The best time to start planning for your retirement is with your first job. Imagine if you could have set aside some of that money from the lemonade stand for your golden years! Most folks start to think about retirement in their 40s and get really serious in their 50s. Is that too late? It depends on how much you plan to save and where you intend to live. You might discover that moving out of the country is going to put you in the most advantageous financial position. Don’t worry, you won’t be alone. Many American retirees are packing up and heading around the globe to make their retirement dollars stretch. Here are some of those destinations that you might want to consider:
Panama has a bustling city life where most residents speak English. It is just a short plane ride from Miami and the rest of the Caribbean. They also welcome retirees with an amazing local resident plan. That plan subsidizes medical expenses, property taxes and car taxes. All you need to do in order to establish residency is prove that you make a least $1,000 in a monthly pension from the U.S. There are a lot of perks for seniors in Panama that might just be too hard to pass up.
Costa Rica has become a very popular destination for American retirees. In the Central Valley you could live a very happy life on a budget of $2,000. Over in the city of Atenas, a three-bedroom apartment could rent for as little as $400 a month. There is also a full coverage health insurance for just $150 a month. As with Panama, you need to become a resident by establishing that you’ll be getting pension benefits of at least $1,000 a month. Without a pension, you could demonstrate that you can draw $2,500 a month from savings for at least two years. That means just having $60,000 in the bank in order to unlock all the benefits the country has to offer for seniors.
Uruguay is a stable South American country that offers a little bit of something for everyone. There are mountain ranges and beaches that offer up idyllic places to live. That includes the seaside towns of Atlantida, Piriapolis or La Barra where you could buy a home starting at around $50,000. There are also some very comprehensive health insurance plans starting at around $100 a month. With a retirement visa, you can import your car and other household items duty free.
Portugal has all the same scenic and cultural benefits of Spain but at a fraction of the cost. Smaller cities outside of Lisbon is where you’ll find nice sized apartments renting for $375 a month. Dinner out at a nice restaurant can be $10 per person. A bottle of wine for dinner will be $5. Remember, this is a major wine producing country!
Although it might seem like a big leap to move to another country, you want to think about living comfortably. Wouldn’t it be nice not to have to worry about money?