Most of us dream of an extended vacation when we think of our retirement. Relaxing on a sunny beach sipping on cocktails—sounds heavenly, right? But in reality, it’s no more than a dream considering the living costs in this part of the world.
What if we say you could have that dream retirement elsewhere? With added scenery and serenity plus excellent medical care with nothing more than your life savings of $200K or less. Sounds like the perfect pitch?
Check out these amazing locations around the globe, where you could be spending your golden days in all its glory:
Spain
victoriano/Unsplash: A retirement getaway in Spain
Spain is undoubtedly a culture hub with convenience for travel and adventure. If you like the quieter side of life, they have a year-long sunny climate and pristine beaches that are perfect for relaxing in the sun.
Coastal cities of Valencia and Malaga are studded with ancient ruins to explore, as well as being much cheaper in rent and other costs compared to Barcelona or Madrid.
Spain also has a public health system that is highly robust. The minimum income you have to show as a proof is $30,000 per annum.
Portugal
nickkarvounis/Unsplash: How about a retirement trip to the castles and wineries of Portugal?
Portuguese castles, wineries, and beaches would give you plenty of options to fill your retirement itinerary.
With meals costing under $10 and aromatic hand-brewed mid-range wine bottles at just $5, you could have wine and cheese parties on Portugal’s gorgeous beaches anytime you wish. Even apartment rent starts as low as $375 per month in more rural cities.
Public transport is well maintained, so you needn’t worry about transport costs. If your budget is under $200K, picking an outskirt from Lisbon would be the best choice.
Uruguay
Uruguay is another haven with the most beautiful beaches and mountains. You could even buy a home for as low as $50K in the town of La Barra. The monthly cost for a couple ranges from $800- $2000.
Uruguay offers both public, private healthcare and hospital memberships ranging from $100 a month.
The minimum monthly income they’re looking for is $1500 for an individual, and they also offer a retirement visa where you can import your belongings duty-free!
Costa Rica
linds_loucel/Unsplash: Costa Rica is also a retirement option for older adults
Costa Rica is very affordable, and those stunning views are sure to keep your mind and soul happy.
Monthly costs amount to $2000 for a couple in San José with all modern amenities nearby. In cities like Atenas, you could rent a three-bedroom apartment for just $400, and full coverage healthcare plans cost $75–$150.
If you’re receiving a pension of $1000 per month, you can easily get a residency for one year under the pensionado program. If not, you’ll need to prove an income of $2500 per month for two years or savings of $60,000, which would cover your expenses for the same period.
Panama
Panama really has it all, which is why it’s our top choice! Even Panama City is affordable, unlike many other destinations, and the surrounding cities would definitely fall into your budget too. Public transportation costs just 35 cents per ride!
The place only requires a monthly income of $1000 and offers excellent pension plans for people retiring at any age.
Between its beauty and the iconic Panama Canal, we can’t think of a reason to pass on this destination.
Now that you know your options for a dream retirement like in the movies – get saving!