Best Countries To Retire To
Retiring for many is just around the corner and with it come many questions. One that’s been gaining a lot of popularity over the years is determining whether you want to retire in the US or retire abroad.
This has been on the mind of many people as according to the Social Security Administration, over 500,000 people are living outside the US and are getting Social Security benefits. So it certainly is possible to retire abroad. The question now is where do you want to go?
Below we’ve compiled a list of some countries to consider. And even if you’re reading this and you’re not from the United States, these countries are still worth considering. No matter the case these countries will ensure that your money will go the farthest!
Those who are looking to Malaysia are those looking to immerse themselves in a rich culture with exotic scenery. Your modern amenities are set to pretty reasonable prices allowing you to live conveniently and comfortably. Furthermore, you’ll find great malls for shopping, low-cost rental units, and delicious street food making living here very easy.
Costa Rica has many things going for it. The mild climate, the stunning landscapes, and the pristine beaches are what bring tourists and vacationers, but also retirees. The residency process in Costa Rica is very simple and the cost of living is pretty small as well. To put it in perspective, you’ll need to be making at least $1,000 every month in order to live here and enjoy a high standard of living. If that’s covered by Social Security every month or you have something similar to that, you’re covered.
While the current president of the US may not like Mexicans that much, it’s clear that other Americans don’t feel that way. Mexico is a welcoming country that draws in millions of retirees to their borders. Today it’s not out of the ordinary to see expat communities around the areas. Because of these communities you can enjoy seaside living and enjoy conversations with friendly locals. Best of all most of them speak English which saves you the struggle of learning a new language.
On top of that when you become a resident of Mexico, once you’re over the age of 60, you get discounts to airlines, groceries, and restaurants.
For the adventurer, you’ve got Nicaragua. The biggest selling point for Nicaragua to retirees is the location and the community. It’s got a fantastic community and the tropical climate is a nice and welcomed touch. What’s even better about Nicaragua is that the government provides many incentives as well if you’re coming to retire to Nicaragua. Already there are low living costs, but any money that you make outside of Nicaragua is tax-free thanks to government policies.
If you’re looking for somewhere a bit higher class, one place to consider is Panama. It’s got gorgeous beaches as well as thriving economy as well. Best of all, the cost of living is still relatively low. If you can make $2,000 every month, that can cover modest living costs. The temperatures are quite nice as well thanks to the ocean breezes as they keep the sting of year-round hot temperatures down. You’ve also got access to an active expat community who gather for various events to keep you active. You’ve got movies, music festivals and other outdoor adventures. And if you think the price is a little too steep for you, do consider looking into Visas. Panama offers discounts to retirees who have a Pensionado Visa
If Panama was hitting the right cords for you for an upscale living but you’re a touch short on cash, a good alternative is Colombia. It offers a high standard of living at some low costs, making it perfect to retire to. To put it into perspective for you, spending anywhere between $1,700 and $2,200 will give you access to upscale apartments, fantastic cleaning services, and you’ll still be left with a good chunk of change for groceries and other activities. The climate is also a huge blessing as the great year-round weather will ensure that your utility bills are going to be pretty low as well.
For a more carefree lifestyle, there is Ecuador. It’s got lazy coastal towns, nature-filled views, and fantastic hot spots for those wanting to lounge and bask in the view. What is also nice about Ecuador is that it’s one of the few where you can pick and choose which climate you want by going up or down in altitude. One strong point that makes Ecuador appealing as well is you can effectively remove some large costs from your life. Take vehicle costs. We know that maintaining a car or even buying one is expensive in the United States. In Ecuador, owning a vehicle is practically meaningless thanks to public transportation costs. If you need a bus ride it’ll cost .25 cents. To take a cab it’ll run roughly $3.
Another country that has warm weather and offers a lot of residency options and amenities. It’s ranked one of the third safest country in the world and for good reason. There is a wealth of communities for expats and the cost of living is quite low too. Couples can live comfortably here for as low as $1,500 every month, and residents get access to a fantastic healthcare program.