Are you considering retirement soon? Or perhaps you’re thinking about living in another country for a while? Here are some great options for wonderful scenery, relaxation, and best of all, it won’t break your budget!
I know quite a few baby boomers that are getting ready to retire, but there’s just one problem; there’s not a lot of money in the bank to live a luxurious retirement. Rather than pinch your pennies in the same old town you grew up in, why not explore the world and discover the wonders that you’ve been meaning to explore all your life!? I have created a list of 5 countries that are considered cheap to those of us that live in North America, but offer a conglomerate of adventure and history as well. You have most likely heard of all of these countries, but you may not have figured them to be “the best places to retire outside the USA.”
This country is deemed as “the place professionals go when they’re looking for comfortable retirement on a modest budget.” Panama has a very low crime rate and is actually known to have the most friendly people in the world.
Beautiful climate, low cost of living, and inexpensive food are not the only benefits; Panama also uses the US Dollar as the main currency, which makes life much easier for us that do not want to perform a mathematical conversion every time we buy something.
The only drawback to Panama is the cost of housing. While it’s not considered expensive when compared to the United States, it certainly doesn’t come at a discount. To give you an idea, a large house can easily cost $200,000.
2) Costa Rica
This country literally means, “Rich Coast” in its native tongue. The terrain includes rain forests, active volcanoes, and fabulous beaches. An eclectic variety, but that’s what makes life interesting, right?
If you travel here, you’ll find many U.S. retirees due to the many attractive benefits: the country’s prosperity, solid health care, and a stable government. There are quite a few people that can speak English, but if you would like life to be easier, you may want to brush up on your Spanish.
If you can afford $1,200 a month, you can afford Costa Rica. In fact, if you have a budget of just $2,000 per month, you’ll be living a life of luxury! As a rule of thumb, you can live on about half of what you need in the U.S. to afford the same lifestyle.
This country is within a whole different region than the first two picks, but it is beautiful nonetheless. With miles of ocean coastline and tropical climates, Argentina provides a wonderful retirement option as well.
The cost of living is quite low and the land produces great food and cheap wine. For those of you that enjoy a more active lifestyle, Buenos Aires is a wonderful city, filled with cultural events, entertainment, and numerous beaches nearby.
Retirement in Argentina can be done comfortably with only $1,000 a month. Isn’t living in another country starting to sound wonderful? I mean, who ever thought one could live on less than $12,000 per year without having 3 college roommates?
Considering how large Mexico is, this is a pretty general destination, but given the large area of coastline, there are actually numerous locations to choose from. East coast or west coast, living is scenic and cheap.
The largest benefit of Mexico is the cheap labor. You can hire a native to help around the house with the going rate of $2 per hour. If you don’t feel comfortable paying such a low wage, raise it to $5. You’ll be the considered the richest gringo in town! 🙂
After a visit in the late 1800s, Mark Twain expressed, “What a home one might make among their shady forest, their sunny slopes, their breezy dells, after he had grown weary of the toil, anxiety and unrest of the bustling driving world.” Even after over 100 years, not much has changed. Nicaragua is still a beautiful area, and is a wonderful place to get away from the “hustle and bustle” of the world.
Of course Nicaragua has the natural beauty of the other locations listed above, but it is one of the cheapest as well. While many other countries would cost between $1,200 and $2,000 to live comfortably, Nicaragua would run you less than $1,000.
Have you researched any of these countries before? Which one would you choose for your retirement years?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.