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 (paired with Social Security) could last you for more than 30 years in some states.
As impressive as that is, there are many other countries where that $1 million can last much longer — some of which might surprise you. Japan, for example, has a reputation as a high-cost country, but your $1 million could last you over 60 years there.
Fancy vast open spaces, stunning landscapes and high adventure? Consider New Zealand, where your $1 million could stretch for 40 years.
Thinking of retiring on a beach? Your $1 million would last 62 years in Jamaica and 55 in Panama or Costa Rica. All offer pristine beaches and low costs — the dream combination for many retirees.
Whether you’ve already retired with $1 million or that’s the goal you’re working toward, you’ll find plenty of desirable countries where your money can last through your golden years.
China
- How long $1 million will last: 86.75 years
- Annual cost of living: $11,528
Mexico
- How long $1 million will last: 70.92 years
- Annual cost of living: $14,101
Uruguay
- How long $1 million will last: 63.09 years
- Annual cost of living: $15,849
Jamaica
- How long $1 million will last: 61.76 years
- Annual cost of living: $16,192
Japan
- How long $1 million will last: 60.78 years
- Annual cost of living: $16,452
Greece
- How long $1 million will last: 60.65 years
- Annual cost of living: $16,487
Estonia
- How long $1 million will last: 55.95 years
- Annual cost of living: $17,872
Panama
- How long $1 million will last: 55.23 years
- Annual cost of living: $18,105
Costa Rica
- How long $1 million will last: 55.22 years
- Annual cost of living: $18,109
South Korea
- How long $1 million will last: 54.86 years
- Annual cost of living: $18,228
Czech Republic
- How long $1 million will last: 53.25 years
- Annual cost of living: $18,780
Bahrain
- How long $1 million will last: 52.61 years
- Annual cost of living: $19,008
Slovenia
- How long $1 million will last: 51.63 years
- Annual cost of living: $19,370
Portugal
- How long $1 million will last: 50.52 years
- Annual cost of living: $19,793
Italy
- How long $1 million will last: 50.35 years
- Annual cost of living: $19,860
Spain
- How long $1 million will last: 48.99 years
- Annual cost of living: $20,414
Barbados
- How long $1 million will last: 46.69 years
- Annual cost of living: $21,419
France
- How long $1 million will last: 46.59 years
- Annual cost of living: $21,465
Malta
- How long $1 million will last: 46.54 years
- Annual cost of living: $21,489
Finland
- How long $1 million will last: 46.05 years
- Annual cost of living: $21,717
Other Countries Over 40 Years
- Sweden: $21,850 per year, 45.77 years
- Belgium: $22,363, 44.72
- Cyprus: $22,566, 44.31
- Germany: $23,322, 42.88
- Austria: $24,378, 41.02
- New Zealand: $24,754, 40.4
Methodology: GOBankingRates analyzed the cost of living from countries around the world in order to find out how far $1 million goes. The average cost of living was sourced from Numbeo’s cost-of-living indexes. Numbeo’s cost of living with rent was also sourced and the years to draw down $1 million in savings were calculated. The countries were sorted to show how long someone could live on $1 million. All data was collected on and is up to date as of Oct. 14, 2024.