Category Archives: Affordable Retirement Abroad

The Way To Afford A Retirement Abroad

The thought of retiring abroad is an exciting one, but it’s definitely not a jump you should make with your eyes closed. You need a plan of action so that you can enjoy your retired years in luxury. For that, you’ll need financial backing. Of course, moving to a new country can be expensive, but once you’re there you can stretch your retirement savings. Retiring at home is costly enough, so you need to be prepared if you want to afford a retirement abroad. Still, there are ways to make this possible if you’re frugal and smart when it comes to cutting costs. The following advice will help you out.

 

 

Choose the right place to retire.

One of the most important aspects of retiring abroad cheaply is to choose the right place to live. You need to think about life in the long-term. There’s no point in choosing a place because you found a cheap deal there on a certain property; think about the difference in the overall cost of living. You might want to choose a country with a cheaper cost of living so that your money can be stretched further. As we’ve listed before, there are many cheap places to retire if you do your research.

 

Obviously, you need to weigh up other factors too. You need to think about whether you’ll like the place to which you’re moving (the heat, the culture, the cuisine, and so on). You’ll also need to think about the attitude of locals towards immigrants. It’s important that you feel welcome in your new home. The language barrier is something to consider too. Either you should move to a place in which a high number of the local population speaks your native language, or you should learn the native language of the country in question.

 

Think about the finer details of a new citizenship.

It’s important to consider the cost of living when moving abroad, but there are lots of other costs to consider before you can even become a citizen of a new country. Obviously, if you’re retiring abroad then you’re most likely planning to do so for an extended period of time if not permanently. That means you’ll need to gain the proper citizenship for the country in question. The application process can be costly, but you can save money if you do your research. You might want to check out ushpmed.com if you need a cheap option for your immigration medical examination. Of course, this is only one such procedure you’ll face during the immigration process. Do your research into the costs before you start applying to move.

 

 

Start saving.

At the end of the day, the best way to afford a retirement abroad is to start saving up your money as early as possible. If you have a healthy amount of savings in your bank account then you’ll be able to cover the many move related expenses involved. Of course, it’s a price worth paying when it comes to retiring in luxury, something retiring abroad can make more affordable. As explained over at roadjunky.com, the cost of your retirement in a new country all depends on the place to which you move and the type of lifestyle you want to lead. We’ve discussed potential options for saving money along the way, but the rest of it is up to you.

 

8 of the Cheapest Places to Retire Abroad to Stretch Your Savings

We have all done it at one time or another. We look to find some of the Cheapest Places to Retire. For some it is a curiosity and a fantasy but for others a necessity. Necessary because sometimes things don’t work out how we planned. Especially when it comes to our retirement savings. After years of saving, coming up far short of our wishes means thinking about taking the adventurous retirement option.

 of the Cheapest Places to Retire AbroadThat being, looking for where in this beautiful world we can stretch the retirement savings we do have to go farther. Not only that but without sacrificing our living standards.

The countries that make this Cheapest Places to Retire List are the countries where $200K can fund up to 30 years of retirement.

An Affordable Retirement Is Good But Be Sure To Look At The Non-Financial Aspects Too

Obviously there are many more considerations other than money when it comes to moving in our retirement that should be explored.

Are you interested in a rural or urban lifestyle?

Do you want mass transportation options or being close to an airport, hospital, etc.?

If looking for a country with a lower cost retirement then understanding the lifestyle we want helps us narrow our search for the country and the targeted city, town, or village within it.

Then visit it first if you haven’t spent any or much time there. It takes more than a couple of weeks of vacationing to really understand whether it is right for you as a full-time home. Go and LIVE it before committing. Don’t look at it as a vacationing tourist. Get deep into the living part. Check out the Leisure Freak Retirement Moving Considerations page for more non-financial aspects of moving.

There Is The “Language” Thing

Do you already speak the local language? If yes, then you are way ahead.

Are you willing and able to learn it? Then start before making your move.

Are you hoping to find a place that has enough English speakers to get by? Then Target communities with a large ex-pat population where English is commonly known. Do make a plan to learn the language ASAP.

The Elephant in the Room

Choose A Place Where You Will Be Welcome

I don’t see much about this on affordable retirement abroad articles but I believe it is important to note. Immigration is a huge worldwide topic these days. Even when a country’s policy is welcoming to ex-pat retirees, that doesn’t mean every community within it will be. That is no different from here in the US. Test the waters when visiting your target country and community by mentioning your intentions. See the place through non-tourist eyes.

The reason I mention this: When we were in Oahu Hawaii last year there was a lot of talk about how immigrants with big money were causing already expensive housing and other living cost to soar sky-high. There were feelings and claims that it was pushing the locals out. We sensed some animosity.

Be aware that in some countries our meager US retirement savings may make us look like the wealthy invasion driving their costs higher.

It is something to be aware of even though for the most part your retirement income and adding to their economy will be welcome in most country’s communities.

For some countries, even ones with an accepting culture and people, new tensions may arise when any new US policies play out they see as negatively impacting their country. If you notice any animosity then decide if it will get better or worse as time goes on.

Be sure to find the right welcoming place and get to know your new neighbors.

Here They Are: 8 of the Cheapest Places to Retire Abroad

This list of 8 affordable countries for retirement comes courtesy of a storymap from Easy Life Cover.

These countries offer a low-cost and a full retirement lifestyle. They all have low health care, rent and utility costs.

There is income, age and possibly other requirements necessary to retire to another country. Take Belize as an example. They have a great retirement plan for people aged 45 and over with a minimum income of $2,000 per month. Social Security can cover most if not all retirement lifestyle costs for many couples.

The 8 countries on the cheapest places to retire list are in order from highest to lowest retirement living cost (cost includes rent).

Panama $30,648 ($2,554 per month)

Spain $27,396 ($2,283 per month)

Costa Rica $23,100 ($1,925 per month)

Thailand $20,880 ($1,740 per month)

Malaysia $18,684 ($1,557 per month)

Belize $18,000 ($1,500 per month)

Ecuador $17,808 ($1,484 per month)

Nicaragua $14,172 ($1,181 per month)

For more details and geographical reference please check-out the below storymap.