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.
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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