if you’re getting close retirement age, You may be thinking of leaving the United States.people have different reasons leave the United StatesWhether it’s personal affordability, politics, financial uncertainties, or just a change of pace.
Savings for retirement: Experts say this magic number is the key, it’s not a million dollars
Related: 3 ways to get a recession-proof retirement
In early May, GOBankingRates noted: 15 most affordable places to retire abroad. But choosing where to live is more than just cost, especially if you have the money to retire comfortably.
1. Lisbon, Portugal
If you’re looking for beaches, mild weather, water sports and golf (along with historic buildings and a peaceful lifestyle), consider the European city of Lisbon, Portugal. This is a place where you can feel like you are on vacation every day, even after you retire.
After you retire, you can get a Golden or D7 visa and access public health services. For even more coverage, you can upgrade to a private plan.
2. Salinas, Ecuador
Salinas, Ecuador, another popular vacation spot, is a great place to put down roots after retirement. South America’s coastal towns have a thriving tourism economy and are full of shops, restaurants and bars.
As such, Salinas is a bit more expensive than other Ecuadorian cities, but still cheaper than most US cities. Additionally, all residents have access to public health insurance with private plan options.
3. San Jose, Costa Rica
Costa Rica is about 30% cheaper than the average US city, making it a great choice for retirees with a fixed income. However, to be eligible for a pension visa, you must have a retirement pension of at least $1,000 each month.
The temperature is always in the 70’s and 80’s and its mild climate is attractive to retirees. If you’re looking for an urban lifestyle in retirement, the capital city of San Jose may be the perfect choice.
Savings for retirement: Here’s how much cash baby boomers will need to retire in the next five years
Is there one drawback? As a foreigner, you have to pay public medical costs, but you can also subscribe to a paid private plan.Pay the money and you’ll get access to things like the saboteur was called “Best medical care in Latin America”.
4. Mykonos, Greece
Rated one of TripAdvisor’s Top Attractions for 2023, the Greek seaside city of Mykonos, is also a great place to retire. Sabotour named Greece as one of the cheapest countries in Europe.
However, to be eligible to stay in Greece as a US expat, you have to jump some hurdles. This is required as proof of current medical insurance and regular income worth €2,000 per month (or at least €24,000 in the bank). is required. You also have to pay income tax on investment income earned in Greece.
But given the culture, food, and access to beaches and water sports, retirement living in the Aegean Sea is well worth it. If retirement means spending a lot of time outdoors, why not also consider Athens, Greece, considered one of the “Top 5 Sunniest Cities in All of Europe”. According to International Living.
5. Shanghai, China
If you’re looking to consider somewhere completely different, and if affordability and a low crime rate are high on your retirement “must have” list, consider Shanghai. Saboteur reports that housing is 45% cheaper than in the United States. He said he needs only $1,000 a month to cover all his living expenses and enjoy his retirement life in the city. corporate vision newslists China as one of the top six cities with the highest number of retirees in China.
The quality of medical services in large cities is comparable to that of the United States, but the public health system is free to most residents, including expats. However, be aware that the internet will no longer be free and living in China will be a completely different way of life.
learning: 10 States to Avoid If You’re Living Only on Social Security Checks
seek: 10 great ways to cut taxes in retirement
if you are I am thinking of retiring abroad, it might be worth planning a few vacations to different cities around the world. Make sure you enjoy the culture and climate before choosing a country based solely on cost.
Learn more about GOBankingRates
This article was originally published on GOBankingRates.com: Baby Boomers Prefer to Retire Abroad: Top 5 Places to Retire Outside the US
