We’re all working to get to a place when we can retire, kick back, and enjoy life to the fullest. Some of us are already doing just that, but if you are looking for a new place to enjoy life without breaking the bank— we wanted to share this list of the cheapest places to do so.
Financial website, NetCredit, conducted a study to see how much a 64-year-old would need to maintain the same quality of life: going out once a week, takeout coffee once a week, no smoking, moderate drinking, no taxis or rideshares and two vacations, among other controls.
Bermuda came in as the most expensive country in the world to retire. You’ll need about $1 million to live your best retirement life on the island.
Here’s what they found across each continent.
Africa
As Black travelers, we all have a longing to reconnect with our roots and get back to the Motherland. If it’s on your list for places to retire, Egypt, Algeria, Tunisia, and North Africa are the cheapest countries with an average need of about $250k to live comfortably.
While most countries across Africa are cheaper compared to the $600,000+ you would need in the U.S., Ethiopia comes in as the priciest with a tag of $458,000.
Asia
We’ve seen tons of Black expats make their way to Asian countries for the cheap living and laid back lifestyle. For those ready to give up working all together, Pakistan and India will run you under $200,000. Several other West Asian countries follow close behind. Indonesia also tops the list for East Asia at $290,000.
Australia
Since its both a country and continent, there wasn’t much to compare. But, it will run you around $555,000 to retire comfortable in the land down under.
Europe
Georgia, Russia, and Ukraine take the top 3 spots for cheapest European nations. The more popular countries will take about $400,000 or more for retirement living.
North America
To no surprise, Mexico is the cheapest North American country to settle down in. You’ll need just about $257,000 to do all the things you enjoy after you stop working.
The average U.S. retirement budgets sits at around $600,000. Whew!
South America
Another no-brainer. Colombia is the best place to move to after retirement. From delicious cuisine, Afro-Colombian culture, and stunning beaches— you’ll want to save around $215,500 to live there.
So, where do you think you will end up?