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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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                    Published on November 8, 2018

                    How to Answer the Tough Question: What are Your Salary Requirements?

                    How to Answer the Tough Question: What are Your Salary Requirements?

                    After a few months of hard work and dozens of phone calls later, you finally land a job opportunity.

                    But then, you’re asked about your salary requirements and your mind goes blank. So, you offer a lower salary believing this will increase your odds at getting hired.

                    Unfortunately, this is the wrong approach.

                    Your salary requirements can make or break your odds at getting hired. But only if you’re not prepared.

                    Ask for a salary too high with no room for negotiation and your potential employer will not be able to afford you. Aim too low and employers will perceive as you offering low value. The trick is to aim as high as possible while keeping both parties feel happy.

                    Of course, you can’t command a high price without bringing value.

                    The good news is that learning how to be a high-value employee is possible. You have to work on the right tasks to grow in the right areas. Here are a few tactics to negotiate your salary requirements with confidence.

                    1. Hack time to accomplish more than most

                    Do you want to get paid well for your hard work? Of course you do. I hate to break it to you, but so do most people.

                    With so much competition, this won’t be an easy task to achieve. That’s why you need to become a pro at time management.

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                    Do you know how much free time you have? Not the free time during your lunch break or after you’ve finished working at your day job. Rather, the free time when you’re looking at your phone or watching your favorite TV show.

                    Data from 2017 shows that Americans spend roughly 3 hours watching TV. This is time poorly spent if you’re not happy with your current lifestyle. Instead, focus on working on your goals whenever you have free time.

                    For example, if your commute to/from work is 1 hour, listen to an educational Podcast. If your lunch break is 30 minutes, read for 10 to 15 minutes. And if you have a busy life with only 30–60 minutes to spare after work, use this time to work on your personal goals.

                    Create a morning routine that will set you up for success every day. Start waking up 1 to 2 hours earlier to have more time to work on your most important tasks. Use tools like ATracker to break down which activities you’re spending the most time in.

                    It won’t be easy to analyze your entire day, so set boundaries. For example, if you have 4 hours of free time each day, spend at least 2 of these hours working on important tasks.

                    2. Set your own boundaries

                    Having a successful career isn’t always about the money. According to Gallup, about 70% of employees aren’t satisfied with their current jobs.[1]

                    Earning more money isn’t a bad thing, but choosing a higher salary over the traits that are the most important to you is. For example, if you enjoy spending time with your family, reject job offers requiring a lot of travel.

                    Here are some important traits to consider:

                    • Work and life balance – The last thing you’d want is a job that forces you to work 60+ hours each week. Unless this is the type of environment you’d want. Understand how your potential employer emphasizes work/life balance.
                    • Self-development opportunities – Having the option to grow within your company is important. Once you learn how to do your tasks well, you’ll start becoming less engaged. Choose a company that encourages employee growth.
                    • Company culture – The stereotypical cubicle job where one feels miserable doesn’t have to be your fate. Not all companies are equal in culture. Take, for example, Google, who invests heavily in keeping their employees happy.[2]

                    These are some of the most important traits to look for in a company, but there are others. Make it your mission to rank which traits are important to you. This way you’ll stop applying to the wrong companies and stay focused on what matters to you more.

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                    3. Continuously invest in yourself

                    Investing in yourself is the best investment you can make. Cliche I know, but true nonetheless.

                    You’ll grow as a person and gain confidence with the value you’ll be able to bring to others. Investing in yourself doesn’t have to be expensive. For example, you can read books to expand your knowledge in different fields.

                    Don’t get stuck into the habit of reading without a purpose. Instead, choose books that will help you expand in a field you’re looking to grow. At the same time, don’t limit yourself to reading books in one subject–create a healthy balance.

                    Podcasts are also a great medium to learn new subjects from experts in different fields. The best part is they’re free and you can consume them on your commute to/from work.

                    Paid education makes sense if you have little to no debt. If you decide to go back to school, be sure to apply for scholarships and grants to have the least amount of debt. Regardless of which route you take to make it a habit to grow every day.

                    It won’t be easy, but this will work to your advantage. Most people won’t spend most of their free time investing in themselves. This will allow you to grow faster than most, and stand out from your competition.

                    4. Document the value you bring

                    Resumes are a common way companies filter employees through the hiring process. Here’s the big secret: It’s not the only way you can showcase your skills.

                    To request for a higher salary than most, you have to do what most are unwilling to do. Since you’re already investing in yourself, make it a habit to showcase your skills online.

                    A great way to do this is to create your own website. Pick your first and last name as your domain name. If this domain is already taken, get creative and choose one that makes sense.

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                    Here are some ideas:

                    • joesmith.com
                    • joeasmith.com
                    • joesmithprojects.com

                    Nowadays, building a website is easy. Once you have your website setup, begin producing content. For example, if you a developer you can post the applications you’re building.

                    During your interviews, you’ll have an online reference to showcase your accomplishments. You can use your accomplishments to justify your salary requirements. Since most people don’t do this, you’ll have a higher chance of employers accepting your offer

                    5. Hide your salary requirements

                    Avoid giving you salary requirements early in the interview process.

                    But if you get asked early, deflect this question in a non-defensive manner. Explain to the employer that you’d like to understand your role better first. They’ll most likely agree with you; but if they don’t, give them a range.

                    The truth is great employers are more concerned about your skills and the value you bring to the company. They understand that a great employee is an investment, able to earn them more than their salary.

                    Remember that a job interview isn’t only for the employer, it’s also for you. If the employer is more interested in your salary requirements, this may not be a good sign. Use this question to gauge if the company you’re interviewing is worth working for.

                    6. Do just enough research

                    Research average salary compensation in your industry, then wing it.

                    Use tools like Glassdoor to research the average salary compensation for your industry. Then leverage LinkedIn’s company data that’s provided with its Pro membership. You can view a company’s employee growth and the total number of job openings.

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                    Use this information to make informed decisions when deciding on your salary requirements. But don’t limit yourself to the average salary range. Companies will usually pay you more for the value you have.

                    Big companies will often pay more than smaller ones.[3] Whatever your desired salary amount is, always ask for a higher amount. Employers will often reject your initial offer. In fact, offer a salary range that’ll give you and your employer enough room to negotiate.

                    7. Get compensated by your value

                    Asking for the salary you deserve is an art. On one end, you have to constantly invest in yourself to offer massive value. But this isn’t enough. You also have to become a great negotiator.

                    Imagine requesting a high salary and because you bring a lot of value, employers are willing to pay you this. Wouldn’t this be amazing?

                    Most settle for average because they’re not confident with what they have to offer. Most don’t invest in themselves because they’re not dedicated enough. But not you.

                    You know you deserve to get paid well, and you’re willing to put in the work. Yet, you won’t sacrifice your most important values over a higher salary.

                    The bottom line

                    You’ve got what it takes to succeed in your career. Invest in yourself, learn how to negotiate, and do research. The next time you’re asked about your salary requirements, you won’t fumble.

                    You’ll showcase your skills with confidence and get the salary you deserve. What’s holding you back now?

                    Featured photo credit: LinkedIn Sales Navigator via unsplash.com

                    Reference

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