Finding the least expensive places to retire is the primary objective for many American retirees who want to see their savings go as far as possible.
When deciding where the least expensive places for retirement, many factors should be taken into consideration including the taxes, property prices and the cost of essentials such as food, gas and utilities.
The 3 least expensive places you can retire to
1. Panama combines vibrant city living with a laid back beach setting and has been placed at the top of International Living magazine’s Global Retirement index for several years. This country, which connects North and South America, has a good modern infrastructure and a low cost of living; quite a unique combination nowadays. There are many financial perks for retirees, provided they have an income of at least $500 per month ($600 per couple).
These benefits include import duty exemption for a new vehicle every two years, heavily discounted movie and other event tickets, reduced transport fares, hotel stays and restaurant bills and a wide range of mortgage discounts. Other advantages of retiring to Panama are its proximity to the United States and its impressive health care system.
2. Mexico has long been a popular retirement destination for American seniors. Like Panama, it is close to the United States, making travel back to visit family and friends quick and easy. Although not as affordable as Panama, it is still very cheap to have a good standard of living in Mexico. With a great climate, friendly communities and relaxed, laid back vibe, it looks likely to remain one of the most popular least expensive places to retire. Good parts of Mexico to retire to include Merida, Mazatlan and Puerto Vallarta.
3. New Zealand should be included in any list of the least expensive places to retire. As well as its low cost of living (among the financial perks are low housing prices and no capital gains tax), it is an amazingly beautiful country with impressive natural scenery.
For those who are used to a faster pace of life, the city of Auckland is packed with entertainment options and cultural attractions. The standard of living attracts retirees from all over the world, but there are some obstacles.
Potential retirees may find it difficult to qualify for permanent residency; a possible solution is to spend six months of the year in New Zealand and the other six months at home in the United States.
There are many cheap places to retire; obviously what one person finds cheap may differ from another; it all depends how much money you have for your retirement and what your income is going to be. Consider Panama, Mexico and New Zealand as three of the least expensive places to retire for all budgets.
Return to the Where to Retire Cheap Page