The Cost Of Retirement Around The World, Mapped

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.

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Via NetCredit.