What’s the best place to retire in the world on a budget? That’s a great question. It’s kind of magical to think that you could retire anywhere in the world. Ditch the 9 to 5 and take long vacations or spend lazy days on a tropical beach. That sounds pretty nice from here! Depending on where you’re looking to go, that life can come sooner than you might realize.
There has been a wave of retirees going abroad to enjoy beautiful locations, a new culture, and decreased living expenses. In some cases, early retirement is possible thanks to a simple cost of living and working opportunities to stay active in the new community.
What are you looking for in your ideal retirement? Perhaps one of these locations can be exactly what you need.
3 Nominations for the best place to retire in the world on a budget
Portugal consistently ranks near the top of the safest and most affordable places to retire. It is difficult to go wrong in a country with an expansive shoreline, great seafood, and even better wine. The cost of living doesn’t hurt either.
With living and transportation costs lower than in much of western Europe, you can enjoy all of Portugal or even cross the border and enjoy Spain (another country with a low cost of living).
Portugal may be especially ideal if you love sailing. It’s a well-known location for the quality of its sailing opportunities and a range of weather for calm sailing or a more significant challenge depending on your desire.
2. Costa Rica
If you’re looking forward to the retirement dream of a life on beaches with warm weather, Costa Rica might just be the best place to retire in the world on a budget. Even better, you get this dream package along with an incredibly affordable cost of living.
A Costa Rican life will prove enjoyable whether you like to stay active or you prefer a slower-paced life. Ziplining, jungle hiking, and whitewater rafting can help keep the adrenaline high if you’ve got the energy for it, but, of course, there is nothing like a tropical beach for relaxing.
All of this can be yours at minimal costs. Rent is sometimes as low as $500 a month. The fantastic food comes at a low cost as well. With tropical fruits native to the area, you’ll find juicy delights across the island and plenty of restaurants with entire meals well under $10.
Leave your savings alone. You can find work teaching English in Taiwan and earn plenty to support your living expenses and then some. Best of all, you can do this while working only 20 hours a week. What’s more, by working for a school in Taiwan, you gain access to Taiwanese healthcare, which is widely considered some of the best healthcare in the world.
Of course, if you’re not interested in working in your retirement, you can do fine without earning an income. The country is known for its night markets, where almost every town features its own light-up street shopping with delicious arrays of food at incredibly affordable prices. Many foreigners are surprised to come to Taiwan and find they can eat out three meals a day without hurting their bank account.
Working in Taiwan will earn you an Alien Resident Card. Spending five years with the same employer makes you eligible for a Permanent Alien Resident Card where you can come and go as you please just like a regular citizen (without the voting rights).
Options are bountiful. There are plenty of places to escape for an early retirement if you’re willing to make the trip. These locations are only the beginning of the list. They rank among the best in safety and low cost of living, but they aren’t alone. Is your dream retirement closer than you know?
What do you consider as your favorite place to retire in the world, regardless of a budget?
Nancy Zambell has spent 30 years educating and helping individual investors navigate the minefields of the financial industry. As a lecturer and educator, Nancy has led seminars for individual investors at the National Association of Investors, Investment Expo and the Money Show. She has also taught finance, economics and banking at the college level, and has been quoted extensively in The Wall Street Journal, Investor’s Business Daily, USA Today, and BusinessWeek. Now let her give you the tools and resources, including a monthly magazine, for gaining the peace-of-mind to live comfortably now and in retirement in her Cabot Money Club.Learn More >>