You Won’t Believe How Far a $1 Million Nest Egg Goes in These Countries
These countries could be good options for the long term.View Gallery
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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.
Stay Close to Home: How Far $1 Million Goes in Every State
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.
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
Sponsored: Open an online savings account with American Express® today and save with confidence! Earn interest with no monthly fees or minimum balance requirements. Learn More Now
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
Don’t Have Much? 25 Countries Where Social Security Goes Far
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
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
Find Out: Here’s Exactly How Much Savings You Need To Retire In Your State
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
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
If You’ve Got Less: How Long $100K in Retirement Will Last in Every State
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
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
More From GOBankingRates
- Discover® Personal Loans: You Could Save Money on Interest While Paying Down Debt
- 60 Money Moves That Could Set You Up for Life
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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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.
Stay Close to Home: How Far $1 Million Goes in Every State
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.
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
Sponsored: Open an online savings account with American Express® today and save with confidence! Earn interest with no monthly fees or minimum balance requirements. Learn More Now
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
Don’t Have Much? 25 Countries Where Social Security Goes Far
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
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
Find Out: Here’s Exactly How Much Savings You Need To Retire In Your State
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
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
If You’ve Got Less: How Long $100K in Retirement Will Last in Every State
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
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
More From GOBankingRates
- Discover® Personal Loans: You Could Save Money on Interest While Paying Down Debt
- 60 Money Moves That Could Set You Up for Life
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.