From settling in Pakistan, Egypt, and Algeria, which are affordable for $225,000, to expensive Singapore, which costs $1 million.

A study reveals how much pensioners around the world need to retire, with Pakistan coming in first place with $158,410.

Aegon conducted a study using cost of living data from Numbeo to calculate how much money Americans need to retire comfortably in various countries, from an average retirement age of 61 years to an average life expectancy of 76.15 years. Did.

Data reveals that apart from Pakistan, in India and Colombia, a person needs less than $200,000 to retire comfortably.

In countries like Tunisia, Egypt, Sri Lanka, Nepal, North Macedonia, and Kosovo, Americans need less than $300,000 to retire, and only $210,991 to live comfortably in Algeria.

Countries with the highest retirement benefits include Switzerland ($830,547), the United States ($702,330), Luxembourg ($696,422), Denmark ($603,668), and the United Arab Emirates ($636,493). Canada ($557,164).

The country with the highest retirement benefits is Singapore, where Americans need nearly $1. According to the data, 2 million to live comfortably.

Many people based in the US prefer to retire in South Asian countries such as India, Pakistan, Nepal, and Sri Lanka due to the lower cost of living.

Relatively low housing and health care costs allow you to save for long-term retirement and give you more freedom to pursue your passions.

This was announced after it was revealed that nowhere in the United States can a person save $1 million for longer than 22 years, 8 months, and 12 days.

In Mississippi, it’s seven digits long.According to the state, $1 million in retirement benefits lasts the longest. analysis By GOBankingRates.

However, in Hawaii, savings were depleted in just 10 years, 3 months, and 22 days, the shortest period of any state.

The study assumed a retirement age of 65 and used the most recent numbers from the Bureau of Labor Statistics to analyze annual living costs, including groceries, housing, utilities, transportation and medical costs.

While $1 million may once have been considered the standard for a comfortable retirement, that amount isn’t what it used to be, as inflation and soaring interest rates have taken a toll on the cost of living.

The same study in 2022 found that $1 million could help retirees in Mississippi live for just over 25 years.

GOBankingRates estimates that a retiree on a fixed income in Hawaii will have to spend a hefty $96,982 a year on living expenses, much faster than the Magnolia State, where the estimated annual spend is $44,059. So you’re chipping away at a $1 million nest egg. .

The study found that after Hawaii, New York and California are the fastest to lose $1 million in retirement savings.

In New York, a nest egg lasts only 14 years and one month, while in California it lasts only 13 years and nine months.

Massachusetts was next on the list with a funding period of 12 years and 9 months, followed by Alaska with a funding period of 15 years and 3 months.

Meanwhile, in Florida, a battleground state for retirees, a study found that $1 million in savings could sustain a retiree for 18 years and four months.

The analysis found that many states in the Midwest and South had a little more cushion.

In addition to Mississippi, the funding will be spread out over 22 years in Oklahoma and Alabama, according to GOBankingRates.

$1 million may not be enough to save for the rest of your life, but the number of Americans with that amount in retirement accounts skyrocketed last year.

Thanks to a booming stock market, the number of 401(K) millionaires increased by about 100,000 in 2023.

About 349,000 401(K) owners and 339,000 workers with individual retirement accounts (IRAs) ended the year with seven-figure balances, according to Fidelity Investments.

Although down slightly compared to earlier this year, the numbers are still well above 2022 levels (299,000 and 280,000, respectively).

Retirement accounts benefited from a strong stock market, with the S&P 500 index ending the year up 24% compared to 2022.

The announcement comes after experts revealed how much workers of every age group need to save in their 401(K) to reach $1 million by retirement.

According to personal finance firm The Motley Fool, a 22-year-old would need to save $325 a month over the course of their career to retire with $1.01 million by age 62.

If a worker starts saving into a 401(K) at age 27, they would need to save $500 per month to reach $1.03 million by the same age.

This amount increases to $750, $1,200, and $1,900 for ages 32, 37, and 42, respectively.

According to The Motley Fool, a common investing rule of thumb is to subtract your age from 110. The result is the percentage of your portfolio that should be allocated to stocks.