One of the most efficient ways to make your retirement dollars last longer during retirement is to live in a foreign country.
There are many developing and developed foreign countries where the dollar is stronger than the local currency.
A retirement account that would be exhausted in a large American city within a decade could last multiple decades in another country.
Yes, there are challenges to retiring abroad as you age. There are cultural, language, and societal barriers you must overcome.
But what if we told you that there are two countries where English is widely spoken which could make retiring there easier for you?
Boquete, Panama
Panama is a small, Central American country that bridges the connection between Central and South America.
Panama is is a curved, sliver-shaped country that is bordered by Costa Rica to the west, Columbia to the east, the Caribbean Sea to the north, and the North Pacific Ocean to the south.
Boquete is located in the western highlands of Panama and very near to the Costa Rica border.
The city has a population of 20,000 people. It rests about 4,000 feet above sea level and has moderate, non-extreme weather all year round.
The city is situated along the banks of the Caldera River and near a long-dormant volcano. Along with enjoying the idyllic beaches, rainforests, and scenery, there are always cultural events, food markets, and nightlife to enjoy.
The expatriates and locals in the city speak English, but it will be hard for you to socially acclimate to the country without learning some Spanish. The American dollar is widely used in the country.
Panama is one of the easiest countries in the world to retire in via its Pensionado Visa program. All you have to do is that you have a pension or income that generates more than $1,000 monthly. The visa offers major discounts on all kinds that you can enjoy as a retiree.
After six months, you can gain permanent residency. You can live comfortably in Boquete for as little as $2,000 monthly.
South Africa
South Africa is a country located on the southernmost tip of the African continent.
It has a population of about 60 million. South Africa is bordered by Namibia, Botswana, Zimbabwe, and Mozambique to the north, the Indian Ocean to the east and south, and the Atlantic Ocean to the west. The country Lesotho is landlocked within eastern South Africa.
The two major cities in South Africa known for tourism and retirement enclaves is Cape Town which is located in the southwesternmost corner of the country and Johannesburg.
Johannesburg, one of the three capital cities, is located in the northeastern part.
It goes without saying that South Africa has a history of political and societal instability. But the country is also a major global tourism hub with a vibrant culture, beaches, safaris and national parks, exotic ecosystems, and western world societal infrastructures.
The average number of tourists visiting the country was 10 million annually in 2019.
South Africa is a mix of local African and European cultures, but people speak English in the major cities. There is a great local wine culture.
Western world quality fast food culture and fancy dining is popular here. Cape Town and Johannesburg are very popular retirement destinations for expatriate retirees.
South Africa has first-class western world medical facilities and enjoyable weather. And the cost of living is very low. The cost of living in South Africa is 50% to 70% cheaper than most of the biggest and most popular cities in the United States.
To qualify for a South Africa retirement visa, you need to prove that you have a monthly income of $2,129 monthly.
A couple can comfortably retire in South Africa on $2,000 to $3,000 monthly.
