7 most affordable countries to retire: cheap housing and favorable insurances
As we get older, we think more and more about the pension programs offered by the state. Of course, we imagine what kind of help from the country will be in the future, because it is very important for us to feel confident in the future.
In this article, we want to share with you what are the cheapest countries to retire, so that you have a good understanding of this issue.
For many people retirement is associated with radical changes in career and the choice of desired profession. With the appearance of free time, active people try to devote more time to their favorite business or hobbies.
There are many retirees who are not afraid of change and boldly look into the future. Many of them dream not only to change the environment and diversify life with adventures, but also to reduce living expenses. To do this, they plan to move to the least expensive countries to retire.
In large cities in the U.S. and other countries around the world, the cost of living is much higher than in smaller cities. Therefore, after retirement, many people try to move to a place where life is cheaper. Some people plan ahead and prioritize the most affordable countries to retire.
As old age approaches, many retirees in Europe and America try to find emigrant homes and communities with suitable living conditions. When choosing the cheapest place to retire in the world, you should always consider the following factors:
- weather conditions;
- the location of the retirement home;
- access to medical services;
- what language you need to know
- the cost of care;
- the specifics of applying for a visa to travel to that country.
Important: Tips on the cheapest places to retire to can be obtained from experienced financial advisors, avid travelers, and people who have already migrated to other countries. The Department of State, Social Security Administration and Internal Revenue Service provide all the information you need about the most affordable places to retire.
Let's move on to an overview of countries with comfortable conditions for emigrants, where you can significantly reduce the cost of living.
Mexico
In the south direction from the border with the United States is Mexico with a favorable climate and rich cultural heritage. Here charming cities are harmoniously combined with the picturesque shores of the Caribbean Sea and the Pacific Ocean. There is a constant influx of tourists and retirees looking for the best places to retire on a budget.
Before you settle in Mexico, you need to live here to appreciate the pros and cons of living here, including the peculiarities of retirement.
Accommodation
Mexico is considered an inexpensive place to retire, but it's important to know the nuances of the standard of living in different locations. For example, in Cancun, a bustling city on the Caribbean coast, accommodation is 50% cheaper and rentals are 80% lower.
In San Miguel de Allende, a pretty Mexican town, it costs 55% less to live than in New York City and 75% less to pay rent.
Medicine
Ranked among the 10 most affordable places to retire in Mexico, health care is provided through government programs that serve people with low incomes.
Mexico's private clinics provide top-notch care at affordable prices, making it one of the best countries to retire on a budget. Many retirees take out private insurance or pay out-of-pocket for medical services.
Income
The desirable income level in Mexico is $2,000-$2,800. This applies to both temporary and permanent residents of the country. Certain requirements are also exhibited to bank accounts, and they are 36000-150000 US dollars, depending on the situation. You can get a visa at the Mexican consulate.
Ecuador
One of the best places to retire in the world on a budget is Ecuador, which is located near the Galapagos Islands.
Travelers are always attracted by the country's picturesque Pacific coastline and active volcano. It is home to several immigrant communities. There are many English-speaking residents in the country, and US dollars serve as the currency.
Accommodation
It is no coincidence that Ecuador is on the list of cheap places to retire abroad. The cost of living here is 50% lower than in the United States. We advise you to pay attention to the city of Cuenca, which is often visited by tourists.
One of the best inexpensive places to retire is a great place to stay permanently. Here the savings on everyday expenses are more than 60% compared to New York City.
It is noteworthy that Cuenca is listed as a UNESCO World Heritage Site. The city is located in a natural zone with a moderate climate, which allows you to reduce the cost of heating services and maintenance of split systems.
Locals and visitors save up to 88% on rental properties in Ecuador, one of the best cheap countries to retire when compared to New York City.
Medicine
In Ecuador's clinics, specialists provide professional services at more affordable prices than in the United States. Not only native residents of the state, but also emigrants can count on the service. This is one of the reasons to include the exotic country in the list of the best affordable places to retire.
The country has a public health care system. Full coverage involves a small monthly investment of about 100 dollars. If you have private insurance, you can also save money on medical services.
Documents for permanent residence in Ecuador, a vivid example of the best cheap places to retire, foreigners receive at least 21 months of residence on a temporary visa.
Important! To obtain a temporary visa requires data on the minimum income of the relocating person, as well as investments in real estate or bank deposits.
Costa Rica
In the list of 15 cheapest countries for retirement rightfully includes a "temperamental" country in Central America - Costa Rica.
It occupies a large territory from the Pacific coast to the Caribbean Sea. The country is a harmonious puzzle made up of impenetrable jungles and tropical forests, stylish architectural buildings and spacious beaches.
Accommodation
It is worth noting that the climate in one of the cheapest places for retirees to live differs from location to location, as do the costs of living. One thing is certain - Costa Ricans spend 40% less on food and housing than Americans.
The cost of utilities here is 70% less than in the U.S., so this country is often included in the most affordable places to retire in the world.
Many people choose vibrant San Jose, which is located in a picturesque valley, as their permanent refuge. Food and utility costs here are about 50 percent less than in metropolitan areas in the United States.
People of retirement age choose to live in both big cities and mountain suburbs in one of the cheapest countries to retire in. The main thing is that the different locations offer comfortable living conditions without large financial investments.
Important! To live in Costa Rica, where you can retire abroad for cheap requires a Pensionado visa. It provides for the receipt of a permanent income of 1000 dollars on a bank card.
According to the Rentista program requires an income of $ 2500 or more, at least for 2 years. At the same time, the bank account must have an amount of at least 60000 dollars.
Medicine
Thanks to public and private programs, the cost of medical services in the most economical place to retire is significantly reduced. The country offers quality health care services at favorable prices.
Retirees can choose their own clinics for treatment, which offer first-class private service. It is also possible to take out a private insurance policy.
Portugal
Another location to consider for the best and cheapest places to retire is Portugal. It is regularly visited by people from all corners of the world, enjoying the stunning landscapes and warm climate, picturesque cities and delicious food with an emphasis on seafood.
Accommodation
Portugal is one of the low cost places to retire, with living costs 35% lower than in New York City. Real estate here is 50% cheaper than in America. In Lisbon you can rent a home for a record 70% less than in the United States.
Important! To obtain documents for permanent residence, you must first obtain a residence permit for 5 years. In Portugal, the cheapest place to retire, there is a favorable program "Golden Visa", with which funds are invested to buy real estate or scientific research of the state.
Medicine
Portugal, the country with the lowest cost of living for retirees, provides qualified medical services. To get them at an affordable price, you need to register with the National Health Service. This allows access to medical clinics with a wide range of different services.
Private insurance services are also provided in the state, and insurance can be obtained with a residence permit.
Panama
Panama is always in the top 10 inexpensive places to retire. Thousands of tourists flock here every year due to its convenient location near the USA and excellent travel conditions.
Accommodation
According to analytical data, housing here costs 55% less than in America, and life in general is 30% cheaper. You can rent an apartment here at a favorable price, about 70% lower than in the States.
Important! Pensionado visa adds a couple of pluses to living in Panama, one of the 10 cheapest countries to retire in. One of the conditions for obtaining it is a monthly retirement income of at least 1000 dollars. It helps to get discounts and exempts from taxes on imported household goods.
When obtaining such a document, visitors can live in Panama for up to three months. All questions about the issuance of papers regarding permanent residence are helped by local immigration attorneys.
Medicine
Panama is included in the list of affordable countries to retire. There is a two-tier system of health care. It allows you to receive medical services in clinics and centers at favorable prices. Many retirees prefer private insurance, with the help of which it is possible to save significantly on medical expenses.
Montenegro
One of the best and cheapest places to retire in the world is fabulous Montenegro. It is a picturesque tourist destination that is washed by the warm waters of the Adriatic Sea.
It is famous for its gorgeous amazing landscapes with snow-white beaches. Travelers are always attracted by the successful location of the state and the opportunity to retire abroad cheaply.
Accommodation
If you compare with the United States of America, you can come to the conclusion that life here is 50% cheaper. Rent real estate manages to rent real estate at an attractive price, which is 75% lower than in the United States.
The government of Montenegro, the best cheap country to retire, offers different types of visas. It is also possible to obtain permanent residence documents. Important advantages of living in the country are the possibility of buying homes by foreigners and receiving benefits for investments. Montenegro is a member of NATO and plans to join the European Union in the near future.
Medicine
The country has both public and private health care systems. In one of the 10 cheapest places to retire you can buy private insurance, which includes medical evacuation services. This allows you to receive quality services in other countries.
Colombia
One of the popular countries for busy travel is Colombia. This country is firmly on the list of the best places in the world to retire on a budget. From bicycling to spectacular performances by popular musicians, there is a kaleidoscope of activities for tourists to enjoy.
Accommodation
In Colombia, the best inexpensive place to retire, living costs are on average 60% lower than in America. The cost of renting real estate here is as much as 80% less than in the United States. One of the popular cities for foreigners to live in is Bogota with favorable living conditions.
Medicine
Private and public clinics in Colombia provide quality medical services. Both residents of the country and persons with a national identity card, including foreigners who have paid for insurance, receive medical care. Private insurance is also available.
We have prepared for you a detailed report on the best economical places to retire. Now it will be easier for you to figure out where to go when you retire, so you can enjoy the fall of your life.
