It's tricky to find out how much money one needs to retire, even if you never leave your home country. It becomes even trickier for digital nomads as they're always hopping from one country to the other. The amount of money you need to retire varies wildly from country to country, and even city to city.
Luckily, Nomadlist has a handy calculator, named the FIRE calculator, to help you figure out how much money you need to retire in your desired country.
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Nomadlist's financial independence calculator
Did you know that, in order to retire in New York City, you'd need to have a net worth of at least $1,112,100? Talk about an expensive city!
Nomadlist's financial independence calculator has a database of cities from all around the world. You can easily find out how much money you need to have in order to retire in any of those cities. The calculator will also show what your monthly expenses will look like, post-retirement.
In case your city is not mentioned, you can still enter your details, such as current net-worth, age, city, monthly income, etc., into the calculator to get the same details. This calculator is also called the FIRE calculator because it was created as a result of the FIRE movement. Let's discuss this movement.
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What's the FIRE movement?
FIRE stands for Financial Independence, Retire Early. This movement gained momentum out of the financial crisis of 2008, when many individuals came to realize that working for 40+ years wasn't their thing. These individuals wanted to figure out a way to retire decades earlier.
Here's a tip: find a job in a country that'll pay more, accumulate savings, then move to a cheaper country. You can also find a remote job in your home country and move to a cheaper country. Thanks to how technology is being integrated into all the jobs these days, it's much easier to find remote jobs.
So try Nomadlist's FIRE calculator, and see if you can't figure out a way to retire early!
(you might need a subscription to see more suggestions, but a good hint will be an option)
