Georgia is the cheapest retirement destination in Europe in 2021, followed by its neighbours Russia and Ukraine, says a new study published by a Chicago-based online lender NetCredit.
For our latest study, we figured out that to retire at the average age in America (64) with the average life expectancy (78.7) you’d need around $601,489 in the bank. We applied the same calculations to every country on Earth 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", reads the study.
NetCredit calculated that a retirement cost in Georgia totals $215,911 – 'just over one-third of the US price'.
The most expensive country in the world to retire is Bermuda, where you would need $1,065,697, while Pakistan is the cheapest country to retire. You would need $182,018 to maintain our example lifestyle there", reads the study.
In Georgia when people reach pension age, 65 for males and 60 for females, they begin receiving money accumulated in the pension savings system together with the state pension, which currently equals 240 GEL ($72.18).
People above 70 years receive an increased pension starting July 1, 2020, with monthly pensions increasing by 25 GEL to 275 GEL ($82.71).