Many people who are nearing pension age this year are giving serious thought to retiring abroad. Spending one’s leisure years in certain places outside the U.S. makes sense for many would-be-retirees as it costs a lot of money to retire in the country.
Business Insider released a report on how much savings a person needs to retire in selected cities in America, and it was revealed that the cost of living in places like Los Angeles, Boston, and Washington, D.C., among others, are extremely expensive.
For instance, one needs a total savings of $994,377 to retire in L.A. Those who’d like to spend their retirement years in Boston will need $1,015,740 to live on, while those who prefer to stay in the nation’s capital will need $1,087,387.
To make the most of one’s retirement years, one should look for a place where a person can enjoy new experiences, culture, and entertainment. In other countries, a person can manage to live like a king or a queen on a certain budget, making retirement even more enjoyable and fulfilling.
Here are the best places to retire in 2017 where you can get by on less than $2,000.
Chiang Mai, Thailand
Monthly budget- $1,000 per person or about 36,380 Thai baht
Thailand has long been a popular destination for overseas retirement due to its warm weather, stunning beaches, and low cost of living. Barry, a Canadian who relocated to Chiang Mai in 2009, told Bankrate that for less than $2,000, he gets to “live like a king.”
The retiree said that he is renting a condo unit for about $400 a month and groceries cost him an average of $50 per month. He eats out every day and only spends $100 per month on dining expenses. He also said that there are Western-style restaurants, entertainment venues, and social events.
Barcelona, Spain
Monthly budget- $1,600 per person or about €1,518.60
For retirees who are into museums, theaters, fine dining, and shopping, Barcelona is the perfect place to retire. According to Forbes, rent cost only about €900 a month, while groceries cost €200 per month. As a bonus, you don’t have to pay a monthly Internet fee as Barcelona offers free Wi-Fi access throughout the whole city.
Granada, Nicaragua
Monthly budget- $1,225 per person or about 35,945 cordobas
Poets, surfers, nature lovers, and bargain hunters will love Granada as a retirement place. Nicaragua has lush rain forests, volcanoes, lakes, and rivers, and it is an exciting playground for adventure seekers. Rent costs 22,870 cordobas, and groceries will set you back about 4,875 cordobas per month.
Kota Kinabalu, Malaysian Borneo
Monthly budget- $850 per person or about 3,833 ringgits
This quiet part of Asia is perfect for those who want to get away from the hustle and bustle of big cities. Kota Kinabalu is an urban area which is situated near beaches, making it the perfect place for divers, snorkelers, and retirees who love to be near the water. Rent costs only $2,500 ringgits, while groceries cost 550 ringgits per month.
Portugal
Monthly budget- $1,800 per person or about €1,681
There are lots of places where retirees can choose to settle in Portugal, and the cost of living varies. In smaller cities, a couple can live well on $1,700, while a month in the capital, Lisbon, will cost about $2,200, according to International Living.
For more, check out Jobs & Hire’s report on how to get your finances in order in 2017.
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