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.

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

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

Find Out: Here’s Exactly How Much Savings You Need To Retire In Your State

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

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

If You’ve Got Less: How Long $100K in Retirement Will Last in Every State

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

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

See: How Long $1 Million in Retirement Lasts in 50 US Cities

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

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

Compare: Here’s How Much People Have Saved for Retirement in Every State

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

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

Take a Look: The Most and Least Tax-Friendly Countries

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

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

Read More: How Long $500K Will Last in Retirement in Each State

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

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

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

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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.

About the Author

John Csiszar

After earning a B.A. in English with a Specialization in Business from UCLA, John Csiszar worked in the financial services industry as a registered representative for 18 years. Along the way, Csiszar earned both Certified Financial Planner and Registered Investment Adviser designations, in addition to being licensed as a life agent, while working for both a major Wall Street wirehouse and for his own investment advisory firm. During his time as an advisor, Csiszar managed over $100 million in client assets while providing individualized investment plans for hundreds of clients.

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