Did you know you can retire abroad on a budget and still have the best golden years?
A lot of seniors are afraid to retire abroad, as they believe it could end up costing them an arm and a leg, but what if we told you that you can do so on a limited budget and still be happy?
Retirement seems like it is going to be extremely expensive for a lot of American retirees; however, you can still give it a chance in other countries and retire abroad.
Sure, you may have heard that going to a lower-cost country is not all sunshine and rainbows, but this is the case with a lot of places. Not to mention, going to one of them does not mean that you have to compromise on quality of life.
You will be able to find the same infrastructure, medical care, and other important factors there that you can find here, with some places having them superior to even the U.S.
One thing you need to be sure of before you decide to retire abroad is how much you can spend each month on retirement. What’s more, you should also factor in how much you can spend on relocation, other travel costs, including coming back to visit family, and other expenses in your budget.
Include the likes of visas and taxes, and get familiar with the other country. Chances are that even after these expenses, you will be able to live comfortably over there!
We have spoken with budget and travel experts and have found some of the best countries where you can retire abroad on a budget as low as $1k a month. Continue to be ready to discover them!
Have you considered retiring abroad? If not, what’s stopping you? Do you fear anything? Let us know your answers in the comments!
Panama
Retiring abroad does not mean having to fly all the way to the other side of the world. You can easily choose a more affordable country that is just a short flight away from the U.S., like Panama!
Many retirees have been looking at Panama as a great retirement option since it is close enough to home to not feel disconnected from everyone and because the cost of living there is way lower than back home, especially when we look at housing options.
Taxes will not be a problem here, as they only tax income sourced locally, so unless you plan to work there, you will not have many hassles to deal with when it comes to taxes.
Panama has a welcoming culture, and they are warm people, with many chances to explore the local culture and get acquainted due to the regularly hosted folk events and festivals. Even better, you will be able to take advantage of the great location of this country and also go visit the nearby South American and Caribbean locations.
Panama City is the easiest city to look into, as it hosts a vast number of foreigners, but you should also have a look at Chitré, which is located on the Azuero Peninsula on the Pacific Coast.
Malaysia
If you are looking for an exotic and welcoming location, you should look into Malaysia as well. This country is known to be affordable when it comes to food, transportation, and accommodations for Americans. And by retiring here, you can experience their amazing scenery, rich culture, and delicious cuisine!
Malaysia may seem to be quite far away even when it comes to retiring abroad but know that certain locations are known for their large expat communities. Kuala Lumpur and Penang Island are the most popular.
Penang Island is going to be great as you can pick up the likes of boating or fishing, which are amazing retirement pastimes, and you can easily enjoy swimming and the vast beaches here.
The country also has amazing locations in the mountains, where you can go bird-watching or hiking while also exploring more of the country. If you have an adventurous spirit, Malaysia may just be the country for you.
Keep in mind that Kuala Lumpur is the economic center of the city, besides being its capital, and it is one of the biggest Southeast Asian cities, so if you are looking for city life, this is the location for you.
Portugal
If you want to retire abroad, you do not have to only expect to move to Asia or South America, despite these two being the most popular destinations. You can easily retire abroad on a budget in Europe as well, and for that, you need to set your eyes on Portugal.
The country has an amazing warm climate, with friendly locals and seemingly endless entertainment options, which has made Portugal a new hub for retirees.
You can easily retire to one part of the country and then spend your time exploring the nearby regions as well, including other countries. However, you can make Portugal your point zero for retirement, as it is known for its slower, relaxed pace of life and one of the lower costs of living in Europe.
The most popular region for retirement is the Algarve, as it’s famous for its sunny weather, gorgeous beaches, and reasonably priced homes. The local cuisine is amazing, and if you are a wine enthusiast, you just have to visit!
The wine country and its amazing historical sites and castles are bound to offer you the retirement of your dreams without breaking the bank!
Mexico
Much like when we discussed Panama, you do not have to travel up to 20 hours to be able to have a more affordable retirement. You can easily retire abroad by going to our close neighbors. And if we stop to think about it, retiring to Mexico may just be a paradise, with its beach life, colorful culture, and amazing climate.
Merida and Puerto Vallarta are great choices, as they are known to be welcoming to expats and have a lower cost of living when compared to the United States!
Other places that are popular among people who have already retired include Ajijic and San Miguel de Allende. You can easily have a happy retirement on a budget here, and what can help you save even more is to embrace the local culture to its full potential and integrate it into your lifestyle.
Do not always choose to dine out at fancy restaurants; you can eat well and have delicious meals at street food stalls, relying on local markets for your produce so that you can cook at home. This can make your retirement way more affordable, but it is also a great way to learn about and immerse yourself in the local culture.
No matter which one of the countries on our list piques your interest, it is always good to visit before you make a decision and to get informed about the culture there. If you are interested in Mexico, you should check out this book that explores what retiring to this country would entail in more detail!
Thailand
The last country we shall explore for our retirement abroad on a budget list is Thailand. And before you wonder if this is considered a good idea, know that Thailand is home to 3 to 4 million foreigners that are residents there, and a good portion of them are retirees.
Seniors are drawn to the country due to its affordability and because of how beautiful and natural it is. Thailand has relatively low costs of living for American retirees, which means that your retirement egg nest is going to go a long way!
What’s more, eating here is extremely affordable due to how affordable and delicious the street food is. In addition to this, health care is exceptional and very affordable, making the quality of life high, especially for the cost.
One thing you should consider is the different climate, as it is extremely different, so you should be prepared for higher humidity and temperatures when compared to the U.S.
Interested retirees should consider the mountain city of Chiang Rai in north Thailand or the island of Phuket, which is Thailand’s biggest island!
If you are not yet sure, you can always travel to these places and see if you are going to like living in them. But there are always amazing places here in the United States where you can retire on a budget. If you want to know which cities are going to see a rent drop, which makes them perfect places to consider for retirement, check them out here!
