It’s hard to say when you have enough money to retire. In a way, it depends on where you’re planning to retire to. If you plan on living your golden years in Monte Carlo, you may need a few mils not to feel like the hoi polloi. But what about the best places to retire?
There are actually a lot of countries where you can retire on a surprising shoestring budget. When you’re living on a limited income, nothing feels better than making a buck go as far as it can.
With that in mind, let’s take a look at the most affordable countries you can retire to.
Photo by Daniel Vargas on Unsplash
Colombia may sound like a risky retirement option. But the country has actually come a long way since the 1980s. Cities like Medellin which used to be infamously dangerous have completely reinvented themselves.
Colombia has a temperate, diverse climate. That means there’s somewhere that qualifies as paradise no matter what your tastes are.
It’s also very cheap and easy to obtain a retirement visa. You literally only need to prove $750 in annual income to be eligible.
A retired couple can survive comfortably in Colombia for between $1,030 and $2,720.
Photo by Jezael Melgoza on Unsplash
If you love visiting Mexico, you might consider retiring there. Depending on where you choose to retire in the country, you can live on as little as $1,500 a month. Seniors get big discounts in Mexico, and ex-pats can easily buy into the national healthcare system, which is free at the point of access.
There’s no end of the coastline in Mexico, so you’ll have your pick of sleepy beach towns to choose from. Best of all, you’re never that far from the United States.
Image by BelaMarie from Pixabay
Who wouldn’t want to live in Costa Rica? The rainforests, the beaches, and the laid-back attitude define the country.
For such a beautiful, stable, welcoming place, Costa Rica is inexplicably cheap. You can buy bargain real estate in one of the most beautiful countries in the Americas. And once you do, a couple can live a comfortable life for about $2,000 per month.
Best of all, the people of Costa Rica are endlessly warm, hospitable, and chill.
Image by Monik2978 from Pixabay
Panama has it all. A tropical climate, a large English-speaking population, and no hurricanes. Sign us up!
Although Panama uses the USD as its official currency, taxes here are insanely low, and prices are beyond reasonable. Panama City, the capital, is a cultural hub of Central America. But a single person can live a very happy life there for $2,500 a month or so.
If you want to retreat into rural Panama, you can cut that number in half with ease. That easily makes it one of the best places to retire.
Photo by Nick Karvounis on Unsplash
Finally, we come to Portugal, which travelers have discovered is one of Europe’s most spectacular destinations. Portugal may not be a secret anymore, but retiring here remains a very tempting proposition.
There’s history in Portugal, but also beaches, art, culture, and some of the best food in the world. Surprisingly, the cost of living won’t put you in a poor house. Expats report living in Portugal is actually about 66% cheaper than living in the U.S. A couple can live a fulfilling life here for $2,500 per month.
Not a bad deal to live in one of the safest, prettiest, and friendliest countries in the world.
Dear reader,
It’s true what they say: money makes the world go round. In order to succeed in this life, you need to have a good grasp of key financial concepts. That’s where Moneymade comes in. Our mission is to provide you with the best financial advice and information to help you navigate this ever-changing world. Sometimes, generating wealth just requires common sense. Don’t max out your credit card if you can’t afford the interest payments. Don’t overspend on Christmas shopping. When ordering gifts on Amazon, make sure you factor in taxes and shipping costs. If you need a new car, consider a model that’s easy to repair instead of an expensive BMW or Mercedes. Sometimes you dream vacation to Hawaii or the Bahamas just isn’t in the budget, but there may be more affordable all-inclusive hotels if you know where to look.
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