Where to retire on a budget? It might be time to think outside the United States or Canada. A new report by International Living, lists five destinations where you can coast on less than US$30,000 a year.
Retiring in a new country requires studying up. Thinks like the tax implications along with pulling off some other logistical maneuvering top the list. But for many older Americans and Canadians, the work will be well worth finding a new, affordable place to retire.
The world is full of affordable destinations where your dollar goes further. Here are the best spots to retire for under $30,000 a year—in Europe and Latin America, where your dollar will go far.
1. Puerto Viejo, Costa Rica
A couple can live comfortably in this town for just $2,025 a month, or $24,300 a year, according to International Living.
You’ll find warm weather, beaches and Italian, Argentinian and French restaurants.
2. Lagos, Portugal
Some of Europe’s best beaches are in Portugal’s Algarve Region, where white-sand beaches, rocky cliffs and brightly colored fishing towns echo Italy’s Amalfi Coast.
Couples can live in this town in southern Portugal for $2,080 a month, or $24,960 a year, according to International Living.
Lagos, with a year-round moderate climate, is great for retirees who want to live near the ocean. Transportation options abound and the city is fairly flat, making it great for walking too.
3. Akumal, Mexico
Couples can retire in this tropical town for $2,240 a month, or $26,880 a year, according to International Living.
“Famously known for its spectacular clear bay filled with sea turtles, Akumal has matured from a secretive destination for divers to a growing tourist hotspot,” the travel site says.
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4. Volcan, Panama
Volcan will cost couples around $1,500 a month, or $18,000 a year, to live.
The town is in the middle of a farming community in a valley, and has a population around 14,000. You’ll need to speak some Spanish to be able to communicate with locals and do business, according to International Living.
5. Medellin, Colombia
Medellin is Colombia’s second-largest city. A couple could live well here for $2,000 a month, or $24,000 a year.
The city is filled with more than 30 universities, as well as art and history museums and restaurants.