR/Shutterstock.com)

THE MOST EXPENSIVE COUNTRY FOR RETIREMENT IN THE REST OF ASIA AND OCEANIA

SINGAPORE

It will cost $946,993 to retire in Singapore.

(Photo: monticello/Shutterstock.com)

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THE MOST EXPENSIVE COUNTY FOR RETIREMENT IN AFRICA

ETHIOPIA

With tourism on the rise and recent economic and social reforms in the mix, Ethiopia is Africa's most expensive retirement destination, costing $458,986.

(Photo: Clay Knight on Unsplash)

THE LEAST EXPENSIVE COUNTRY FOR RETIREMENT IN NORTH AMERICA

MEXICO

At nearly a quarter of the cost of a Bermuda retirement, Mexico will run you $257,078.

(Photo: Shutterstock.com)

THE LEAST EXPENSIVE COUNTRY FOR RETIREMENT IN SOUTH AMERICA

COLOMBIA

Colombia costs $215,493 to retire. Brazil isn't much more expensive, at $216,877. It's cheaper in Brazil to own a car, while taxis are slightly less expensive in Colombia.

(Photo: Jess Kraft/Shutterstock.com)

THE LEAST EXPENSIVE COUNTRY FOR RETIREMENT IN EUROPE

GEORGIA

Georgia is the cheapest retirement destination in Europe, followed by Russia and Ukraine. It will cost $215,911 to retire in Georgia -- just over one-third of the price of retirement in the U.S.

THE LEAST EXPENSIVE COUNTRY FOR RETIREMENT IN THE MIDDLE EAST AND CENTRAL ASIA

KYRGYZSTAN

At $191,216, Kyrgyzstan is the third-cheapest country in the world for retirement.

(Photo: Frantisek Duris on Unsplash)

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THE LEAST EXPENSIVE COUNTRY FOR RETIREMENT IN THE REST OF ASIA AND OCEANIA

PAKISTAN

The average cost of living in Pakistan is 69.74% lower than the US, and the average rent is 89.26% lower. It will cost $182,018 to retire here.

Photo: Syed Bilal Javaid on Unsplash)

THE LEAST EXPENSIVE COUNTRY FOR RETIREMENT IN AFRICA

UGANDA

It will cost $213,498 to retire here.

Photo: Syed Bilal Javaid on Unsplash)

Is retirement on your mind more often these days? You’re not alone: Between Jan. 6, the day of the attack on the U.S. Capitol building, and Jan. 10, traffic spiked on the website International Living as people looked for information on the best overseas places to move. In fact, in October 2020 the global retirement and relocation opportunity website said it had seen a 1,600% increase in search volume around the term “move out of the U.S.” since May.

If you’ve been considering a major move related to an impending retirement, a recent study from NetCredit can help—as long as you have $600K put aside.

For this study, NetCredit figured out that to retire at the average age in America (64) with the average life expectancy (78.7), one would need to have $601,489 in the bank. The study took into account a number of quality-of-life expectations, such as going out once a week, getting takeout coffee once a week, moderate drinking, and taking two vacations.

Current economic conditions have not been conducive for retirement savings. A recent Kiplinger’s survey revealed that nearly six in 10 Americans withdrew or borrowed money from an IRA or 401(k), mostly to cover basic living expenses. According to Olivia S. Mitchell, executive director of Wharton’s Pension Research Council at the University of Pennsylvania, the solution is to just keep working, even if it’s just part-time. Social Security benefits jump 76% when you turn 70, which can make things a bit easier.

See our slideshow above for the most and least expensive places to retire in the world, and click here for the full report.

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