Saving money for a safe and comfortable retirement has become increasingly hard for many people.
If you are staring at an uncertain financial future during retirement, it may be prudent to consider moving out to another country where you can enjoy an affordable retirement.
Here are four countries where your dollar can go further in retirement.
People from the United States and Canada have been migrating to Costa Rica for a few years now. The country’s peaceful environs, healthy climate and low cost of living have proved to be a strong attraction for many families from North America.
The main language in Costa Rica is Spanish, but the inhabitants are comfortable with chatting in English with expats. Monthly rentals can be as low as $600 and health insurance costs $80 on average.
Portugal ranks among the world’s safest and most peaceful nations. But, compared to the United States, it also offers a much more affordable living.
If spending your golden years in a warm climate with pristine beaches is your dream, Portugal could be an excellent destination for you. Leading healthcare insurers from the United States also serve here.
The country also now offers income tax exemption for non-habitual residents (expats) which covers income earned outside Portugal.
A top tourist center of Asia, Thailand offers a t-shirt climate year-round. In major cities, local people can converse in English.
The country boasts of a world-class healthcare system and receives thousands of medical tourists from the United States and Canada annually because of the low cost.
You can lead a comfortable life with an income of less than $1,200 a month in Thailand. For instance, a dinner for two at a fine dining restaurant would cost you about $11.
Panama has positioned itself as a retirement-friendly destination for expats, and ranks high on various global retirement indices.
If you intend to continue your retirement investments while you settle here you will not be charged any tax on your income. All you need is $1,500 a month to live a fairly comfortable life in Panama.
If you can give up on certain luxuries even $750 per month would easily suffice to live here.
Malaysia offers an attractive “My Second Home” program to expats, under which you can obtain a visa for up to 10 years which can be later renewed.
The expansive forests and sandy beaches make Malaysia a destination of choice many retirees from Europe and North America.
With its low cost of living, the country ranks among the top retirement destinations. You can rent a one-bedroom apartment for as little as $150 a month in good locations in the country.
This island nation is a hidden gem for international retirees who are looking for an affordable English-speaking country. English is Malta’s second official language.
Compared to other Mediterranean destinations, Malta offers a lower cost of living. You can rent a one-bedroom apartment here for about $700 per month. The country’s healthcare system has been ranked among the best in the world.