SINGAPORE: Singapore is allegedly the most expensive country for retiring Americans to settle in, according to a new report by American financial services firm NetCredit. Citing an Aegon study that found that 13 per cent of American workers would consider living abroad for retirement, the NetCredit report analysed the costs of living in countries worldwide.
It claimed it would take the average American a whopping US$1.18 million to live their later years in Singapore, allegedly making the little red dot the most expensive place in the world for American retirees.
By comparison, it would allegedly cost US$702,330 for workers to comfortably retire within the US and just over half a million dollars for retirees to comfortably live out their later years in Canada or the United Kingdom.
While some netizens were unsurprised by NetCredit’s findings due to the rising cost of living in Singapore, some asked what is considered necessary for Americans to “comfortably retire.”
Noting that the numbers on NetCredit’s report match the numbers found on the crowd-sourced global database Numbeo, a platform that is not peer-reviewed, netizens said that Numbeo’s calculation is based on retirees having two cars. It is unclear what the numbers would be if one or both of the vehicles were removed from the equation.