Are you thinking of retiring abroad so that you can live comfortably on a budget?
If so, you are not alone. Data shows that at least 12% of Americans want to retire abroad so that they can enjoy a higher quality of life on a modest amount of retirement savings.
In this post, let us take a look at five countries where you can spend your golden years comfortably on a low budget.
Uruguay
Located between Brazil and Argentina, Uruguay is a small country with a surprisingly high standard of living.
It is a democratic country with a large middle class and a high-income economy. It has a low crime rate and is one of the safest countries in South America.
It offers everything you need to lead a comfortable life — low cost of living, endless range of shopping and dining options, entertainment, and an excellent healthcare system.
In cities such as Maldonado you can rent an apartment for $500 a month, which should give you an idea as to how affordable the country is.
Nicaragua
One of the most beautiful countries in Central America, Nicaragua offers a high standard of living at an extremely affordable cost.
The financial criteria for becoming a resident are very easy to meet. All you need is a monthly income of $750.
An entire month of groceries of a couple costs less than $300 here. You can rent a furnished one-bedroom apartment in a safe neighborhood for $400 a month.
If you are single, you can live comfortably on a monthly income of $800. For a couple, $1,200 a month should be sufficient to live comfortably.
Costa Rica
Costa Rica remains one of the most preferred retirement locations for Americans due to its tropical climate, affordable cost of living, low crime rate, reliable infrastructure, and a friendly populace.
It also boasts of one of the best healthcare systems in the world. As a resident, you can have access to exceptionally high-quality healthcare service (especially compared to the U.S.) at a fraction of the cost.
It is noteworthy that rental prices and the cost of other amenities in the urban parts of Costa Rica have increased over the years, largely due to the influx of expats from the West.
The cost of living in the rural parts of the country still remains low and can be a good choice for those who are on a modest budget.
Mexico
If you love the U.S. too much to move too far away, retiring in Mexico might be the best option for you.
The country has all the amenities you might need to lead a comfortable retirement life: cable TV, reliable cellphone service, high-speed internet, modern appliances, and low-cost healthcare service.
As long as you avoid the high crime areas you should be able to enjoy a standard of living compared to what you might be used to in the U.S. at a reduced cost.
Thailand
If living in Central or South America does not excite you, how about moving to Asia? Thailand has tropical climate, gorgeous beaches, great food, and one of the best, most affordable healthcare systems in South Asia.
A monthly income of $1,500 should be more than enough for a couple to live comfortably here.
