Cheapest Places to Retire

If you are like much of the world, you are concerned about retirement because you haven’t put away enough money. Alternatively, you put away more than enough but want to make it stretch so you can enjoy some luxuries in your golden years.

North America can be a pretty expensive place to retire. Living costs in general are much higher than that of many other countries and, on top of that, we’re taxed on our retirement income over a certain amount.

Retire in Uruguay

Uruguay is a great country in which to retire. A South American country surrounded by Argentina, Brazil and the ocean, the weather is pretty constant without any huge and drastic weather patterns and it doesn’t get cold in the winters.

Uruguay is subtropical, so it has actual seasons (which is nice if you are coming from North America) and the president of the country, José Mujica, has received some attention lately with respect to his frugal and modest lifestyle, Robinhood-like past (stealing from the rich, giving to the poor) and progressive views. Plus, cannabis is legal there :)

cheap places to retire

This is the president’s luxury ride

The best part is, if you retire in Uruguay, the country does not tax any pensions or social security income you get. Furthermore, renting a 1 bedroom apartment in the city centre of the capital city, Montevideo would be under $600/month, and public transportation is super cheap as well.

Retire in Bali

Aside from the fact that Bali is absolutely gorgeous, it’s also a great place to retire.

Bali is known for it’s amazing beaches, quaint and authentic culture, and laid back lifestyle. It’s incredibly cheap too.

Apparently, you can rent a 1 bedroom place for under $420/month  in the city centre in Bali, and going out to an inexpensive restaurant costs less than our at-home meals here in North America.

Bali is an island so is surrounded by water, and what better way to stay healthy by swimming every day or hiking in the monkey forests?

Retire in Malta

Malta is one of the smallest countries (by land size) in Europe, but is absolutely breathtaking. The country is on the Mediterranean sea and you could rent a 1 bedroom apartment there for (depending on the apartment) under $600. It’s a tiny, quaint little country full of charm.

cheapest places to retire

via www.lalschools.com

Since it’s on the Mediterranean sea, despite the higher prices of many things (ie wine, beer, food), it’s the perfect climate for retirement.

Plus, look at how beautiful the buildings and the ocean is!

 

There are a lot of great places to retire in North America, but if you are looking for a lower cost of living and a more comfortable climate all year round, the three countries mentioned above will probably scratch that itch in retirement. Regardless of where your retire, you’ll want to maximize the amount of money you retire with. This could be a difficult and daunting task, however there is help out there. Like, for example this superannuation fund does all the dirty work for you.

Do your research when looking at how much money you will need to retire.


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