When it’s time to retire, you may find your pension benefits don’t go far. For Americans and Canadians you haven’t saved enough to continue to live the lifestyle you want in in your home country, and many haven’t — there are other places you can go.
In the United States, according to GOBankingRates.com, the average Social Security check of $1,349.25 a month falls short of the average cost of living of $1,699.76.
For Canadians, according to Livingin-canada.com, many Canadians do not regard the Canada Pension Plan capped maximum of CA$1134.17 per month (2018) as a satisfactory income. While the average cost for living, according to Transferwise.com, is CA$1,038.00 per month (without rent) for one person. According to the National Bank of Canada say the average two-bedroom apartment in Canada is approximately CA$990 per month (2018), Ontario tends to skew higher.
GOBankingRates.com looked at the cost of living around the world, including housing, utilities, groceries and transportation, to determine where your Social Security or Canada Penscion check will go the furthest.
Of the 25 countries where the average Social Security/Canada Pension benefit buys the most, nine are in Asia, seven are in Latin America, seven are in Eastern Europe and two are in Africa.
Costa Rica ranks 24th
- Total monthly expenditures: US$782.53
According to the Gobankingrates.com report, Costa Rica has the highest average monthly rent for a one-bedroom apartment at US$424.47, but it is still much cheaper than the U.S. and Canada.
Costa Rica also ranks second-highest for the average cost of groceries at US$235.48, and third-highest for the cost of transportation at US$46.16.
The rest of the countries on the list are:
25. Uruguay
- Total monthly expenditures: $783.84
23. Latvia. Total monthly expenditures: $736.20
22. Hungary. Total monthly expenditures: $732.98
21. Greece. Total monthly expenditures: $721.53
20. Lithuania. Total monthly expenditures: $709.08
19. Thailand. Total monthly expenditures: $698.57
18. China. Total monthly expenditures: $679.97
17. South Africa. Total monthly expenditures: $675.72
16. Suadi Aradia. Total monthly expenditures: $610.31
15. Russia. Total monthly expenditures: $589.13
14. Vietnam. Total monthly expenditures: $573.03
13. Ecuador
- Total monthly expenditures: $555.17
12. Bulgaria. Total monthly expenditures: $532.53
11. Brazil
- Total monthly expenditures: $529.49
10. Malaysia. Total monthly expenditures: $524.86
9. Argentina
- Total monthly expenditures: $514.30
8. Ukraine. Total monthly expenditures: $501.69
7. The Phillipines. Total monthly expenditures: $500.24
6. Mexico
- Total monthly expenditures: $467.02
5. Colombia
- Total monthly expenditures: $457.68
4. Indonesia. Total monthly expenditures: $450.89
3. Turkey. Total monthly expenditures: $434.64
2. Morocco. Total monthly expenditures: $432.02
1. India. Total monthly expenditures: $283.60
How far does your pension go or forseee your pension going? Which country or countries would you explore? and why? Post your comments below or to our official Facebook page.
