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The 8 Most Affordable Places to Retire Abroad

Do you dream of discovering new cities and countries for you retirement? Americans are choosing to retire abroad for their dream retirement destination. Choosing the perfect city and country can be tricky, here is a list of the top cities seniors are currently living in. Let your wanderlust go wild!

8. Spain

Acclaimed for amazing food and weather, Spain has become a popular choice due to affordability. A few benefits of the beautiful country are low cost of living, better value for property, and first world amenities. Unlike other European countries, Spain is a diverse nation with amazing history and friendly locals. According to a study by International Living, a couple can expect to pay $2,600 a month in many spanish cities. Another important benefit, is the healthcare system within Spain is wonderful. If you don’t want to purchase a car, the public transportation system within Barcelona is efficient and reliable.

7. Costa Rica

Costa Rica has the highest living standards amongst Central America and is one the cheapest countries to retire abroad. A couple can expect to pay $1,500 in monthly expenses living in this tropical paradise. The Costa Rican economy thrives off tourism which means plenty of options for food and entertainment. Don’t forget about the stunning rainforest, beaches, and small towns to be seen around the country. The stable democracy, excellent health care system and neighborly atmosphere are contributing factors in making this an excellent choice of retirement.

6. Colombia

It is a country full of genuine hospitality, an array of climates, beaches, modern services and is incredibly cheap and easy to retire in. Getting residency in Colombia couldn’t be easier and it has been known to take just under an hour in some cases. But why would you want to retire here? To start, the landscape and climate is practically unbeatable if you enjoy oceans, jungles and heat. The options of where to live in Colombia are seriously overwhelming and depends on the price you want to pay, what climate you are looking for and whether you are looking for a seaside town or bustling city. An average couple can live on a mere $1,200 a month comfortably in this country. Think fresh fruits and vegetables all year round, reliable internet service and access to one of the finest and most affordable healthcare systems in the region.

5. Mexico

Mexico has long been an expat haven and continues to be one of the most affordable places to retire, and you won’t have to traverse the globe to get there. English is widely spoken, especially in expat communities, familiar stores and products are available and modern amenities are offered throughout the country. All of this is offered at a much lower price than in the US or Canada. Instead of spending $100 on groceries for the week, in Mexico you would spend around $20. The healthcare system is just as good but at a lower cost and property taxes are so low you don’t even notice you are paying them. There is still plenty of affordable property to scoop up in one of the many regions throughout the country. Whether you are looking for a beach community, a historic town or something in the jungle, this large country offers it all.

4. Malaysia

If you are looking to retire in Asia it seems that the most affordable and best place to do so is in Malaysia. With a low cost of living combined with a lot of welcoming expats from Britain and Australia, it is a welcome choice for those looking for an exotic destination. Renting an apartment or house is the choice of most expats and in those communities a 1,600 square foot apartment with a pool can go for as little as $850/month. Combine that with the amazing and cheap local cuisine, cheap Asian airlines that let you explore surrounding areas and widely spoken English and you can understand why this country is so popular among retirees. Many expats that live here describe Malaysia as stepping back in time but with modern conveniences such as paved roads, a top notch healthcare system and a comprehensive public transit system. If you are looking to mix old world charm with new amenities for a fraction of the cost, consider Malaysia as the perfect retirement destination.

3. Panama

The second country on this list in Central America, Panama is begging retirees to come spend their time here. This country boasts the world’s best retirement program: the Pensionado visa. The Pensionado visa is available to anyone with a lifetime pension of over $1,000 a month and the discounts are unreal. Some of the discounts include 20% off medical services, 50% off entertainment, 25% off restaurant meals, 25% off air fare, and 25% off electricity and phone bills. Panama is also known for being one of the friendliest countries towards expats and it is easy to meet new friends and join different groups and activities. Throw in breathtaking beaches, azure waters, fast and modern internet, great roads and a great healthcare system. With a terrific climate, no threats of hurricane and the ability to live a great lifestyle for under $2000 a month for a couple; Panama is an excellent choice of retirement destinations.

2. Portugal

The second European destination on this list is the sunny country of Portugal, a place that boasts more sunny days than anywhere else in Europe. It also happens to have a very realistic and affordable cost of living, far less than any other country in the region and a couple could live on a mere $1500 a month comfortably. Most retirees can even keep their full pension income without getting taxed because of new legislation. Retirees will keep busy here with the abundance of golf courses, beautiful beaches and historic towns to discover. It is also one of the safest countries in the world and provides a first-world healthcare system. English also happens to be widely understood and spoken and whether you choose to settle in one of the coastal communities or a bustling city, Portugal is a perfect choice of retirement countries.

1. Ecuador

This country remains at the top in terms of affordable places to retire abroad and it’s not just because of its amazing real estate value. The government has done an incredible job implementing an array of generous benefits for retirees. A few of these benefits include discounts on flights originating in Ecuador and up to 50% off entry to movies, sporting events, public transportation and utilities. Combine these discounts with the extremely low cost of living and a couple here can live on just $1,400 a month, rent included. Efficient public transportation makes not owning a car easy, helping to bring the cost of living even lower. The diverse climates and environments that this country offers make for a multitude of cultures and unique experiences. Whether you are looking to spend your days basking on a beach, hiking through the mountains or immersing yourself in the local culture; it is all possible here in Ecuador.