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10 Amazing Places You Can Afford To Retire Abroad

10 Amazing Places You Can Afford To Retire Abroad

Have you always dreamed of retiring abroad? Unfortunately, your retirement account may not seem in the best shape to allow that. After all, the average 50-year-old only has $43,797 in savings. That doesn’t seem like much to retire on–especially when you’re planning on moving. But the following locations offer cheap living, giving you the perfect opportunity to retire abroad, even on limited savings.

1. Malaysia: A Tropical Paradise

malaysia

    If you’re seeking that scenic beachside retirement home where you can spend your days enjoying crystal clear waters and soaking in the tropical sun, then Malaysia should be on the top of your list. Here, it’s easy to get by on $1,700 per month, and the health care system is fantastic. Since many of the doctors have studied outside Malaysia in places like the States, it’s not tough to find an English-speaking doctor, either. Malaysia also offers a 10-year residency visa that you can get by proving income and making a down-payment.

    2. Colombia: A Comfortable Climate

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    columbia

      Colombia is a hot-spot for retirees right now because of its pleasant temperatures and beautiful landscape. Even better, it offers super cheap living. The average income here is around US$300 per month, meaning that an American couple could easily spend less than $1,500 and still be living in luxury. If healthcare is a huge concern, consider settling in Medellin, home to five of the top Latin American hospitals.

      3. Ecuador: A Happy Retirement Destination

      Ecuador

        From the jungle to the beaches, Ecuador features a scenic landscape that can’t be beat in the States. In addition to that, it offers cheap living, where an American couple could easily live well on $1,500 per month. Plus, Ecuador uses the US dollar as its official currency, so retirees don’t have to worry about currency exchange. What’s more, in the 2014 Global Retirement Index, Ecuador was rated as one of the top countries for quality of life.

        4. Panama: A Home Away from Home

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        panama

          Panama offers a dry, warm climate year round and a very low cost of living–with beach views. You can retire comfortably on $1,300 per month, and it’s one of the best countries for quality of life. What’s more, English is widely spoken, and you can use your US money anywhere across the country. The country also offers first-rate hospitals, and many of its doctors are US trained.

          5. Slovenia: A Cozy European Destination

          slovenia

            In the Global Retirement Index for 2014, the European country of Slovenia ranks among the top 30 for health and well-being. It has also maintained a relatively low cost of living over the last several years. This is a wonderful location for retirees who want to retire abroad in Europe’s lush, green landscapes backed by snow-capped mountains. The only drawback is that you may have to learn the Slovenian language. However, many locals are taught English as a foreign language.

            6. Turkey: A Mediterranean Utopia

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            turkey

              Turkey is a wonderful place to find low-cost living coupled with stunning scenic landscapes. If you’re seeking a Mediterranean culture that you can enjoy on limited savings, Turkey is the place to find it. Here, the currency exchange rate is around 2:1, and the cost of living is usually one third of that in the States. Low real estate prices allow you to purchase a quality apartment in Turkey for under $40,000.

              8. Belize: A Picture of Beachside Perfection

              belize

                While Belize is well known for its tourism, that doesn’t mean that the cost of living is high. In fact, it’s anything but. You can easily set a $2,000 per month budget. This beautiful Caribbean nation is among the cheaper ones in the area, and Ambergris Caye is a great place to snag a section of sand. While it’s easy to become a legal resident, the health care system isn’t one of the better ones on the list. However, this is a prime location for retirees looking for a place to retire abroad in the Caribbean on a budget.

                9. Thailand: A Homely, Affordable Location

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                thailand

                  Thanks to its super cheap cost of living, Thailand is a popular place to retire abroad. Your monthly rent could cost you a small $400 and you’ll be living like a king. Even better, health care is so cheap that few Americans and Canadians need insurance to cover the costs. Plus, the service is quick and professional. A great spot to settle down is in Chiang Mai, home to 17,000 other foreign residents like yourself.

                  10. Spain: A Healthcare Wonderland

                  spain

                    Spain is a fantastic location for cheap European living. Valencia features countless homes and apartments for under $200,000, but you can rent a two-bedroom apartment in the city center for as little as $780 per month. The biggest perk is that the country offers free public health coverage, providing you with healthcare at a fraction of the cost of the States.

                    Featured photo credit: archer10 (Dennis) via flickr.com

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                    Last Updated on April 3, 2019

                    How to Nix Your Credit Card Debt in Less Than 3 Years

                    How to Nix Your Credit Card Debt in Less Than 3 Years

                    Debt is never a fun thing to be in. But, there are many actions that you can take that will help you rid yourself of the burden of debt once and for all.

                    By coming up with a set plan, eliminating your debt can feel much easier than constantly thinking about it.

                    This post will provide some tips on how you can do this to help you nix your credit card debt in less than 3 years.

                    Hint: there are ways that are easier than you think.

                    1. Consider Consolidating Multiple Credit Cards If Possible

                    This may not be applicable to you, but if you have multiple cards – it is something to consider. Keeping up with multiple bills is time consuming.

                    It will depend on the balance you have on each. Consolidate ones you can but do not do it to the point that you get too close to the maximum limit. Also, it is ideal to pick the card with the lower interest rate.

                    Consider if there are any fees or alternatively, rewards, with transferring a balance to another card. Watch out for fees. Note that some cards offer rewards for transferring a balance to them. This is extra cash that can help go towards paying off your debt.

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                    Having one or two cards can make nixing your debt much simpler than keeping up with the balance of a bunch of cards. Keeping track of paying the minimum towards a bunch of cards is time consuming. Spend the time to consolidate instead to make the overall process simpler going forward.

                    My tip: Have one main credit card. Have a second one that you use for necessities – such as groceries or gas – that offers rewards for those purchases (a lot of cards do) and set the second one on auto-pay. You should be able to pay off a smaller amount on auto-pay if it is a necessity. If you think you cannot, then you may need to cut down a lot on expenses.

                    Why do I suggest doing this? Having one thing set to auto-pay is one less thing to think about. One less thing to waste time on. Same idea with consolidating to one main card. Tracking down too many is a hassle.

                    2. Try to Pay the Full Balance You Spent Each Month at the Very Least

                    You need to pay off the amount you are spending each month when that bill comes in. This is the amount you spent THAT month.

                    Do not let the debt keep accruing while you work on paying any unpaid debt that has accrued. It will become a never-ending battle. Try as best as you can to be current on paying for each month’s expenses when that month’s bill comes out.

                    If this is a strain, consider why. You may need to cut expenses. Or you may need to consider other cards. Or look at where this money is going.

                    3. Pay Extra When You Can – Every Small Amount Counts

                    This cannot be emphasized enough. If you are looking at a lot of credit card debt, it can look daunting, but each extra amount that you can put towards the debt will really add up – no matter how small it is.

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                    It does not just reduce the principal amount that you have left to pay off, but it reduces the amount that is collecting interest. You will always save money with that reduced interest.

                    4. Create a Plan on How to Pay Extra

                    Back to the main point, having this plan is giving you one less thing to think about.

                    This plan should be a plan that works for you. If it does not work for you, your spending habits, and your views on debt, then it will not be an effective plan.

                    For instance, if a set plan of an extra $50 (or another amount that you know you can afford) works for you, then do that. Set that aside every month and pay that extra amount. Treat it like a bill. Choose an amount that works for you and pay it like clockwork as though it was a bill you had to pay each month.

                    Little amounts will not nix it entirely, but they will help tackle it and having a set plan can make it less of a chore. Creating a new plan of how much to put towards it each month is an unnecessary added stress.

                    5. Cut out Costs for Services You Do Not Use

                    If you are signed up for subscriptions that you do not use because of some free trial or for some other reason, cut it out. Your overall financial position will look better.

                    In turn, that will make cutting your credit card debt easier. Look at your statements to find these expenses. If you do not use them, you may forget you are paying some unnecessary amount each month. Cutting it out can really add up in savings that you can put towards other needed expenses.

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                    6. Get Aggressive About It

                    Consider these points:

                    Depending on the interest and the level of debt, you may need to give up a few indulgences. For example, instead of ordering delivery or going out to eat, cook at home. Everything adds up.

                    Other things may be more of a sacrifice. It may be a trip you wanted to go on, or a daily latte habit you’ve picked up. In these instances, consider how important it is to you and if it’s worth the sacrifice. And if it is a costly expense, think whether you can wait to indulge.

                    Cutting an extravagant expense can really help make a dent in your overall debt. Try not to add to debt when you are trying to pay it off. It will be a never-ending battle. Make it less of a battle with these tips and it will feel easier.

                    Bottom line: Do what you can to make this process easier for you. Implement steps that do this. It takes time now, but will help overall. Also, keep track of your spending and paying down of your debts. Which is the next point.

                    7. Reevaluate Your Progress at Set Intervals

                    Doing a regular check-in can help you see your efforts pay off or maybe indicate that you need to give this a bit more effort. If you check every 3-6 months, it will not feel so much like a chore or feel so daunting.

                    By doing this, you will be able to better understand your progress and perhaps readjust your plan. Bonus: if you see it pay off, it will feel great to do this check-in. You will get there.

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                    Finally (and most importantly)…

                    8. Keep Trying

                    Do not get discouraged. Pushing it off will make it worse. Just keep trying.

                    Once your debt becomes lower, each monthly payment will reduce the balance more. Why? You are paying less towards interest. It will be a snowball effect eventually and it will become much easier to manage. Just get to that point. And know once you do, it will feel easier and motivating.

                    Start Knocking out Your Debt Today

                    The best way to eliminate debt is to get started right away. Begin by implementing the above steps and watch your debt just melt away. Try out some of the above strategies and see what works best for you. Soon you’ll be on your way to a debt free life.

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                    Featured photo credit: Pexels via pexels.com

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