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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 July 4, 2018

                    Top 10 Recommendations on Money Management Apps

                    Top 10 Recommendations on Money Management Apps

                    Don’t want to overspend your budget, swipe your credit card too many times, and feel like a financial mess? Instead of beating yourself up for the bad financial decisions you’ve ever made, create a new plan!

                    The solution is simple, save more and spend less. But, we all know it’s easier said than done.

                    One problem is finding quality apps that save you time and money, and aren’t just hype.

                    Luckily, there’re many great money management apps available at your fingertips. Here are 10 reliable money management apps that can help you save money, and crush debt.

                    1. Personal Capital

                      When was the last time you’ve tracked your net worth? Probably months ago or maybe never. Personal Capital allows you to easily track your net worth and plan for retirement.

                      Here are some of its main features:

                      • Sync many investment accounts, and expenses (mortgage, credit cards, etc.) in one place
                      • Discover hidden fees and how much they’re affecting your retirement plan
                      • Wealth management for investors requiring a long-term strategy

                      With Personal you’re free to track your expenses and net worth.

                      Available for: iOS and Android

                      2. Mint

                        If your smartphone could only install a few apps, Mint would be one of them. Why? Because Mint tracks all your balances and bills in one place.

                        Here are some of its main features:

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                        • Effortlessly track all your bills and balances in one dashboard
                        • Categorized expenses to understand where you spend your money
                        • Uncover hidden fees, and determine your investment style with sophisticated retirement tools.

                        Feel at ease with managing your money by a reputable company that isn’t going anywhere.

                        Available for: iOS and Android

                        3. YNAB

                          Everyone needs a budget, there’s no way around it. YNAB (You Need A Budget) is an easy to use app that will change the way you think about money. Their motto is to “give every dollar a job”, and you’ll quickly discover why.

                          Here are some of its main features:

                          • Easily sync all bank accounts in one place
                          • Visually see your debt paying progress with eye-catching charts and notifications
                          • Customized categories setting saving goals

                          The best part about YNAB is the community that comes along with it. You can hop on the YNAB forum to receive support, listen to the YNAB Podcast or stay tuned for their weekly videos.

                          Available for: iOS and Android

                          4. Wealthfront

                            Albert Einstein once said “compound interest is the eight wonder in the world”, and for a very good reason. The problem is, most people are scared or unwilling to learn the basics of investing. This is why Wealthfront is the perfect solution for the hands-off investors.

                            Here are some of its main features:

                            • Variety of investment account options including IRA, Roth IRA, and more
                            • Your portfolio composed of 7 different asset classes
                            • Automatically rebalanced portfolio
                            • Daily tax loss harvesting

                            Wealthfront is perfect for people requiring investment guidance, or prefer a hands-off solution.

                            Available for: iOS and Android

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                            5. Clarity Money

                              If you’re staying on top of your budget but want to take your finances to the next level, Clarity Money can help you. Clarity Money helps you stay under budget and build a personalized savings plan.

                              Here are some of its main features:

                              • Easily cancel subscriptions with one click
                              • Synchronize bank accounts fast
                              • Transfer money effortlessly between different accounts

                              Clarity Money isn’t an app that does it all. But, it does make transferring money and canceling subscriptions fast and efficient.

                              Available for: iOS and Android

                              6. Acorns

                                What if there was a way to quickly gain confidence in investing your money, without too much risk? There is, and Acorns is your solution. With Acorns’s technology, you’re able to make investments as small as $5.

                                Here are some of its main features:

                                • Automatic contribution option
                                • Customized portfolio tailored to your needs
                                • Low management fees ranging from $1-$2 per month

                                Stop wasting dollars on expensive coffee. Instead, invest them towards a brighter financial future.

                                Available for: iOS and Android

                                7. Albert

                                  Do you budget by only subtracting your expenses from your income? If so, how would you discover any overpayments or extra money you could save? This is where Albert shines, and it does it all free.

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                                  Here are some of its main features:

                                  • Receive notifications for overpayments, hidden fees, and low balances
                                  • An Automatic budget that’s built around your spending and income
                                  • Easily track debt and set new financial goals

                                  While Albert does offer a paid option, most of its core features are FREE. So, what better option to save?

                                  Available for: iOS

                                  8. Prism

                                    Have you recently forgot to pay a bill because life got in the way? Prism automatically tracks your bills and syncs your bank accounts in one place.

                                    Here are some of its main features:

                                    • View all your account balances in one glance
                                    • Bill due dates are automatically pulled and tracked
                                    • Receive early reminders for upcoming bills

                                    If your budget is on “fleek” but can’t seem to stay on top of your bills, Prism is your go-to app.

                                    Available for: iOS, Android, Windows, Amazon

                                    9. Mvelopes

                                      Remember hearing about people using envelopes to budget their money? Well, Mvelopes is the new envelope system for this generation. Easily create monthly budgets and track your saving goals.

                                      Here are some of its main features:

                                      • Connect unlimited bank accounts
                                      • Real-time budgeting with auto transaction syncing
                                      • Low monthly $4 fee or $40 annual

                                      Mvelopes can help you crush debt, save more, and help you stop overspending. With its low monthly fee, it’s worth a try.

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                                      Available for: iOS and Android

                                      10. Wallaby

                                        Most people don’t have time to track their credit card’s changing rewards and interest rates. Because of this, you need help reaping the most of your credit card’s rewards. Wallaby is the app that will help you do just that.

                                        Here are some of its main features:

                                        • Automatic recommendations for the best credit card to use for each transaction
                                        • A friendly user interface, displaying credit cards with their corresponding images
                                        • Free to use

                                        If you’re using the same credit card to make your purchases, you may be leaving money on the table. Give Wallaby a try if you’re ready to maximize your credit card’s rewards.

                                        Available for: iOS and Android

                                        Take control of your finances and experience financial freedom

                                        Picture yourself staying on budget and saving more money than you’d ever imagined.

                                        It took hard work and dedication but you’d finally learned how to manage your money. You have to start taking control of your spending and saving habits.

                                        You now have a list of reliable apps that can help you build better money habits, what are you waiting for?

                                        Featured photo credit: Pexels via pexels.com

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