Retirement is a lifestyle fund for post-working people that should last for 25 years or more.
And too many people are “semi-retired” or “working retired” because they cannot fully retire.
The cost of living in the United States is extremely high for retirees. The typical retiree must pay $45,000 in annual expenses in large American cities.
But if you don’t mind a little culture shock in exchange for a beneficial exchange rate, retiring abroad can save you a lot in retirement expenses.
If you have $150,000 in your retirement account and pick the right country, you could live a comfortable retirement lifestyle for the rest of your life.
Here are two countries to consider.
Ecuador is located on the northwestern coast of the South American continent. It is bordered by Peru to its east and south, Colombia to the north, and the Pacific Ocean to its west.
The country has a moderate climate year-round, but the mountain towns have cooler climes. While you should learn the local language, Ecuador has many American expatriate communities.
The healthcare system in Ecuador is professional, high quality, and low cost. Bloomberg recently ranked the Ecuadorian health care system as the 20th most efficient in advanced and developing countries. (The U.S.A. ranked 46th)
You can apply to live in Ecuador via the pensioner residency visa if you can prove you earn more than $800 monthly. Then you can apply for public or private health insurance access.
A one-bedroom apartment costs $600 or less and is cheaper in smaller towns. Or you can rent an expansive house for $1,500 to $1,800 per month, including your bills and expenses.
Vietnam is located in Southeast Asia. It is bordered by China to the north and northeast, the South China Sea to the east and south, and Laos and Cambodia to the west.
The country is culturally and historically rich. Colonial French architectural and culinary influences abound as well as American cultural influences.
But you will fall in love with Vietnam’s culture, beaches, riverfront towns, and world-famous street food.
There are many American expatriate enclaves in the larger Vietnamese cities, but you will need to learn some Vietnamese to be independent.
The country only has the most basic of health care services. You should be in good health when retiring here or plan to visit nearby countries, like Singapore, for more advanced health care.
To live in Vietnam, all you need to do is renew a multi-entry visa annually.
You can rent a Western-style and spacious middle-class equivalent home in Vietnam for $800 to $1,100 monthly.
Vacation in 5-star Vietnamese hotels for $50 to $120 nightly.
Want to rent a 1-percenter style villa with a private pool with beautiful views? The starting price is $3,000 monthly.