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.

• 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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• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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.