If retreating to a foreign country for retirement is on your mind, you are not alone. In the days between Jan. 6-10, 2021, traffic spiked on the website International Living as people looked for information on the best overseas places to move to. In fact, in October 2020, the global retirement and relocation opportunity website said it had seen a 1,600% increase in search volume around the term "move out of the U.S." since May. If you've been considering a major move related to impending retirement, a recent study from NetCredit can help — as long as you have $600K put aside. For this study, NetCredit figured out that to retire at the average age in America (64) with the average life expectancy (78.7), one would need to have $601,489 in the bank. The study took into account several quality-of-life expectations, such as going out once a week, getting takeout coffee once a week, moderate drinking, and taking two vacations. Current economic conditions have not been conducive for retirement savings. A recent Kiplinger's survey revealed that nearly six in 10 Americans withdrew or borrowed money from an IRA or 401(k), mostly to cover basic living expenses. According to Olivia S. Mitchell, executive director of Wharton's Pension Research Council at the University of Pennsylvania, the solution is to keep working, even if it's just part-time. Social Security benefits jump 76% when you turn 70, which can make things a bit easier. See our slideshow above for the most and least expensive places to retire in the world, and click here for the full report. Related: |

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