Top Affordable Destinations for Americans to Retire Comfortably Abroad
Americans tend to look forward to retirement, seeing it in their minds eye as a time of rest, relaxation, exploration, and starting anew. But with the increasing price emphasis in the U.S., many retirees have begun looking overseas to maximize the value of their golden years. The good news is that there are tons of places around the world with a high quality of life for a fraction of the price in the U.S. Here are some of the best affordable spots for those who want to settle down after retiring from their old lives, but still enjoy some excitement and adventure in their gold years.
Portugal
Portugal has become one of the most favorable retirement locations for Americans due to its nice weather, rich culture and cheap living cost. Especially the Algarve region is known for its beautiful beaches and golf courses. Portugal — The cost of living is 30% cheaper than the U.S.1 — International Living Moreover, the Portuguese government even has a Non-Habitual Resident (NHR) scheme which has tax benefits for foreign retirees, which also translates the reading into a financial benefit.
Mexico
To the south of the border, Mexico provides varied environments, stunning coasts as well as mountains and a friendly, inviting culture. Two of the most desirable cities in Mexico, for American retirees, are Mérida and San Miguel de Allende. And the price of life in Mexico is so much lower, too, affordable healthcare being one of the main attractions. Consumer prices, including rent, are around 50% lower than in the United StatesI, according to Numbeo2. Furthermore, the nearby U.S. makes it hassle free to go back to your hometown, visiting relatives and friends.
Thailand
Thailand maybe popular for its exotic landscapes, warm locals and affordability. You can have an amazing life in a nifty city with a strong expat community, like Chiang Mai; Beautiful places to live for far less than you could in America. As per the Expatistan Cost of Living Index, Thailand might be up to 60% less expensive than the U.S.3. The country also has a very good health care system which is affordable and accessible to retirees.
Ecuador
Yet another beauty from South America with a super low-cost standard of living. Expats absolutely adore the city of Cuenca for its interesting colonial architecture and really nice weather. For instance, International Living estimates $1,500 to $1,800 will provide a comfortable lifestyle for a couple in Ecuador, with rent4. It is also considered the official currency of the country, making financial exchanges more convenient for American retirees.
Spain
Many retirees are drawn to the nice culture and landscape of the country as well as a pleasant lifestyle in Spain. The general cost of living in Spain is cheaper than it is in the US and cities like Valencia and Alicante offer reasonably priced housing and living. Expat-friendlyness Spain is famous for its public healthcare system, which is top-notch to say the least. Spain has some of the lowest healthcare costs in Europe and, according to the OECD (Organisation for Economic Co-operation and Development), it spends more on healthcare than the average European country5.
For travelers that want to retire abroad, they are likely to find just what they are looking for in these destinations that have the right mix of reasonable cost of living, depth of culture, and livability. Be it the sunlit shores of Portugal, rich culture of Mexico, or the exotic spice of Thailand, there is a retirement location to suit any budget and lifestyle. With these alternatives, American retirees can spend a meaningful and affordable retirement without the financial burden.
References
- International Living - Portugal
- Numbeo - Cost of Living in Mexico
- Expatistan - Cost of Living Index
- International Living - Ecuador
- OECD - Health at a Glance
