If you’re considering retiring to Namibia, the first thing you’ll want to do is figure out how much money you’ll need to live comfortably. That amount will vary from person to person, of course, and there are plenty of costs that aren’t obvious at first glance – especially if you plan on staying in Namibia for the long term. Understanding exactly how much you need can be overwhelming, but with some research and planning, you can create an accurate picture of your financial situation – which leads to an easier retirement.

Consider your current lifestyle

If you are living a carefree lifestyle that includes regular vacations, expensive hobbies, and dinners out on the town, then saving for retirement may be challenging. Consider scaling back your spending or finding a part-time job with flexible hours so that you can save more of your income for retirement. To figure out how much you need for retirement, calculate what percentage of your current income is needed annually to sustain your desired lifestyle.

Determine your ideal retirement lifestyle

To live comfortably in Namibia, you’ll need around $1,500 per month (or about $17,000 per year). This will allow you to live a middle-class lifestyle. A more comfortable lifestyle would be closer to $2,000 per month ($24,000 per year).

Consider your sources of income

The next thing you need to do is figure out how much money you’ll need to live comfortably. This is called your Cost of Living number. You can calculate your Cost of Living number by multiplying your desired monthly spending allowance by 12. For example, if you want to be able to spend $2,000 a month and live comfortably, then your Cost of Living number would be $24,000 a year.