4 Places To Retire Abroad Cheaper Than the US
Retiring overseas is a dream for many Americans, and there are numerous reasons it is enticing for retirees to relocate for their golden years. Of course, wanderlust and the quest for adventure motivate many seniors to leap, but other factors — lower living costs — come into play.
Check Out: 8 Tips To Fly Business Class for the Price of Economy
Read Next: 7 Unusual Ways To Make Extra Money (That Actually Work)
Experts revealed several countries that not only have big expat communities and similar retirement amenities to the U.S. but are significantly cheaper.
Peru
Gene Caballero, co-founder of GreenPal, recommended Lima, Peru for Americans seeking a vibrant expat community and amenities akin to those in the U.S., but at a fraction of the cost.
“Lima is not only appealing for its lower cost of living but also for its enriched quality of life,” said Caballero.
In Lima’s upscale areas, a couple might live on about $2,000 to $3,000 a month, covering all expenses — “A stark contrast to major U.S. cities where rent alone can consume that budget,” said Caballero.
Learn More: Dave Ramsey: 7 Vacation Splurges That are a Waste of Money
For You: How To Get $340 Per Year in Cash Back on Gas and Other Things You Already Buy
In addition, Lima offers an efficient public transportation system. The city has invested in buses and trains, including the Metropolitano Rapid Bus System and the Lima Metro, making daily commutes or exploratory trips convenient and affordable.
“Moreover, the warmth of the locals — combined with colonial architecture, ancient Incan sites and the Pacific coastline — makes Lima an attractive destination,” said Caballero. “So, for expats and retirees seeking both adventure and tranquility, Lima, Peru, stands out as a prime choice.”
Sponsored: Credit card debt keeping you up at night? Find out if you can reduce your debt with these 3 steps
Panama
According to Ratepunk CEO Justin Albertynas, Panama has become an increasingly popular retirement destination, especially in areas like Boquete and Coronado, attracting a significant number of American retirees.
“The country offers high-quality healthcare, with Panama City at the forefront of medical services,” said Albertynas. “An added advantage for retirees settling here is the usage of the U.S. dollar as the official currency, eliminating the need for complicated currency conversions.”
Trending Now: 11 Expensive Vacation Destinations That Will Be Cheaper in 2024
Affordability is another major attraction, as housing and medical care are notably less expensive compared to the U.S. Panama is 35% cheaper than the States overall, and rent is 55% lower, according to Numbeo.
The country further sweetens the deal with its Pensionado program, ranging from medical expenditures to leisure activities.
Costa Rica
Costa Rica, known for its breathtaking landscapes and biodiversity, is also carving out a niche as a preferred retirement spot.
“Areas like the Central Valley, Tamarindo and the Gold Coast are especially popular among U.S. retirees,” said Albertynas. “The country presents a blend of modern amenities ranging from healthcare facilities to entertainment options, ensuring retirees don’t miss out on the comforts they’re accustomed to.”
In addition, he noted that the overall living costs can be about 20% to 30% cheaper than in the U.S.
“While certain imported items sometimes carry a premium,” said Albertynas, “Local commodities, services and, notably, healthcare are priced considerably lower, ensuring retirees can make the most of their post-work years without breaking the bank.”
Eastern European Countries
Peter C. Earle, economist at the American Institute for Economic Research, said the fall of the Soviet Union 30 years ago and globalization expanded the list of affordable, secure places to retire.
For instance, Earle said the Czech Republic, Croatia, Slovenia and Romania are rapidly attracting American expats.
“They’ve got economic growth, a comparably low cost of living, and the cultural gap for U.S. citizens isn’t enormous,” added Earle.
Earle, citing LivingCost.org data, said the current U.S. cost of living is 1.8 times higher than the Czech Republic, 2.1 times higher than Croatia, 1.9 times higher than Slovenia and almost three times higher than Romania.
“There are tradeoffs to living outside the U.S., of course,” said Earle, “But, for anyone willing to do so, the financial prospects abroad are well worth investigating.”
More From GOBankingRates
This article originally appeared on GOBankingRates.com: 4 Places To Retire Abroad Cheaper Than the US
