The most stressful part of retirement for many people is wondering if they saved enough money and if it will last.
The cost of living is very high in the United States. So to make ends meet, many retirees resort to downsizing and moving to small cities or remote towns.
A good alternative is to retire abroad. Many developing and small countries are safe, feature low costs of living standards, and have adequate health care systems.
Here are two to consider.
Volcán, Panama is a small town of about 14,000 inhabitants located on the westernmost side of the country, near the border with Costa Rica.
Colombia borders the country to the east with the Caribbean Sea to the North and the North Pacific Ocean to the south.
Volcán has an elevation of 4,600 feet, so the climate is usually mild with moderate summers. Panama’s sole volcano is situated south of the city.
This is a benefit because the local soil is rich and fertile affording residents ample supplies of fruits and vegetables.
There is a small local enclave of expatriates, but you will need to learn some Spanish to navigate your surroundings. The southern United States border is only 2,500 miles away, so home is always a short plane ride away.
All you need to get in is a Panamanian retirement visa is a background check and proof you earn $1,000 monthly. You’ll then qualify for significant discounts on utilities, plane tickets, loans, medical services, and more.
A retired couple on an extreme budget can live in Volcán for about $19,000 annually.
Lagos, Portugal is a small town of 20,000 located in the Algarve region on the southern coast. Portugal is landlocked from the north and east with Spain and features the Atlantic Ocean to the west and northern Africa to the south.
Portugal is a formal global colonizing superpower, and the Algarve region retains much of the architecture and culture of that era. There are pristine beaches, cobblestone streets, and almond, fig, and olive trees.
The country has one of the lowest cost of living rates in Europe along with moderate weather, Western world infrastructures, amenities, and health care.
There are over 100,000 expatriates in the Algarve region alone, so you are prone to bump into like-minded retirees.
English is spoken in the Algarve region, but you may need to learn some Portuguese. You will have to apply for a visa in your home city and then apply for a residency visa in Portugal.
A retired couple on an extreme budget can live in Portugal for $22,000 annually.