Top budget retirement destinations abroad
Looking for a fabulous place to retire on a budget? GlobalPost picked 10 intriguing overseas locales where you can stretch every dollar.
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By News Desk — GlobalPost Editors
Published: January 28, 2010 08:33 ET in Worldview
Published: January 28, 2010 08:33 ET in Worldview
Are you one of the Americans struggling to save for retirement who President Barack Obama mentioned in his State of the Union address? GlobalPost has put together a slideshow of some of the best places to settle down when you need to make your dollar last. We favored countries that not only have low costs of living but also offer beautiful, relaxing settings; access to good medical care; and a range of activities to keep you busy.
Check out our slideshow and let us know what you think. Have you already retired abroad? Know other great inexpensive retirement destinations? Share your suggestions with other readers in the comments section below.
Notes on methodology:
The Cost of Living Index, compiled by the Economist Intelligence Unit, compares the cost of maintaining a typical international lifestyle in a foreign country with that of in New York City. New York prices are the base at 100. The figures come from the Economist’s Pocket World in Figures 2009 Edition.
The United Nations Human Development Index measures a country’s adult literacy, life expectancy and income levels. The figures here, which come from the U.N. Human Development Report 2009, are scaled from 0 to 100. Countries scoring over 80 are considered to have high human development and those scoring under 50 have low human development. The United States has a human development index of 95.6.
Costa Rica
With lush forests, beautiful beaches, rich biodiversity and affordable living, Costa Rica is a prime tourist and retirement destination. It has a high standard of living and modern amenities for less than the price in Europe or the United States.
- Activities: Rainforests, volcanoes, bird watching, ecotourism, beaches
- Cost of living: 57
- Healthcare: Medical care is adequate but limited outside San Jose.
- Human development index: 85.4
- Weather: Tropical
Ecuador
If you retire in Ecuador, you can rent a condo in the beautiful colonial city of Cuenca for $300 a month, according to International Living magazine, which gave the country its No. 1 spot in its 2009 World’s Top Retirement Havens. Plus, it states, retirees never have to wait on line!
- Activities: Hiking in tropical cloud forests, beaches, bird watching, shopping, UNESCO World Heritage sites, visits to the Galapagos Islands
- Cost of living: N/A
- Health care: Adequate, inexpensive medical care is available in the major cities, but services are limited beyond that.
- Human development index: 80.6
- Weather: Tropical to temperate
Thailand
Thailand’s delicious food, gorgeous beaches, excellent health facilities and low cost of living — an hour-long massage can cost less than $10 — have made it a popular retirement destination.
- Activities: Shopping, hiking, beaches, Buddhist temples
- Cost of living: 74
- Healthcare: High quality, affordable medical care has made Thailand a prime medical tourism destination. Medical facilities outside the major cities are limited.
- Human development index: 78.3
- Weather: Tropical
Mexico
Mexico’s proximity to the United States, geographic diversity and cultural treats make it another popular destination for Americans looking to find an inexpensive place to retire. And the low cost of labor means you can hire a housekeeper and gardener to come three times a week for $150 a week, according to International Living magazine.
- Activities: Ruins, beaches, mountains, art
- Cost of living: 80
- Healthcare: Excellent health facilities in Mexico City; adequate care in other major cities.
- Human development index: 85.4
- Weather: Arid to tropical
Uruguay
Boasting a beautiful waterfront and rich cultural life, Uruguay’s capital and largest city Montevideo received South America’s highest rating in Mercer’s Quality of Living global city rankings 2009.
- Activities: Beaches, music and art scene, colonial towns
- Cost of Living: N/A
- Healthcare: Medical facilities are considered adequate. Serious problems may require evacuation.
- Human development index: 86.5
- Weather: Mild
South Africa
Thanks to its sandy beaches and majestic Table Mountain, Cape Town is known as one of the world’s most beautiful cities and one of the most popular tourist destinations in Africa. Retirees — especially those who love high quality, inexpensive wine and/or facelifts — can find plenty to keep themselves busy here.
- Activities: Beaches, mountains, wineries, safaris
- Cost of living: 68
- Healthcare: High quality medical care is available in major cities. Less expensive private hospitals have made South Africa a destination for plastic surgery tourism.
- Human development index: 68.3
- Weather: Cape Town’s winters are mild; beautiful summers
Panama
Panama’s pensionado program, which entitles retirees to all sorts of discounts including 50 percent off movie and theater tickets and 30 percent off public transportation, has made this Central American country a hot spot for retirees looking for a less expensive option. It topped International Living’s annual Global Retirement Index for six years straight.
- Activities: Beaches, mountains, rainforests
- Cost of living: N/A
- Healthcare: High quality, affordable. Many hospitals in Panama City are affiliated with U.S. hospitals. Medical facilities outside the capital are limited.
- Human development index: 84.0
- Weather: Tropical
Malaysia
To encourage foreigners, including retirees, to relocate to Malaysia, the government provides renewable, 10-year multiple-entry visas. Benefits from the “Malaysia — My Second Home” program include exemption from Malaysian income tax on pensions, according to International Living.
- Activities: Beaches, rainforests, restaurants featuring country’s rich diversity
- Cost of living: 71
- Healthcare: Medical facilities in larger cities are considered adequate. Serious problems may require evacuation.
- Human development index: 82.9
- Weather: Hot and humid
Argentina
A mix of European and indigenous American cultures have made Argentina a cultural hotspot, and the low cost of living means it’s a great place to retire on the cheap.
- Activities: Soccer matches, cosmopolitan cities, tango dancing, wine tasting, beautiful landscapes
- Cost of living: 57
- Healthcare: Varies widely. Foreigners can visit British and German hospitals.
- Human development index: 86.6
- Weather: Mostly temperate, ranges from subtropical in the north to subantarctic in the far south
Bulgaria
Retire in Bulgaria, and you can explore nine Unesco World Heritage Sites, visit quaint villages and lounge on long, sandy beaches. It is easy to travel to other European destinations, but you can live on much less in Bulgaria.
- Activities: Sandy beaches, snow-topped mountains, rich cultural heritage, cosmopolitan capital
- Cost of living: 66
- Healthcare: Most physicians are highly trained, but many hospitals and clinics are not equipped to meet U.S. standards.
- Human development index: 84.0
- Weather: Temperate
Have suggestions for other fabulous and inexpensive retirement destinations? Leave your ideas in the comments section below.
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It is very interesting to see
It is very interesting to see that there are Six Latin American Countries on the top 10 budget retirement destinations abroad. Argentina, Costa Rica, Ecuador, Mexico, Uruguay and Panama.
Not many know and understand the importance of Latin America for the USA. But there fact is that there are millions of Americans living in Latin America.
Share your thoughts, questions and experiences abroad with us at Boomers Abroad Online Community & Social Network. We look forward to hear from You!. http://www.boomersabroad.com
SO sad... we outsourced our
SO sad... we outsourced our jobs for cheap labor and now outsource our retirement home too for cheap cost of living...???
Are we so that desperate that we even can't not to take care of our elders and asked those country to take care of our elders? Is this all America about?
Simply putting aside a few
Simply putting aside a few payday loans worth every year will add up over time – a couple thousand per annum, with interest, adds up to thousands more after 20 years than 10. One of the cardinal rules about financial planning is that the longer you are investing constantly, or constantly putting aside, the more you end up with in the end. One of the most devastating things for your financial future is financial procrastination. It is good thing that President Obama considered budget retirement in his address. It will surely make those employee who will retire this year.
Good article! I agree,
Good article! I agree, living oversees may be one of the best options for retirees who want value for their retirement dollar.
A destination not mentioned above and worth considering is the Philippines; a beautiful country with friendly people, warm climate, and a low cost of living. The Philippines actively promotes itself as a retirement destination and has created as special class of Visa called the Special Resident Retiree Visa (SRRV) to encourage people to retire to the Philippines.
The SRRV visa allows you to live, work, study, travel and re-enter the Philippines for as long as you want. The visa application process is streamlined and requires a time deposit in a Philippine bank and proof of a monthly pension.
Yes. Retirement living is
Yes. Retirement living is very interesting for each of us because most of us will live there somewhere. That's why we want to get know more about it. It's good that you compare different countries in this aspect but I think that Europe and America have best conditions for people who retire. As I know in Ukraine forexample middle pansion is about 100$ but price are not much less than in developed countries. I don't know how did you calculate your indexes but you can see how is it possible to live there without credit check loans from time to time.
The U.S. is not for the
The U.S. is not for the working class no more. It is for the rich! In order to make it as a average retired couple in the U.S. you are going to accept the fact that you will struggle for the rest of your life. I feel that if the government does not care for elderly to move out and pay our wages elsewhere, why not move abroad? It is sad what goes on with the retirees in this country. I'd rather croak in a villa off of the Pacific coast of Costa Rica, then wonder if I will be able to afford my medical bills as a elder man.
I'm so glad I found this
I'm so glad I found this post! I've been thinking about moving my ailing grandparents to a country that they have a residence in.
Currently, I'm working through the details of putting my grandparents into a medicaid housing situation and it's an absolute nightmare. Why? They can't get government benefits because they have too many assets. Some of these assets are holding in foreign countries where they had small condos that they rented out. Now, here's the thing, they've had tons of medical bills and some GED (global economic downturn) forex losses in the last ten years that have basically wiped them out financially. However, if they were to somehow move to one of these countries, their remaining assets and Government health care would probably take care of them until they die.
This is probably the most difficult and stressful decision my family and I have had to make but the rest of just don't have the finances, time, or space to take care of two octogenarians with relatively complex medical needs.
If anyone has a similar story or advice, I'd love to hear it. Or, if they just want to vent a bit, like me, bring it on.
Peace,
Jordan
Hi, This is a great idea to
Hi,
This is a great idea to plan for retirement. My parents will retire soon and they are planning to settle down in a peaceful and calm place. They also wanted to consider near the beach since they want experience cool sea breeze.
This choices is here would be great to present to them. I'm sure they will like atleast of these places. And hopefully, decided to settle down in one of those and enjoy their retirement.
-Angella Wilson
Costa Rica is a prime tourist
Costa Rica is a prime tourist and retirement destination. It has a high standard of living and modern amenities for less than the price in Europe or the United States.
Although it's still probably
Although it's still probably a little more expensive than living in some of these countries, retiring to the southeast United States is still one of the best options. I just moved into a Florida gated community a few months ago and it's been completely affordable so far. there's plenty of activities for people my age and my family can easily come and visit me!
A destination not mentioned
A destination not mentioned above and worth considering is the Philippines; a beautiful country with friendly people, warm climate, and a low cost of living. The Philippines actively promotes itself as a retirement destination and has created as special class of Visa called the Special Resident Retiree Visa (SRRV) to encourage people to retire to the Philippines.
I cannot understand this part
I cannot understand this part of American community.
Tired of the race that your
Tired of the race that your place has become?
Then try something unusual, there is a place where things move at a slow pace and very easy, where women are feminine and lady-like, and the cost of living is more less. Most of you may know the people Living in the Philippines are known for its friendly smiling people, a breed becoming rare in other countries, wealthy or developing.
The weather is warm year-round; white beautiful sandy beaches are almost everywhere with coconut trees and palms gently swaying in the breeze. Crystal clear waters that you can see deep down through to the floor of the ocean, and how about living in the Philippines like places as Manila, Davao, Cebu, Boracay, Davao and Bacolod city.
http://retirementlivinginthephilippines.com/sitemap/