Many soon-to-be-seniors are looking at a significant lifestyle dip once they stop working. Those that haven’t saved a bundle may find a minimal fixed income hard to live on. However, there may be an option for those willing to be a little adventurous. There’s a growing legion of expat retirees who have relocated overseas to live out their golden years. It takes a lot of research, a dose of courage and a leap of faith (and probably some raised eyebrows from friends and family), but there are enticing retirement destinations around the world where your money will stretch a lot further than back home. They also provide a comfortable living standard, decent health care, relative safety and a solid infrastructure. You may think there’s no place like home, but open your mind and check out these 10 temptingly affordable places to retire abroad.
1. Budapest, Hungary
If you crave culture, cuisine and an urban-Bohemian vibe, consider retiring in Budapest. This grand city on the Danube is full of classical architecture, fine art, good food and the romance of old Europe. Expect to cut your expenses in half compared to cities in North America, Australia or Western Europe. You can live quite comfortably on just $11,000 a year, less if you’re more frugal or choose to live outside of the city center. If you really want to settle in, foreigners are free to buy property here. Medical and dental care is excellent, and the city has efficient public transit. You won’t be disappointed spending your days in Hungary’s sophisticated capital.
2. Cebu, Philippines
Do you fantasize about spending your sunset years in a warm climate? Cebu, a large island in the Philippines, may be just the place. It combines the modern amenities of a mid-sized city with the recreational pleasures of mountains and beach. English is widely spoken here, and an international airport provides easy access to the rest of the world. Generally speaking, the dollar stretches four times as far here. Two people can live in a gated community with live-in domestic help, buying imported groceries and eating out frequently for less than $1000 per month. Furthermore, the Philippines offers generous residency visas for retirees, so the red tape is relatively painless.
3. Boquete, Panama
This lush Latin American mountain town has an established community of expat retirees. Its perpetual spring-like climate, stunning panoramic views, diverse ecosystems, thriving arts scene and range of recreational opportunities make it an ideal setting for active seniors. It’s a tranquil setting yet has all the essentials like high-speed internet and cellular phone service. Panama’s Pensionado Program offers a lifetime visa for retirees, with no minimum age requirement. Medical care in Panama is superb, with most physicians being US trained. There are cheaper places to relocate to in Panama, but Boquete balances affordability with amenities that make it ideal for many retirees.
