BAKU, Azerbaijan, Feb.5
By Tamilla Mammadova – Trend:
Georgia is the cheapest retirement destination in Europe in 2021, followed by its neighbors Russia and Ukraine, Trend reports via the new study published by a Chicago-based online lender NetCredit.
NetCredit calculated that a retirement cost in Georgia totals $215,911 – just over one-third of the US price.
"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", 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 lari ($72.18).
People above 70 years receive an increased pension starting July 1, 2020, with monthly pensions increasing by 25 lari ($7.57) to 275 lari ($82.71).
"The most expensive country in the world to retire is Bermuda, where you would need $1.06 million, while Pakistan is the cheapest country to retire. You would need $182,018 to maintain our example lifestyle there", reads the study.
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