Kazakhstan ranked 72nd among 95 countries worldwide in the cost of a comfortable retirement, requiring a nest egg of $294,000, according to a joint study by NetCredit and Numbeo. This was reported by infohub.kz.
The analysts calculated the savings needed for a comfortable retirement for the average American, based on the average retirement age and life expectancy in the United States. The model assumes a retirement period of 14 years and 8.4 months. The calculations did not include healthcare costs or taxes.
Thus, to retire comfortably in Kazakhstan for nearly 15 years, one would need to save $294,000, allowing a monthly budget of about $1,670 or 770,000 tenge.
The study also found that among the Eurasian Economic Union (EAEU) countries included in the ranking, Kazakhstan was the most expensive: Russia (77th) requires $281,000, and Belarus (85th) $267,000. Armenia and Kyrgyzstan were not included in the ranking at all.
In Central Asia, only two countries were assessed. Uzbekistan ranked higher than Kazakhstan in cost, placing 56th with a required capital of $331,000. In the global ranking, Kazakhstan's closest neighbors were Vietnam (71st, $295,000) and Malaysia (73rd, $292,000).
Singapore topped the list of the most expensive countries, requiring $1.1 million for a comfortable retirement. Iceland ($893,000) and Switzerland ($859,000) rounded out the top three. Pakistan (95th) was the most affordable, with $187,000 needed. Near the bottom, alongside Pakistan, were India ($189,000), Bangladesh, and Egypt (both $190,000).
For comparison, in the United States, a comfortable retirement would cost $738,000 (5th place), in Canada $598,000, and in Mexico $356,000. The difference between the most and least expensive countries exceeded $900,000.
Notably, Turkey was more expensive than Kazakhstan, ranking 46th with $361,000 in savings. China, on the other hand, was $15,000 cheaper, ranking 79th with $279,000.