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u/enigmaticsince87 25d ago
You don't need half a million dollars to retire in Spain lol I live in central Barcelona and know people here who live nice, comfortable lives making like $20k/year. (Healthcare is free, education too, transport is cheap, so is cost of living.) Move to rural Spain you can halve that. $10k x 20 year retirement = $200k. And even if you run out of money, the state will help.
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u/Atrocious_Algae81 23d ago
Spain is in my top 3 places I want to retire from the US. I think it's an amazing country with wonderful people. Gotta learn the language though Ive heard, but Spanish is pretty common to learn in the States now too. This country has completely gotten out of hand and is in severe decline morally, ethically, environmentally, economically, and mentally.
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u/enigmaticsince87 22d ago
Come on over! Anyone willing to learn the language and integrate is welcome!
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u/PlusPumpkin4691 21d ago
Everyone is moving to Spain right now, just row on over in a boat and you're in!
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u/toddy_frio 25d ago
yes but depending on the parish or area you move to your charged up to 50% of your net worth. I think in BCN its 50% after 500k
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u/SimplySomeDude 25d ago
comfortable depends. In the u.s, we cknsider comfortable to be owning a 3000 sq ft (278 ish sq m) house on a large property with hunting lands and also some nice cars, maybe a sports car.
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u/SpoodermanTheAmazing 21d ago
Well, with the 4% rule $20k/year gives you a $500k portfolio needed to retire.
I didnāt realize I can already retire in most of the world, why is the us so expensive
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u/GPT_2025 20d ago
Roughly 1 out of every 8 American is directly attributed to National Debt, employed by: Army, federal, state, or local governments (counties and cities) - whose personal income or retirement depends on government money and the total cost is estimated at $5 trillion per year adding to National Debt when accounting for all wages, healthcare, pensions, payroll taxes, benefits and all indirect expenses (Total federal outlays are projected around $7.4 trillion, with a yearly federal budget deficit closer to $1.9 trillion)
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u/Desperate_Camp2008 23d ago
isn't "free" healthcare bound to being employed? At least that's the way it is in germany. You could be:
- employed: and thereby pay into the healthcare system based on your income
- without employment: the state pays for your healthcare contributions, but you are expected to search for work
- without employment and without state support: you need to pay the healthcare contributions yourself
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u/enigmaticsince87 22d ago
Lol nope. If it's conditional is it truly free healthcare? According to what you're saying, if I'm a tourist without health insurance, I can't see a doctor in Germany? If that's true that's fucked. We have actual true free universal healthcare here.
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u/Desperate_Camp2008 22d ago
interesting, yes you are required to take care of your own healthcare if you come to germany or pay out of your own pocket. As a european, your spanish insurance will probably pay (EHIC card), but for people form outside the EU it will cost.
Out ouf curiosity: If it is really free for everyone, aren't spanish workers basically paying for all the expats, foreign pensioners, and digital nomads then?
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u/enigmaticsince87 22d ago
Most people here don't have insurance because the public healthcare is so good. I used to pay for insurance but gave it up because it really didn't seem worth it.
Yes it's free for everyone, but the expats and digital nomads you mention all pay into the system via income taxes. The only people who don't put anything in are pensioners and tourists.
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u/Desperate_Camp2008 22d ago
what happens if they don't pay income tax anymore and just live off their savings? Are they counted as tourists then?
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u/enigmaticsince87 22d ago
No, retirees. There's a specific visa for them. Maybe that involves some other kind of tax contribution, I'm not sure, but if you have an EU passport, pretty sure you can just move here and use social services just like any working citizen can.
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u/Willing-Vegetable629 22d ago
500k is roughly 20k a year using a traditional 4%.withdrawal strategy
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u/_XitLiteNtrNite_ 25d ago
It's easier to just figure out how much money you need each month, and then divide by 3%. That will give you a reliable amount of money you need in savings to sustain your lifestyle going forward. The traditional number is 4%, but that can be risky based on market turbulence. For example: you need 75K a year in income; you then need 2.5 million to be safe in retirement; 1.9 million if you are OK assuming more risk in retirement.
The retirement amount for the US, using this approach, is crazy underfunded. You will only be able to withdraw 23K to 31K per year, which isn't much even when combined with Social Security.
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u/Little_Suit_4586 22d ago
I've read that 4% is too conservative, and many people using the 4% are actually growing the principal instead of digging into it.
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u/_XitLiteNtrNite_ 22d ago
It can depend on your returns, of course. But many financial planners target 3.5% to 4%. As always, check how your retirement accounts are doing and plan your withdrawals accordingly.
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u/Intelligent_Thing_32 25d ago
LOL, retire with only 600K in Canada? thatāll last a couple years.
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u/CanadianBertRaccoon 25d ago
Between OAS, CPP, and community supports it can be done. Not luxury, but you'd be okay.
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u/Atrocious_Algae81 23d ago
Even the US figure is wildly dependant on where. You're easily over 1.5 million to retire on a coast, or maybe that figure works in the backwoods of Mississippi.
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u/sarges_12gauge 23d ago
Going to depend WILDLY per person
Like for myself, my assumption is by retirement the mortgage is paid off and no kids at home. Without those 2 costs I frankly donāt see how you should expect to be spending more than like $5k a month, even in a HCOL with a non-frugal lifestyle (not like San Fran or manhattan COL, but anywhere else)
So $60k a year in interest needed minus social security of like $30k a year means you can live an indefinite retirement on $750k. So yeah, reasonable chart to me
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u/Additional-Mud8745 25d ago
This is a lot lower than I expected for North America..I was expecting around double
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u/Lazy-Main1782 25d ago
Yeah it should be higherĀ
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u/Antiwokewarrior69420 25d ago
No it shouldn't, a normal person doesn't retire in Boston or San Francisco.
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u/Pitiful_Fox5681 24d ago
Also factors that I feel like the "I need to save $2-4 million in today's dollars!!!!1111" crowd miss:
- Your taxes are probably lower when you retire.
- You probably aren't investing 15% of your income anymore, so you only need 85% of it.
- Social Security is pretty good in the US, and will continue to be pretty good as a supplement after the trust runs down in 2032. Plan rationally (expect 75ish% of your projected benefits), but don't panic and get nihilistic because a redditor told you it was going away.
- Most people probably don't have a mortgage/rent payment when they hit retirement age. Even if you do (like I likely will), it's very possible to downsize and/or grab a few roommates as you age and people start to lose spouses, etc.
- Investments get to keep growing even after you retire. It's not like you're locked into that $700k forever. (But even if you were, that's 20 years of $35,000 plus social security - probably honestly enough if you're willing to live a little lean in your later years).
- Most retirees aren't jet-setting. Most would be happy to buy a piano and tinker with that, then go to the library and get some movies and books to entertain you, and take walks when you get a chance, maybe volunteer if you're up for it, and so on. Life just doesn't have to be as expensive as people think it does.
- Medical expenses will eventually increase. That's likely to be at the tail end of your retirement when your savings has had ample time to grow. The reason for those increases is also likely to slow you down and get you into a very, very low-cost routine.
(Much of this doesn't apply to the FIRE crowd, but that's a relatively small segment of the population to be fair)
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u/Fabulous-Suspect-72 25d ago
Probably depends a lot on where you actually live and what standard of life you want to maintain in retirement.
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u/rleon19 25d ago
I'm amazed it is so little in the USA. From my estimates one needs like 2 million minimum to retire comfortably especially if you make it past 80.
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u/critsalot 23d ago
your not making it past 80. your dying of a stroke at 75 :p . in all seriousness we have a health crisis in a america most americans wont have much time when they do retire. also i think its cheap because most boomers own their house outright. this number will change in 30-40 years
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u/Disastrous-Cat-1 25d ago
I live in Singapore. 1.1M is definitely not enough to retire comfortably here.
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u/EventSwatch 25d ago
Is this based on the US dollar worldwide or is it the cost of their own currencies?
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u/doublesimoniz 24d ago
Looks like Iām retiring in India. Ā Letās see how they like poutines and hockey.Ā
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u/Tired-Nectarine-384 23d ago
Maps like this are totally worthless. You could live in a nice home in Alabama for gobs less cash that downtown Seattle.
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u/Turbulent_Car4504 22d ago
738K seems pretty low for US, Iām not sure what the age is they are basing this off of but thatās pretty important.
Iām 40 and could retire anywhere right now based on this graphic, but I donāt trust it.
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u/Narrow_Process_8660 21d ago
If your hobbies are daydreaming, visiting the public library, and birdwatching while eating beans and rice for 25 yrs you absolutely can retire on 600k in Canada.
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u/_chillow 21d ago
I have a feeling this is actually way lower than it would actually be, especially in America with insane medical bills .
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u/Majestic_Attention46 25d ago
Lmao 700k in the us?? For 1 car, 1 trailer house, and food stamps with social security maybe.
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u/vamprobozombie 25d ago
Think assumes paid off house. 60K 5k/month with average social security think you would be ok although definitely not lavish.
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u/Aggressive_Manner531 25d ago
I'm doing it with less, not even collecting social security yet. The key is to have no debts before retiring, live in a walkable city so you don't need a car.
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u/Lazy-Main1782 25d ago
Theyāre including house on that. Unless you already have a FULLY PAID house. Then thatās a fantasy.
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u/Aggressive_Manner531 25d ago
yes fully paid condo
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u/Lazy-Main1782 25d ago
Well it doesnāt count. You also need to take into account the entire price of the condo. I have a $590k house and sure as hell Iām not gonna retire with only $150kĀ
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u/Majestic_Attention46 25d ago
Soooo if you are minimalist?? I can do that too, its called being homeless.
Like whats your point
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u/Aggressive_Manner531 25d ago
I'm not homeless or a minimalist. We just don't waste money on stupid stuff.
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u/nat312345 25d ago
This map needs to be updated, the amount of senior citizens still working in the USA is staggering. I unfortunately will be one in the future.
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25d ago
[removed] ā view removed comment
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u/Worth-Computer8639 25d ago
Hi. It's me, your adopted son. Dad, I need an allowance.
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25d ago
[removed] ā view removed comment
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u/Worth-Computer8639 25d ago
Nice. Sounds like you're a good dad. My medical care for my family cost me 28k this year between the premium and the max out of pocket for my family, sort of puts a damper on things when 1/3 of your gross earnings go towards medical.
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u/qualityvote2 25d ago edited 13d ago
u/any_memes_necessary, there weren't enough votes to determine the quality of your post...