When retirement planning, so many Americans these days bring up the idea of moving to another country in their retirement. The word has gone around: retiring abroad makes your pension dollars go a farther distance. Certainly, there are countries with a much lower cost of living that allow retirees to live the good life even with a much more limited income.
Is it all about money? Considering the more affordable lifestyle and the cheaper healthcare is usually main topic during living abroad conversations, that would be the assumption. As a rule, it really is mostly about the money, but there are more benefits to or reasons for retiring abroad.
For one, a life abroad usually means leaving behind the cold climate and harsh winters.
For another, it represents the adventure that you’d never dared go on while you had kids to raise and send off to college.
Retiring abroad usually means living on the cheap and yet it will also allow you a more privileged lifestyle. You can have live-in help, regularly treat yourself to the spa, join a country club, etc. It’s sounding better all the time, right? What are the countries that will give your pension or nest egg a much a higher value and make these perks possible for you?
If we’re to go with popularity, the best places are in Central/South America and Asia. Here are five options that offer the lowest cost of living for retired expatriates:
1. Thailand –
At $1,740 a month, rent included, this Southeast Asian paradise definitely presents a whole other world. While Bangkok is just about Thailand’s most expensive city, it’s still more than 50 percent cheaper than Chicago or LA.
2. Malaysia –
Another Southeast Asian gem, Malaysia is even cheaper than Thailand at $1557 a month, including rent. It is about 44 percent cheaper than the US. The people are also very warm and welcoming.
3. Ecuador –
The usual monthly expense, including rent, is about $1,484. It presents a beautiful landscape, boasts an excellent healthcare system, and offers numerous government benefits to senior citizens. Cost of living her has been gauged to be 58 percent cheaper than New York City.
4. Belize –
This is a favorite destination for American holidaymakers, so it makes sense for them to choose it for their retirement as well. It costs about $1,500 monthly, including rent.
5. Nicaragua –
It probably doesn’t get any cheaper than Nicaragua which will cost you about $1,181 in monthly expenses, including rent. This is definitely the reason why it’s a premier retirement destination. Your funds will go the distance here and afford you an excellent quality of life.
With the option of moving abroad, retirement planning is more exciting and promising. Just make sure that you do your due diligence so you don’t take any misstep.