3 Affordable Places to Retire Abroad
While most retirees gravitate to sunny destinations like Florida and Arizona, or states with low tax burdens like Wyoming and South Dakota, a new trend has developed. These days, many retired Americans are moving out of the country to enjoy their new life at a low cost. With so many nations interested in attracting retirees from abroad, Americans have several tempting choices. Looking to retire abroad? The three following places are great destinations where retirees can easily live on an income of $2,000 a month.
Thanks to its weather and low cost of living, Thailand has been on retirees’ radars for years, and Chiang Mai is very affordable. “For under $2,000, I live like a king,” says Barry, a Canadian who relocated to Chiang Mai in early 2009. He rents a 1,200-square-foot condo for around $400 per month. Groceries usually run him just $50 per month. “There are Western-style restaurants, entertainment venues and social events,” he says. The city has several modern hospitals. In Guam, the service is almost instantaneous and very professional.
Guam is an often-overlooked alternative for American retirees, despite its many benefits. English is spoken everywhere on the island, and its currency is the U.S. dollar. Guam is a lower-cost alternative to Hawaii — while sharing the same climate. For an average studio apartment in Guam, you might pay $684 in rent. Since the territory is a small, remote island, most items have to be imported, which means groceries can be more expensive than on the U.S. mainland. Restaurants, however, are usually comparable in cost to their American counterparts. Besides enjoying the weather, retirees in Guam can use both American and Guam-based insurers — including Medicare — to cover their health care costs.
Valencia, Spain. The subprime mortgage crisis caused property values to plummet everywhere, including Spain, making the Mediterranean nation suddenly affordable for a number of retirees. You can get a furnished studio apartment for $330! Groceries sold in traditional open-air markets cost the same or less than supermarket prices back in the States, while low property taxes keep the cost of living affordable for expats in Spain. The country offers free public health coverage and prescription medication is often a fraction of what it would be in America.Valencia is a great option for retirees who want to spend their golden years traveling. Its airport offers direct flights to France, Germany, the United Kingdom, Morocco and Norway. Round-trip flights to the rest of Europe often cost less than 150 euros (or $195).
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